ASIC’S CALLS SHOULD BE BASED ON EVIDENCE NOT PASSION
Professor Aitken suggested that a better way to approach the issue of the introduction of a national exam would be to start by evaluating whether the introduction of the Series 7 exam in the US was effective in reducing fraud and mis-selling. “The proposed national examination will have costs which will no doubt be passed onto clients, and it needs to be evaluated in light of the desired outcome. That means objectively demonstrating that a national exam makes a positive difference to the outcome.”
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