ASIC

Policy & Regulation

Further ASIC action likely on NAB entities

The Australian Securities and Investments Commission has signalled that it is not yet finished with respect to National Australia Bank entities over fee for no service an...

Policy & Regulation

ASIC launches fee for no service action against NAB

The Australian Securities and Investments Commission has launched Federal Court action against NAB and its superannuation entities over fees for no service....

Policy & Regulation

ASIC accepts EU from adviser

The Australian Securities and Investments Commission has accepted an enforceable undertaking from a Wollongong-based financial adviser. ...

Policy & Regulation

Super funds face ASIC shadow shop

The Australian Securities and Investments Commission has signalled that it will be undertaking a shadow shop of superannuation funds....

Policy & Regulation

Westpac admits fault, agrees to $35 mil penalty

Westpac has admitted breaching its responsible lending obligations when providing home loans, and agreed to a $35 million civil penalty to resolve Federal Court proceedin...

Financial planning

ASIC points to adviser banning actions

The Australian Securities and Investments Commission has told a Parliamentary Committee it is funded and willing to pursue bannings in the financial adviser space....

Policy & Regulation

Should ASIC personnel get bonuses?

A Parliamentary Committee has been told that public servants working within the Australian Securities and Investments Commission are eligible to earn bonuses, but at leas...

Life/Risk

FSC supports ASIC’s life insurance sales review

The Financial Services Council has welcomed a regulator’s positive review on the role of the FSC Life Insurance Code of Practice in the sale of direct life insurance, whi...

Financial planning

Product intervention power will increase cost of advice

The Association of Financial Advisers has warned that handing ASIC product intervention powers will add to the cost of advice while limiting the scope of approved product...

Policy & Regulation

Has ASIC lost its regulatory authority?

The Royal Commission has been asked to consider whether, by dealing with banks and financial services institutions via press releases and enforceable undertakings rather ...

Policy & Regulation

MSWMA called out for false independence claim

Morgan Stanley Wealth Management Australia has been compelled by the Australian Securities and Investments Commission to amend a false claim of independence for its advic...

Financial planning

Exclude advice from product intervention, says FPA

The Financial Planning Association (FPA) has welcomed the fact that financial advice and how it is delivered has been excluded from draft legislation handing the Australi...

Policy & Regulation

ASIC calls on businesses to fulfil funding obligations

The regulator has called on businesses to submit some operational information before 27 September 2018 as part of industry funding arrangements introduced last year....

Policy & Regulation

ASIC will get to write its own code of conduct

The Australian Securities and Investments Commission has confirmed that it will get to write its own code of conduct once it becomes separated from the Australian Public ...