ASIC must raise the barrier for obtaining a financial services licence

Sally Patten and Sally Rose

Updated Jul 20, 2016 – 3.39pm, first published at 11.40am

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The Australian Securities and Investments Commission needs to raise the barrier to obtaining a financial services licence if it wants to improve the quality of financial advice and prevent rogue advisers from practising, one of the country's leading insurance specialists told a conference on Wednesday.

Simon Swanson, chief executive of ClearView, the privately owned life insurer, said that poor quality advisers who were sacked by a dealer group were able to join another firm or obtain their own Australian Financial Services Licence (AFSL) under the existing regime.

Sally Patten edits BOSS, and writes about workplace issues. She was the financial services editor and personal finance editor of the AFR, The Age and the Sydney Morning Herald. She edited business news for The Times of London.

Sally Rose previously covered superannuation, financial services and business