ASIC

Policy & Regulation

ASIC reinforces how far EUs are out of favour

Enforceable undertakings too often entail zero penalties and the Australian Securities and Investments Commission would prefer to litigate....

Policy & Regulation

Union funds benefit from ASIC Class Order

Questions have been raised about the appropriateness of an Australian Securities and Investments Commission class order which absolves worker entitlement funds run by tra...

Financial planning

FASEA board accused of shunning industry

Questions are being asked about why the board of the Financial Adviser Standards and Ethics Authority has avoided direct engagement with key industry groups for more than...

Policy & Regulation

APRA, ASIC to share data

In a bid to lift regulatory burden on super funds the two regulators are looking to share data for areas of common interest....

Policy & Regulation

Licensees granted three years grace on planner compliance

The Australian Securities and Investments Commission has granted planning licensees a three-year exemption from the requirements to have planners sign up to a code-monito...

Superannuation

ASIC reinforces folly of low-balance SMSFs

The Australian Securities and Investments Commission has provided a Parliamentary Committee with data confirming that self-managed superannuation funds with balances belo...

Policy & Regulation

QLD adviser banned for three years

GPS Wealth adviser, Mark Alexander Rothnie has been banned by ASIC for failing to act in the best interests of his clients and failing to provide appropriate advice....

Policy & Regulation

Former Sydney adviser receives four-year ban

ASIC has banned former Apogee and ANZ financial adviser Adrian Khaw who advised clients to use an SMSF and use LRBAs to purchase a property....

Policy & Regulation

Industry funds ASIC infringements just $25,000

Only two industry superannuation funds have been served with Australian Securities and Investments Commission infringements since the start of 2013 and the combined amoun...

Policy & Regulation

ASIC admits increased risk of litigation failures

The Australian Securities and Investments Commission has avoided declaring a targeted success rate for its ‘if not, why not’ approach to litigation and has foreshadowed t...

Superannuation

ASIC acts against super fund on general advice

A superannuation fund has found itself in the Federal Court over Australian Securities and Investments Commission concerns about its use of a general advice model....

Financial planning

ASIC freezes assets of adviser

The Australian Securities and Investments Commission has obtained freezing orders on the assets of a financial adviser who it alleged had failed to assist the Australian ...

Policy & Regulation

ASIC moves on SMSF auditors

Two self-managed superannuation fund auditors have been disqualified by the Australian Securities and Investments Commission following referrals from the Australian Taxat...

Financial planning

Accountant advice is no better than that of advisers says ASIC

The Australian Securities and Investments Commission says there is no evidence that accountants or tax financial advisers provide any better advice than ordinary financia...

Policy & Regulation

ASIC action against RI Advice will set new licensee obligations

Licensees would do well to pay close attention to the outcome of the Australian Securities and Investments Commission’s Federal Court action against RI Advice....