ASIC

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and Investments Commission’s SMSF factsheet contains ‘an array of seemingly deliberate inaccuracies’ and should be withdrawn, according to econo...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

Financial planning

ASIC issues warning on general advice

The Australian Securities and Investments Commission has issued a warning to firms seeking to operate under a ‘general advice’ model....

Policy & Regulation

ASIC grants three-year exemption from compliance scheme obligations

The corporate watchdog will provide relief from financial adviser compliance obligations, following the government’s announcement it would establish a single disciplinary...

Financial planning

ASIC flags life/risk advice surveillance

The Australian Securities and Investments Commission has flagged a surveillance exercise around life/risk advice to back up its assessment of the Life Insurance Framework...

Policy & Regulation

Will ASIC’s review tell the whole story on grandfathering?

The Australian Securities and Investments Commission has revealed the degree to which grandfathering will come to an end without the Government having been fully apprised...

Policy & Regulation

ASIC: Disclosure no longer the ‘silver bullet’

Disclosure is no longer the ‘silver bullet’ it once was, according to a report by the Australian Securities and Investments Commission, which examined the effectiveness o...

Superannuation

ASIC’s SMSF calculations distorted

Running a SMSF is $8,900 cheaper than what ASIC believes, according to the SMSF Association....

Policy & Regulation

NSW accountant sentenced

Nicholas James Ellis has been sentenced for making false or misleading statements to obtain money from clients and fraudulent misappropriation of client funds....