ISA strongly supports the new product intervention power and recognises its potential value in protecting consumers from significant detriment. Of course, the usefulness of these powers relies on ASIC’s readiness to use them. The Royal Commission into Misconduct in the Banking Superannuation and Financial Services Industry has demonstrated the need for a nimble power that can be used to prevent consumer harm early and, in some instances, before it
happens by removing the product from offer.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.