ASIC

Financial planning

ASIC accepts EUs from former AMP representatives

ASIC has accepted an EU from a former Millennium3 representative, and an AMP representative father-son duo following concerns over their compliance with the law. ...

Life/Risk

Insurance adviser banned for three years

ASIC has banned a life insurance adviser for three years after he did not meet adviser standards expected and failed to comply with financial services law....

Financial planning

Reams of paper won’t stop bad decisions: ASIC

ASIC said documentation won't change consumer biases and behaviours, and has called on institutions to lead consumers to appropriate choices while examining their own cul...

Financial planning

Ex NAB-aligned adviser banned

ASIC has banned a former authorised representative of a NAB-aligned financial group for five years for inappropriate advice. ...

Funds management

ASIC move to wind up Avestra Asset Management

ASIC has launched Federal Court proceedings to wind up Avestra Asset Management, over allegations of persistent breaches of its duties....

Life/Risk

ASIC obtains injunction on property promoters

ASIC alleges Jamie McIntyre firms and Macro Realty Development have contravened the Corporations Act through a proposed property investment....

Financial planning

Centrelink recipients charged more for consumer leases

ASIC finds consumer leases market is failing low income earners and can be a very expensive household goods option....

Financial planning

ASIC urges planners to update register information

ASIC has urged advisers and licensees to update details on its Financial Adviser Register (FAR) or be hit with new fees and charges....

Superannuation

ASIC changes so complex you need a whiteboard

Proposed ASIC class order changes to fees and costs disclosure are so opaque one industry group has called for whiteboards and an industry roundtable to dissect them....

Financial planning

Financial institutions hit with double whammy

Regulators like ASIC and APRA were requesting their overseas counterparts to help them scrutinise financial institutions, a law firm said....

Financial planning

Credit provider banned over ex-wife’s activities

A NSW-based tax and credit agent has been banned from providing financial services for four years after signing off on false documents created by his ex-wife....

Policy & Regulation

ASIC wants penalties that fit crime

The Australian Securities and Investments Commission chairman, Greg Medcraft, wants access to a penalty regime which can be scaled to fit the magnitude of crimes....

Policy & Regulation

Leave stockbrokers out of ASIC cost recovery

The stockbroking industry should not be targeted in ASIC’s cost recovery program as most complaints are against financial planners. ...

Financial planning

Spring FG denies link to banned planner

Spring FG has denied any direct links to a planner permanently banned by ASIC....

Financial planning

ASIC imposes additional conditions on Advamode

ASIC has imposed licensing conditions on a Queensland-based financial services firm after identifying concerns over its ability to effectively carry out their supervisory...