ASIC

Policy & Regulation

The Australian Securities and Investments Commission said it will commence a review of school banking programs in primary schools....

Policy & Regulation

Direct FX loses licence after six-month suspension

The Australian Securities and Investments Commission has cancelled the Australian financial services licence of Direct FX Trading Pty Ltd. ...

Financial planning

FPA suggests risk rating financial products

The Financial Planning Association has suggested risk rating financial products to better target consumer protections....

Policy & Regulation

Poor breach reporting a lead indicator for ASIC embedding

The Australian Securities and Investments Commission has signalled that financial institutions with a poor breach reporting record are likely to find themselves dealing w...

Funds management

Folkestone’s acquisition by Charter Hall approved by shareholders

Folkestone has announced that its shareholders have approved the acquisition of the firm by Charter Hall....

Financial planning

ISA claims advice sector lobbied to water down rules

Industry Super Australia has accused elements of the retail advice sector of lobbying to water down the rules around personal advice and product distribution....

Policy & Regulation

ACCC identifies as fin services ‘competition champion’

The Australian Competition and Consumer Commission has told a key parliamentary committee it is funded and empowered to be the financial services “competition champion”....

Financial planning

ASIC testing licensees on Fee Disclosure Statement failings

The Australian Securities and Investments Commission has flagged impending enforcement action against advice licensees for Fee Disclosure Statement failings and a broader...

Policy & Regulation

ASIC slaps Spectrum Wealth adviser with three-year ban

The regulator has banned Spectrum Wealth Advisers’ Gurumukh Singh Mehra from providing financial services for three years after surveillance showed he failed to act in hi...

Policy & Regulation

ASIC provides relief on ETF short-selling

The Australian Securities and Investments Commission has provided legislative relief that will allow exchange-traded fund market makers to make named short sales in ETF a...

Financial planning

ASIC permanently bans former NAB branch manager

The Australian Securities and Investments Commission has permanently banned former NAB branch manager, Mathew Alwan....

Policy & Regulation

ASIC urges mandating minimum SMSF balance

The Australian Securities and Investments Commission has urged the mandating of a minimum balance for self-managed superannuation funds and a ban on limited recourse borr...

Policy & Regulation

Luxembourg, US and ASIC enter fintech agreement

The Luxembourg Commission de Surveillance du Secteur Financier and the US Commodity Futures Trading Commission have each entered agreements with ASIC to cooperate and und...

Life/Risk

ClearView rules out ever returning to direct insurance

ClearView has told the Royal Commission it has no intention of returning to direct life/risk insurance and will remain focused on the advised market....

Policy & Regulation

Institutions “fall far short” in honest treatment of Australians: Treasurer

The interim report and the Royal Commission's hearings clearly show that some financial institutions have fallen far short of treating Australians honestly and fairly, ac...