ASIC

Financial planning

Former advice group director receives ban and disqualification

The former director of a financial advice group has been disqualified from managing corporations after ASIC found he put investor funds at risk and made misleading and de...

Financial planning

ASIC spends big on financial advice activity

Financial advisers receive the second-highest expenditure in ASIC’s financial services and wealth division, according to documents, ahead of investment managers and super...

Superannuation

ASIC to further target superannuation in 2024 priorities

ASIC has announced its enforcement priorities for 2024, which include two new points relating to the superannuation industry....

Financial planning

Adviser banned for attending AFL Grand Final sees sentence reduced

A Melbourne financial adviser banned for 10 years for breaching COVID-19 lockdown rules to attend the AFL Grand Final in Perth has seen his banning reduced in an appeal....

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...