ASIC
Financial planning
ASIC has accepted EUs from three J.P. Morgan foreign financial services providers for failing to comply with disclosure requirements of ASIC’s exemptions....
Funds management
The assets of three investment companies have been frozen, following an investigation by ASIC surrounding the improper disclosure of publicly solicited funds....
Funds management
ASIC has consulted on addressing ‘sunsetting’ class orders on horse racing syndicates and horse breeding schemes....
Policy & Regulation
ANZ will pay approximately $13 million in compensation after failing to accurately apply bonus interest to customers’ Progress Saver Accounts for a number of years. ...
Life/Risk
A Melbourne-based property developer will spend a minimum of three years behind bars for his role in misappropriating more than $750,000 of investors’ funds....
Policy & Regulation
GE Money has changed its promotion of personal loans and debt consolidation loans after ASIC found it to be potentially misleading....
Financial planning
A former Perth-based financial adviser has been permanently banned from the financial services industry over her conduct in advising SMSF clients....
Financial planning
Product intervention powers are a step in the right direction for ASIC in dealing with complex financial products, the regulator believes....
Policy & Regulation
ASIC chairman, Greg Medcraft says the regulator supports robo-advice but also acknowledges problems such as meeting best interests duty and compensating for bad advice....
Superannuation
The Federal Court has imposed a $25,000 penalty on Superannuation Warehouse Australia following ASIC action over false and misleading advertising....
Funds management
Australian financial services licensee, Online Capital Markets, has paid $30,600 in penalties after receiving three infringement notices from ASIC for misleading online a...
Life/Risk
ASIC has criticised the funeral insurance market, saying funeral insurance premiums continue to rise steeply for the over-50s, resulting in many people cancelling their p...
Financial planning
Charging clients passive fees was rampant in the financial advice industry, but there is a shift post-FOFA, Peter Kell said....
Funds management
The Federal Court of Australia has appointed two provisional liquidators from Deloitte to conduct an investigation into Avestra Asset Management....
Financial planning
Provisional liquidators Leanne Chesser and Craig Shepard have been appointed to investigate financial services provider Ostrava Equities in response to an application by ...
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Podcast
The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...
Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...
It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...