AFSL

Life/Risk

Advisers and lawyers impacted by new claims handling licensing

The Australian Securities and Investments Commission has released a new draft document outlining how financial advisers and licensees will need to seek variations to thei...

SMSF

Unlicensed SMSF business ordered to windup

The Federal Court has ordered Secure Investments and Aqulia Group to wind up after it found Secure Investments and its director Mudasir Naseeruddin had breached the Corpo...

Financial planning

Instos still lead the way in adviser departures

Large institutions have posted the highest adviser losses year to date, with five of the biggest licensees accounting for net losses of more than 800 advisers. ...

Policy & Regulation

ASIC outlines expectations for debt capital markets

The corporate regulator has released its report on market practices in debt capital markets and outlined its expectations for Australian financial service licensees. ...

Policy & Regulation

ASIC cancels Union Standard ASFL

The corporate regulator has cancelled the Australian financial services licence of over-the-counter derivatives issuer Union Standard International Group....

Policy & Regulation

First litigation funding AFSL issued

Barely weeks after the new litigation funding licensing regime became law, one of the biggest funders has obtained its Australian Financial Services License. ...

Policy & Regulation

Treasury instructs ASIC not to answer questions on litigation funding

Key correspondence between the Australian Securities and Investments Commission and Treasury over making class action litigation funding subject to an Australian Financia...

Financial planning

ASIC obtains injunctions against SMSF scam

The corporate regulator has obtained interim orders against PW Kitt Co and sole director Larry Dawson for a fraudulent SMSF advisory business. ...

Financial planning

Outflow continues but adviser numbers higher than last year

Although the industry continues to lose advisers, this week’s data from HFS Consulting has shown that the losses were lower compared year-on-year. ...

Life/Risk

AFSL needed in binder agreements

When entering into a binder agreement both the insurance agents or brokers, and the insurer need to ensure the other party has the appropriate Australian financial servic...

Financial planning

Restrictions for licensees in intermediary authorisation agreements

Licensees in an agreement with unlicensed product issuers cannot deal in a financial product unless they are issuing, varying, or disposing for the product issuer, accord...

Financial planning

Parliamentarian references adviser fears of ASIC retribution

A member of a key Parliamentary Committee has queried whether financial planners are too afraid to challenge the Australian Securities and Investments Commission because ...

Financial planning

ASIC permanently bans former Melbourne manager

The Australian Securities and Investments Commission has permanently banned Melbourne former responsible manager, Anthony David Wynd, from providing financial services....

Financial planning

ASIC says forget commercial advantage, just get licensed

An unlicensed company sought to convince the Australian Securities and Investments Commission that there was commercial advantage in it being allowed to have advisers con...

Financial planning

ASIC imposes extra AFSL conditions on Societe Generale

The additional conditions will require an independent expert to assess and test controls, systems and processes after the firm deposited client money into unauthorised ba...