ASIC

Superannuation

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...

Financial planning

ASIC wraps up CBA compensation compliance checks

ASIC has released the final report on the Commonwealth Bank’s compliance with additional licence conditions that were imposed regarding advice compensation, written by Ko...

Policy & Regulation

Advisers avoid ASIC enforcement spotlight

Financial advisers were notable by their absence from the Australian Securities and Investments Commission’s latest Enforcement Update....

Policy & Regulation

Exclude advice obligations from insurance claims – ASFA

Insurance claims handling should not be encumbered by the same obligations as financial advice because it would risk making it unaffordable to super fund members, accordi...

Superannuation

MySuper dashboard reprieve extended

Super funds have been granted temporary relief from obligations to disclose dashboards for MySuper products, as the Government still has not passed the necessary regulati...