ASIC

Financial planning

ASIC has issued a $42,500 penalty on payday lender Abaz Pty Ltd for failing to get the necessary account statements from consumers....

Financial planning

Credit licence director banned for 10 years

ASIC has cancelled the Australian credit licence of Net Finance (Corp) Pty Ltd and banned its director, Graham Tandy, from the credit industry for 10 years....

Financial planning

Whose AFSL are union officers working under?

ASIC has answered parliamentary questions about superannuation union liaison officers, the type of advice they can provide and whose AFSL they might be working under....

Financial planning

Banned adviser jailed for stealing shares worth $1.5m

A former financial adviser has been jailed after being found guilty of stealing shares worth almost $1.5 million to meet margin calls on his mother’s margin lending accou...

Life/Risk

Cormann to address Sydney breakfast

The Minister for Finance and Acting Asistant Treasurer, Senator Mathias Cormann will address a Money Management breakfast traversing key issues....

Life/Risk

Are risk commissions out of line with best interests?

Risk commissions may be a mis-match for best interests duties, with the current product-driven framework incentivising insurance options that could distract advisers from...

Financial planning

ASIC moves against LM Investment Management directors

ASIC has begun civil proceeding against the founder and former directors of LM Investment Management Ltd alleging the directors failed in their duties to act with diligen...

Policy & Regulation

ASIC urged to be facilitative on FOFA

The FPA has urged a facilitative approach from ASIC as planners seek to comply with the Senate imposed FOFA reversal....

Superannuation

ASIC makes retirement estimates safer

Towers Watson points to key retirement estimate benefits flowing from ASIC guidance....

Financial planning

Charge dropped for Storm Financial adviser

A former Storm Financial adviser has had a charge against him dropped after an elderly witness deemed critical to the prosecution’s case died, ASIC reports. ...

Financial planning

ASIC bans Victorian adviser for unauthorised activity

A Victorian financial adviser has been banned from providing financial services for seven years after an ASIC investigation found he had breached “numerous financial serv...

Financial planning

ASIC appoints forensic specialist to examine CBA planning licences

ASIC has appointed KordaMentha Forensic to identify high risk advisers within Commonwealth Financial Planning and Financial Wisdom and to review the licence conditions of...