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ASIC NATIONAL EXAM PROPOSAL LACKS EVIDENCE: CMCRC

ASIC chair Greg Medcraft’s call for a national adviser examination is flawed, according to Capital Markets Cooperative Research Centre (CMCRC) chief executive Michael Aitken.
While recognising Medcraft’s good intentions, Professor Aitken argued that the examination would have no substantial impact on bad practice and could lull clients into a “false sense of security”. Given that costs for the exam would “no doubt be passed on to clients,” he added, the proposal should be tested before implementation.
Author: Dr Michael Aitken
Source: Financial Standard
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