ASIC

Policy & Regulation

ASIC told: Don’t name and shame without adequate proof

The Government has been warned against allowing the new licensee self-reporting regime to result in people being named and shamed without adequate proof....

Financial planning

Banks’ fees for no service bill continues to rise

The major banks are facing a compensation bill well over $200 million as the Australian Securities and Investments Commission delves deeper into the “fees for no service”...

Financial planning

ASIC accepts Macquarie Bank EU

ASIC has accepted an enforceable undertaking from Macquarie Bank after the bank was found to have inadequate systems and controls to address inappropriate conduct in its ...

Funds management

ASIC appoints independent consultant to Macquarie Bank

ASIC will be appointing an independent consultant to oversee elements of the FX enforceable undertaking acceptance by Macquarie Bank....

Financial planning

ASIC bans two Victorian men for Corporations Act breach

Stuart Arnold-Levy and David Heycock have been banned from providing financial services after an ASIC investigation....

Policy & Regulation

ASIC gets Federal Court orders on FOFA breaches

The Australian Securities and Investments Commission has obtained Federal Court orders against an advice firm accused of FoFa breaches....

Editorial

Why an ASIC product-intervention power should be welcomed

Financial services product manufacturers should be prepared to stand behind their offerings and ensure they are directed to the right consumers by the right people....

Features

Reviewing ASIC’s review of risk insurance claims

Col Fullagar reviews ASIC’s life insurance industry report and finds there are some serious issues in the claims management protocols of potentially all insurers....

Financial planning

The FPA makes key appointments

The Financial Planning Association’s bid to become a code-monitoring body has taken another step with the appointment of two senior lawyers to oversee its Conduct Review ...

Financial planning

ASIC cracks down on debt firms’ false advertising

A debt solutions firm has been given an infringement notice and two others have been investigated by the Australian Securities and Investments Commission for misleading a...

Financial planning

ASIC admits product manufacturers try to shift blame

The Australian Securities and Investments Commission has acknowledged that product manufacturers sometimes try to shift blame to financial advisers for product failures....

Financial planning

ASIC targets $200m in fee for no service

The Australian Securities and Investments Commission is pointing to a final figure of $200 million being returned to consumers from its ‘fee for no service’ remediation p...

Life/Risk

ASIC should have better consulted advisers on claims-handling

The Australian Securities and Investments Commission had fallen short in its review of claims-handling by not sufficiently consulting advisers and clients, according to I...

Policy & Regulation

ASIC signs fintech pact with Indonesia

The Australian Securities and Investments Commission has announced a cooperative agreement with Indonesia’s Otoritas Jasa Keuangan to promote fintech development....

Editorial

Objectively winding back the ‘significance test’

Mike Taylor writes that when the Government introduced the ‘significance test’ to the AFSL breach reporting regime in 2003 it was seen as sensible moderation but all that...