ASIC warns on identifying but not acting on underperformance
The regulator has made it clear that advisers and licensees need to maintain evidence persistent underperformance of superannuation choice products is being scrutinised, even if that doesn’t necessarily mean action needs to be taken. ASIC Commission Alan Kirkland told the Professional Planner Researcher Forum that this – along with overreliance on external research ratings – were the key issues found with practices that weren’t effectively monitoring investment underperformance.
Compliance
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