ASIC

Policy & Regulation

Serious fraud of $300,000 leads to permanent ASIC ban

A former Brisbane-based administrative employee at Fitzpatricks Private Wealth has been permanently banned by the Australian Securities and Investment Commission for seri...

Policy & Regulation

What happened to the complaining Royal Commission witnesses?

Twenty-six witnesses appeared before the Royal Commission but only three of them had previously raised their concerns with the Australian Securities and Investments Commi...

Financial planning

Robo-advice no panacea

Suggestions that robo-advice will be sufficient to meet the needs of those earning $80,000 are well off the mark, according to Investment Collective managing director, Da...

Funds management

Is there still value in the ‘buy now, pay later’ space?

Shares in ‘buy now, pay later’ providers have shot up in the past year but are investors too caught up in the hype?...

Policy & Regulation

ASIC challenged on ‘scary’ SMSF factsheet

A key parliamentary committee chairman has challenged the Australian Securities and Investments Commission on whether it was trying to scare people with its self-managed ...

Financial planning

CFS acts on adviser fees with its super funds

Advisers receiving Adviser Service Fees via Colonial First State’s superannuation funds are facing an early cut-off unless clients specifically opt in....

Financial planning

Remove general advice exemption urges FPA

The Financial Planning Association has strongly urged the removal of the general advice exemption for financial product issuers because it undermines best interests....

Policy & Regulation

ASIC joins forces with EU regulator on benchmarking

The Australian Securities and Investment Commission has signed a Memorandum of Understanding with the European Securities and Markets Authority regarding financial benchm...

Policy & Regulation

ASIC should withdraw its SMSF factsheet

The Australian Securities and Investments Commission’s SMSF factsheet contains ‘an array of seemingly deliberate inaccuracies’ and should be withdrawn, according to econo...

Financial planning

ASIC moves result in robo-advice tools shut down

Australian Securities and Investments Commission concerns about the adequacy of advice provided via robo tools has seen them voluntarily closed down....

Policy & Regulation

Former Brisbane financial adviser sentenced for 12 years

Ben Jayaweera has been found guilty of six charges of dishonestly causing detriment to clients, involving approximately $5.9 million....

Policy & Regulation

Former financial adviser charged with offences totaling over $1.8m

Graeme Walter Miller, former director of CFS Private Wealth and CFS Corporation, has been charged with dishonesty offences worth $1.865 million....

Life/Risk

Significant design and claims handling issues in TPD found

ASIC has found that 60% of ‘activities of daily living’ claims are declined and AMP, Asteron, and Westpac had decline rates higher than expected....

Superannuation

Super funds under no specific obligation to notify members of fines

The Australian Securities and Investments Commission has confirmed that superannuation funds which pay fines from member’s capital are under no specific obligation to tel...