ASIC

Financial planning

ASIC calls out 'alarming' cyber security deficiencies in AFSLs

The corporate regulator has urged organisations to implement greater cyber security management, with an “alarming” number of firms not managing third-party or supply chai...

Superannuation

HESTA rapped by ASIC over misleading performance figures

The super trustee has received three infringement notices for allegedly misleading statements on its social media regarding the performance of one of its investment optio...

Financial planning

ASIC adviser levy reduced by almost $8m

The ASIC funding levy for 2022-23 has been reduced from its original estimates, after criticism that the increase to $3,217 per adviser was too high....

Financial planning

Former ASIC chair rejects FAAA idea of ‘priority hotline’ for advisers

A “priority hotline” between professional associations and ASIC, as suggested by the Financial Advice Association of Australia, would damage the regulator’s independence,...

Policy & Regulation

A torrid timeline of Sterling Income Trust

As three directors face multiple criminal charges for their involvement in Sterling Income Trust, four years after it collapsed, Money Management reflects on Sterling’s t...

Superannuation

ASIC pulls up TelstraSuper on IDR inefficiencies

The corporate regulator has commenced its first proceedings on internal dispute resolution requirements as it takes TelstraSuper to the Federal Court....

Financial planning

The ‘chicken and egg’ factor in retirement product development

ASIC believes there is a “chicken and egg” situation when it comes to product development under the Retirement Income Covenant as super funds and firms are unsure if prod...

Financial planning

ASIC ramps up action on AFSL’s financial reporting

A fourth financial services licensee has been pulled up in less than a month relating to financial reporting, as ASIC chair Joe Longo updates on its corporate regulator’s...

Policy & Regulation

Multiple criminal charges laid on three Sterling directors

Three directors connected to the collapse of managed investment scheme Sterling Income Trust have been charged with multiple criminal charges, four years after its collap...

Funds management

How does ASIC determine its greenwashing action?

The corporate regulator has outlined its philosophy in dealing with greenwashing and the by-product of greenhushing, having already reported around 35 of such interventio...

Financial planning

FAAA members representing two-thirds of FAR

Advisers who joined the newly merged Financial Advice Association of Australia have risen 30 per cent from initially reported figures and now surpass 10,000 after it repo...

Financial planning

Advice breaches decline but ASIC concerned at industry inaction

ASIC has indicated its disappointment that “little improvement” has been made on the reportable situation regime but financial advice breaches have declined over the year...

Financial planning

Global advice group sees assets frozen by Federal Court

A global advisory firm has been ordered by the Federal Court to freeze its funds and assets for failing to lodge financial statements....

Financial planning

Dixon Advisory’s $7.2m penalty unlikely to ever be paid: ASIC

Appearing at Senate estimates, ASIC deputy chair Sarah Court has claimed the $7.2 million penalty issued to Dixon Advisory was made to send a “deterrent message” as the f...

People & Products

Disgraced former PwC partner receives eight-year ban

The former tax partner at PricewaterhouseCoopers who disclosed confidential information has been formally banned for eight years from providing financial services by ASIC...