Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Industry agrees on need for regulation, but not costs

Staff Reporter 1 minute read

Financial institutions have a positive attitude towards increased regulation of the financial sector, The Report on Costs of Financial Services has revealed.

The report, commissioned by ASIC and conducted by Chant Link & Associates, found that businesses in the sector see benefits for both their own organisations and the market in the overhaul of the Financial Services Act.

The report however did find that while organisations saw costs associated with regulation as integral to maintaining confidence in the sector, many admitted having less than a complete picture of how much ongoing compliance activities were costing them. 

Respondents also were of the opinion that compliance costs could be reduced if regulatory processes were improved.

ASIC said it would use the findings of the study as part of its strategic review of regulation.

Published: 02-04-08

Industry agrees on need for regulation, but not costs
default
TheAdviser logo
default

 

more from the adviser
WLTH team Neolender CEO reveals broker plans

The co-founder and CEO of new mortgage lender WLTH has revealed i...

tech tool data Business loans to be included in CDR from 1 Nov

The ACCC has revealed examples of the types of business loans tha...

clock Lenders’ turnaround times slowest in three years

The time it takes from loan submission to approval surpassed 25 d...

FROM THE WEB