Sarah Abood
The FAAA believes all MISs should be registered, and also suggests that ASIC could play a role in the formal approval of new MISs. The views are part of the FAAA’s submission to Treasury on enhanced data collection for MISs which the FAAA supports.
It says it “strongly supports proposals to improve the collection and analysis of data on both registered and unregistered MISs, which we believe could help reduce the frequency and scale of MIS collapses and the resultant consumer detriment.” The submission responds to each of the consultation questions raised by Treasury including:
- what data should be collected at point of registration
- whether there should be recurrent data collection and if so, how often
- the relevant data fields which should include investment performance, social media spend, and complaints data