ASIC

Financial planning

Licensees wanted remediation ‘opt-in’ says ASIC

The Australian Securities and Investments Commission has accused financial services licensees of wanting to make clients actively opt-in to the remediation process around...

Policy & Regulation

TFSA customers to receive $2.5m in compensation

The regulator said it has completed a compliance review and remediation program, and removed additional licence conditions, for Total Financial Solutions Australia....

Financial planning

ASIC uncertain on direct life sales incentives

The Australian Securities and Investments Commission has admitted it does not have enough information to know about inappropriate payments attaching to direct life sales....

Financial planning

AMP kicks off Commission financial advice testimony

AMP will be the first financial advice group to give testimony before the Royal Commission as it enters its round two hearings today....

Policy & Regulation

Adviser banned for four years for derivatives manipulation

The securities regulator has banned Mark Menzies from providing advice for four years following an investigation which found he had manipulated the price of 'MINI' warran...

Policy & Regulation

ASIC accepts enforceable undertaking from CBA subsidiaries

The regulator has accepted an enforceable undertaking from Commonwealth Financial Planning and BW Financial Advice for charging fees to customers for advice reviews that ...

Policy & Regulation

Is ASIC worth $175.95 an hour?

The Federal Government has released draft legislation allowing the Australian Securities and Investments Commission to recoup its costs from industry at the rate of $175....

Superannuation

Spaceship and Tidswell penalised for promotional statements

Spaceship Financial Services and Tidswell Financial services have each paid a $12,600 penalty, following an Australian Securities and Investments Commissions investigatio...

Financial planning

Bankers back separating product from advice

The Australian Banker’s Association has backed extracting product recommendations from the delivery of advice....

Policy & Regulation

Don’t let AFCA name and shame says ASFA

The Australian Securities and Investments Commission has been urged not to allow the newly-formed Australian Financial Complaints Authority to name and shame relatively l...

Policy & Regulation

ASIC continues crack-down on SMSF auditors

ASIC is continuing to bring SMSF auditors under greater scrutiny with the regulator making two disqualifications this week for a failure to report legislative contraventi...

Financial planning

ANZ agrees to enforceable undertaking

The Australian Securities and Investments Commission has accepted an enforceable undertaking from ANZ, following a finding by the regulator that the bank had failed to pr...

Financial planning

ASIC ties breach reporting to professionalism

The Australian Securities and Investments Commission sees breach reporting as an integral part of industry professionalism....

Policy & Regulation

ASIC places restrictions on OTC derivatives dealers

The regulator has placed significant restrictions upon AFS licence holders that hold client money for trading in over-the-counter (OTC) derivatives....

Financial planning

ASIC warns on ‘general advice’

Replacing the term ‘general advice’ represents a positive step but it may need to be replaced by multiple terms and arrangements, according to the Australian Securities a...