ASIC

Financial planning

ASIC starts investigation into Money Market Accounts

In more fall-out from its investigation into the Sherwin Group of companies, ASIC has started an investigation into the operation of Money Market Accounts held by Sherwin...

Financial planning

Convicted fraudster banned from company directorships

ASIC removes New Zealand convicted fraudster from being a company director, who repeatedly approached Australian firms to offer financial services, despite being banned f...

Financial planning

Australian global ID regime launched

Coding agency, APIR, launches a legal entity identifier portal for Australian financial markets, meaning companies can get codes through the portal instead of offshore....

Financial planning

ASIC cancels WA insurer licence

ASIC has cancelled the AFSL of a Western Australian insurance provider for breaches of various reporting, financial and other licensee obligations....

Financial planning

ASIC cancels Dunfo Capital’s licence

ASIC has cancelled Dunfo Capital’s AFSL after giving the firm six months to meet its legal obligations and licence conditions. ...

Financial planning

ASIC releases licence approval numbers

ASIC received 970 AFSL applications during the January-June period, with nine licences suspended and a further 98 cancelled....

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....