ASIC call on retail fund managers to improve compliance

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The Australian Securities and Investments Commission (ASIC) has made some recommendations to help responsible entities operating managed funds lift their game after its recent surveillance revealed some governance shortfalls.

ASIC Commissioner John Price says: 'While responsible entities demonstrated a broad commitment to complying with their obligations under the law, there were a number of areas where the they fell short including: managing conflicts of interest; breach reporting; custody; risk management systems; rewards and incentives; and whistleblowing.

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