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Notice given 1 September 2006

2461  Senator Watson: To ask the Minister representing the Treasurer—

(1) Can the Minister confirm that in a meeting of the Parliamentary Joint Committee on Corporations and Financial Services, on 13 June 2006, the Deputy Commissioner of the Australian Securities and Investment Commission (ASIC), Mr Jeremy Cooper, informed senators and members that ASIC had written to 306 participants in its surveillance activity known as ‘shadow-shopping’ of licensed financial advisers.

(2) Did Mr Cooper advise the committee that the purpose of the letter was to ‘invite each and every one of them to make a formal complaint’, presumably about any aspect of the financial advice they had received and with which they were not satisfied.

(3) Did ASIC inform the Minister of the outcome of the letter writing exercise.

(4) How many replies has ASIC received to the letter.