Kenny Rogers had it right: you’ve got to know when to when to hold ‘em and when to fold ‘em. While he probably wasn't referring to ASIC regulations when he composed those lyrics, Dr Hillary Sway, senior lawyer at The Fold Legal, says working with ASIC after a breach may be a better, quicker way for financial services businesses to get back on track, rather than ‘lawyering up’.
“Many businesses panic when ASIC serves them with a notice. A smarter strategy may be to put themselves in ASIC’s shoes and work with them to resolve the issue. Businesses shouldn’t underestimate how helpful the regulator can be if approached the right way.”
The Fold recently released When to Hold and When to Fold, a white paper designed to help financial services businesses on the receiving end of an ASIC notice.