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Taskforce seeks feedback on ASIC banning power reform

The Australian Securities and Investments Commission (ASIC) would have powers to ban a person from being a senior manager in a financial services business under proposals put forward for comment by a taskforce.

The proposals address a loophole that allows a person to manage a financial services business when they are banned from providing services and have had a licence cancelled.

The Federal Government set up the ASIC Enforcement Review Taskforce last October after the Financial System Inquiry said the regulator’s banning powers need to be enhanced.

“The Government and the community are demanding better from those who occupy senior roles in banks and the financial services sector generally,” Financial Services Minister Kelly O’Dwyer said.

The taskforce position paper suggests ASIC should be able to ban a person from performing a specific function in a financial services business, including being a senior manager or controller and/or performing any function in a financial services business.

It calls for comment on the grounds for imposing a ban.

Submissions close on October 4.

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