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Recommendations

Recommendation 1

2.46       The committee recommends that ASIC conduct a shadow shopping survey on superannuation switching advice in 2007 and publicly name advisers and licensees identified as responsible for repeatedly and seriously breaching the requirement to provide reasonable advice.  

Recommendation 2

2.62       ASIC and the DPP should regularly update the committee as to the effectiveness of the revised Memorandum of Understanding.

Recommendation 3

2.96       The committee recommends that ASIC provide advice to the Australian Government on its concerns regarding the enforcement effects of:

• the proposal to broaden the 'business judgment rule' as set out in the Corporate and Financial Services Regulation Review of April 2006; and
• any other proposals in the Corporate and Financial Services Regulation Review of April 2006 that would have significant enforcement implications.

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