ASIC fast-tracks changes to protect uninformed investors
Tue Aug 28 2007
The Australian --- Page: 23 : 28 August 2007 Original article by Stuart Wilson
LexisNexis Summary
There are moves afoot to protect novice and naive investors in Australia. The Australian Securities & Investments Commission (ASIC) will try to shield them from the type of financial collapses recently seen with groups such as Westpoint, Fincorp and Australian Capital Reserve. ASIC is proposing to increase the disclosure regulations for financial products. The changes are due to take place by 1 December 2007. Where the investment is unrated by any independent entity, this fact will have to be stated clearly in the advertising. There will have to be a warning given that there are risks associated with the investment. ASIC is also planning seminars to help novice investors.
