ASIC

Life/Risk

Small advisory firms less likely to compensate — ASIC

ASIC has told the Government that consumers need to know that in the event of a product failure, uncompensated losses are usually attributable to smaller advisory firms....

Financial planning

ASIC defines the power of the code

ASIC has confirmed it will be relying on professional associations to administer planner codes of conduct with the ultimate sanction being a planner’s loss of membership ...

Life/Risk

ASIC talk tough on conflicted remuneration

Insurers still involved in remuneration arrangements regarded as conflicted can expect a tough approach from ASIC....

Funds management

ASIC to wind up two public firms

ASIC was seeking orders to wind up investments and technology companies, Gognos Holdings and Dynamic Agri Tech....

Financial planning

ASIC upholds permanent ban for former Equititrust CEO

Former Equititrust CEO, Mark McIvor, remains permanently banned from providing financial services....

Accounting

Accountants get most generous treatment and still miss

ASIC has admitted granting accountants the longest-ever licensing transition arrangements yet most still managed to miss their deadline....

Financial planning

ASIC cancels licence of WA firm

ASIC has cancelled the financial services licence of Western Australian company, Macro All State Investments & Securities Limited....

Life/Risk

Government should ban sales commissions on life insurance

The Government should ban sales commissions on life insurance to better protect consumers, Industry Super Australia said....

Life/Risk

CommInsure pays $2.5 million in claims under revised definitions

Under investigation by ASIC, CommInsure has paid claims totalling $2.5 million after updating its definitions....

Policy & Regulation

Govt signals ASIC approval for Life Insurance Code of Conduct

The obligations flowing from the FSC’s Life Insurance Code of Conduct may extend beyond its members with the Federal Government signalling it wants the code to carry ASIC...

Financial planning

Findex Group and Financial Index hit with penalties

Findex Group and Financial Index Australia have been fined $10,800 each for misleading claims on the Findex website, ASIC said....

Financial planning

ASIC permanently bans ANZ authorised representative

ASIC has permanently banned a Tasmanian adviser from providing financial services due to false information in relation to his qualifications....

Financial planning

Green shoots of positive culture emerge

ASIC deputy chairman, Peter Kell, has delivered an optimistic assessment of progress in improving the advice culture but has warned of a long journey ahead....

Financial planning

ASIC takes legal action against Growth Plus

ASIC has commenced civil proceedings against Ben Jayaweera and Growth Plus Financial Group after it contravened its Australian Financial Services licence....