ASIC

Policy & Regulation

Royal Commission transgressors face stiffer penalties

The Australian Securities and Investments Commission has been handed tougher penalties with which to pursue people referred to it by the Royal Commission....

Policy & Regulation

Court issues restraining orders against Advanced Wealth FS

The Supreme Court of Queensland has issued an order restraining Advanced Wealth Financial Services and former financial adviser, Richard Gardner, from carrying on a finan...

Policy & Regulation

Was the old ASIC embarrassed to lose?

A senior financial services barrister has revealed that the Australian Securities and Investments Commission was reluctant to pursue prosecutions because of the embarrass...

Financial planning

Regulation must come with accountability

The enforcement of new regulation must come with accountability and resources, according to the Institute of Public Accountants....

Policy & Regulation

AAT reduces advisers’ bans by 8.5 years

Two former Macquarie advisers have seen their banning periods by the Australian Securities and Investments Commission reduced, following an appeal to the Administrative A...

Policy & Regulation

Hundreds of firms in Australia affected by Brexit

The Australian Securities and Investments Commission has confirmed hundreds of firms operating in the Australian financial services industry are affected by the United Ki...

Features

SMSFs: FASEA’s next frontier?

Self-managed superannuation funds are growing in popularity, and at the same time scrutiny of the quality of advice around them is also increasing. Hannah Wootton looks a...

Financial planning

Planners urge ASIC to review asset-based fees

The Independent Advisers Association of Australia has urged the Australian Securities and Investments Commission to act on the views of the Royal Commission by reviewing ...

Policy & Regulation

ASIC action results in long Federal Court disqualifications

The officers of two companies involved in land banking schemes, one of them a chartered accountant, have received long disqualifications as part of a Federal Court judgem...

Financial planning

Hayne nails who got most from fees for no service

Commissioner Kenneth Hayne has clearly identified that product manufacturers very often got much more than advisers from fees for no service while suggesting that serious...

Financial planning

Dishonest adviser faces decades in jail

A former Adelaide financial adviser has pleaded guilty to 29 dishonesty offences committed when he was a planner, after ASIC found that he stole around $4.88 million from...

Policy & Regulation

ASIC penalises Commonwealth FP for failing to meet EU terms

Commonwealth Financial Planning failed to meet its obligations to ASIC under a Court enforceable undertaking, and must now stop charging fees for ongoing services. ...

SMSF

Consumer protection answer to LRBA risk

The SMSF Association has strengthened its opposition to any outright ban on limited recourse borrowing arrangements, instead calling for an increase in consumer protectio...

Funds management

ASIC and Aurora lock horns over responsible entity change

ASIC has entered a change of the responsible entity for an Aurora Fund in its record of registration, despite submissions made by Aurora Funds Management to the contrary,...

Financial planning

ASIC bans inadequately trained planner

A Hobart financial planner who was not sufficiently trained, despite holding a Diploma of Financial Planning from Kaplan, or competent to provide financial services has b...