INDUSTRY NEWS
ASIC to visit Bunbury
Source: ASIC 'Media Releases'
14th June 2000


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Australian Securities and Investments Commission (ASIC) representatives will visit Bunbury between Monday 19 June and Friday 23 June 2000 as part of a series of visits to rural centres in WA.

ASIC will visit 14 of the 31 Bunbury advisers who operate in financial services industries regulated by ASIC.

These advisers include insurance brokers, insurance agents and superannuation advisers, as well as financial planners who provide advice in relation to shares and managed investments.

This is the third in a series of visits to rural centres in order to make contact with country advisers and to ensure that they are complying with the consumer protection laws that ASIC administers.

The country visits are also aimed at increasing consumers’ awareness of ASIC’s consumer protection role.

"Consumers need to know that they can contact ASIC if they have a complaint about the conduct of any company or adviser that promotes a financial product," said Andrew Moore, Consumer Protection Lawyer in ASIC’s WA Office.

"It’s vital that consumers are informed when it comes to financial services, and ASIC recommends taking proper advice from a licensed financial adviser before purchasing financial products," Mr Moore said.

Mr Moore outlined a number of steps consumers can take to protect themselves when thinking of investing:
  • Assess your financial goals and the level of risk you are prepared to take;
  • Check that your financial adviser is licensed by ASIC to provide financial advice. Insurance brokers are also required to be licensed by ASIC.
  • Before making a decision to purchase a financial product, make sure you are given any disclosure documents such as prospectuses. Take the time to read these documents in a pressure-free environment.
  • Be aware that the higher the return you are promised on an investment, the higher the risks will be. Be very careful about investment promises that seem ‘too good to be true’ - because they usually are.
Mr Moore reminded consumers that they can check ASIC’s website at www.asic.gov.au to see if their financial adviser is licensed, to find out about the latest scams, or to access more comprehensive information on investing.




Further details:
Australian Securities and Investments Commission
Web site: www.asic.gov.au
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