Financial services industry rejects tougher regulation

Financial services industry associations said yesterday that there was no need for additional regulation of the industry and reforms to improve disclosure would create high compliance cost burdens. The Securities and Derivatives Industry Association said there were problems with ASIC’s suggestion that investment banks detail their relationship with companies they research. The Investment and Financial Services Association said regulation of the financial services sector was working well with fewer than 600 complaints about misfeasance.

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