ASIC

Financial planning

Sydney wealth firm sees licence suspended by ASIC

The Australian Securities and Investments Commission (ASIC) has suspended the licence of Sydney-based Australasia Wealth Services Management (ASWM) for failing to meet re...

Policy & Regulation

ATO cracks down on cryptocurrency investors

The Australian Taxation Office (ATO) is undergoing a data matching service to ensure an estimated one million people investing in cryptocurrency are paying the right amou...

Financial planning

ASIC bans CEOs for six years

The two joint chief executive officers of a managed investment scheme operator, Australian Mutual Holdings Limited, have been banned for providing financial services for ...

Policy & Regulation

Receiver appointed to former OTC derivates issuer

The Australian Securities and Investments Commission will appoint a receiver to former OTC derivatives issuer Berndale Capital Securities, following a successful applicat...

Superannuation

Super funds factor in M&As

A new analysis of merger and acquisition activity has pointed to higher activity levels on the part of superannuation funds....

Financial planning

ASIC pursues criminal action against banned former NAB planner

The Australian Securities and Investments Commission has announced it is pursuing criminal charges against a former National Australia Bank planner who has already been p...

Policy & Regulation

Perth accountant slapped with six-year ban

ASIC has banned a Perth-based accountant from providing any financial services for six years, after finding that he both contravened and was likely to again contravene a ...

Life/Risk

Insurance advisers may be safe from anti-hawking laws

Changes to anti-hawking regulations likely won’t impact insurance advisers as their discussions with clients on risk products generally fall within regulatory definitions...

Financial planning

ASIC slaps QLD adviser with five-year ban

The Australian Securities and Investments Commission has banned Queensland-based adviser, Gregory Forster, from providing financial services for five years. ...

Financial planning

Citigroup to refund $3 million for general v personal advice blurring

A major bank will refund over $3 million to more than 100 retail customers, after an investigation into whether customers believed they were receiving personal rather tha...

Policy & Regulation

ASIC stands by Responsible Manager process

The Australian Securities and Investments Commission has said that claims that it causes serious delays in “stringently reviewing” responsible manager appointments are “p...

Superannuation

ASIC striking “significant blow” to Choice members

ASIC is putting the public’s retirement savings at risk and “kicking the can down the road” in deferring disclosure requirements on Choice products, a major industry body...

Funds management

Saxo Group welcomes ASIC product intervention powers

Saxo Capital Markets has welcomed ASIC product intervention powers and reinforced the importance of responsible leverage....

Superannuation

Super funds face fee for no service scrutiny

Both the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority have written to super funds asking them to prove they are not...

Policy & Regulation

ASIC overstepping in approving responsible managers

The Australian Securities and Investments Commission is causing headaches for Australian Financial Services licensees by approving responsible managers despite there bein...