AFSL

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...

Policy & Regulation

ASIC cancels OTC issuer's AFS licence

The corporate regulator has cancelled the Australian financial services licence of retail over-the-counter derivative issuer Forex Capital Trading after clients incurred ...

Financial planning

FPA's strategy depends on who has control of an adviser register

The Financial Planning Association has signalled it wants the next best thing to the commercial benefits which would have flowed from being a code-monitoring body, with i...

Financial planning

FPA begins push for planner registrations to replace licensing

The Financial Planning Association wants planners to be registered to provide advice in a move which would leave licensing to the coverage of financial products....

Policy & Regulation

Two firms see AFS licences cancelled

Two financial services firms have had their licences cancelled by the corporate regulator for failing to submit audited accounts and meet licensee obligations. ...

Financial planning

Existing and new licensees subject to ‘fit and proper’ person tests

The corporate watchdog now has the ability to assess the suitability of firms applying for an Australian financial services licence through a ‘fit and proper’ person test...

Financial planning

How well have dealer groups handled COVID-19?

Dealer groups have done well to equip advisers with guidelines and interpretations for any queries their clients have....

Financial planning

MyPlanner Professional suspension on hold

The firm’s Australian financial services licence was suspended in February but the Administrative Appeals Tribunal has granted a stay in its effect on conditions....

Policy & Regulation

ASIC warns real estate agents on early release super advice

The Australian Securities and Investments Commission has fired a shot over the bows of real estate agents who have been providing ‘advice’ to hard-pressed tenants about a...

Financial planning

New AFSL for entities who sell funeral expenses facilities

The Australian Securities and Investments Commission has announced that entities who sell funeral expenses facilities will be required to hold an Australian financial ser...

Policy & Regulation

ASIC unveils regime for foreign financial services providers

The Australian Securities and Investment Commission has released its new regulatory framework for foreign financial services providers who are providing services to Austr...

Financial planning

How many banned advisers have moved into advice management?

The Financial Planning Association wants managers of advice licensees subjected to the same reference-checking protocols as advisers in circumstances where it says it has...

Financial planning

Future of group purchasing bodies unclear

Firms looking to structure its group purchasing arrangements should look to alternatives as the group purchasing body relief might be replaced soon....

Policy & Regulation

Licensees earn their stamping fees and should keep them

Licensees work hard for the stamping fees they are paid and should be entitled to keep them, according to Investment Collective managing director, David French....

Financial planning

ASIC bans Qld adviser and cancels Smart Solutions licensee

Financial adviser Timothy Shapter has been banned for seven years for failing best interests duty and his licensee Smart Solutions has had its licence cancelled....