ASIC

Financial planning

Ponzi scheme ‘mastermind’ gets record penalty

David Hobbs, who was described by ASIC as the ‘mastermind’ behind a $30 million Ponzi scheme, was handed the largest penalty in the regulator’s history....

Superannuation

SMSF adviser sentenced for bilking clients

A former self-managed superannuation fund (SMSF) adviser has received concurrent suspended sentences of 18-months' imprisonment for obtaining financial advantage by decep...

Policy & Regulation

June 30 to trigger adviser migration

The dawning realisation that grandfathering arrangements may be put in jeopardy is likely to create a spike in the number of planners changing dealer groups before 30 Jun...

Editorial

Does FOFA pose Hobson’s choice?

As planners grapple with how to implement the changes flowing from the FOFA reforms, David Hasib examines the stark choices that many will have to make, including actuall...

Policy & Regulation

FOFA to remain soft-boiled until mid-2014

The implementation of the Future of Financial Advice (FOFA) reforms looks set to remain "medium soft" until 1 July 2014, according to Shadow Treasurer Mathias Cormann. ...

Financial planning

Vero 'selective' on planner PI

Vero confirms its selective approach on planner PI while Cormann queries current regime. ...

Editorial

ASIC's FOFA guidance gives planners a reason to smile

ASIC's guidance on FOFA's fee disclosure requirements prompted an almost audible sigh of relief from the financial planning industry....

Financial planning

Ratings houses' day of reckoning

Increased regulatory scrutiny faced by research houses from 1 September this year might result in increased costs....

Financial planning

Two-tier code canvassed by AFA

AFA canvasses concept that two-tiered code of conduct with ethics and providing good advice is more important than obviating opt-in....

Financial planning

ASIC obtains court orders against Sydney adviser

The Australian Securities and Investments Commission (ASIC) has obtained interim court orders against Sydney financial adviser Gabriel Nakhl....

Financial planning

AAA to have PI insurance for another year

ASIC ordered AAA planners to be covered by the dealer group’s PI insurance policy until 29 January, 2014....

Financial planning

FPA investigating AAA Shares’ CFP claims

The FPA is investigating claims made by dealer group AAA Shares about its affilliation with the FPA and the CFP status of some of its planners....

Financial planning

Government could restrain grandfathering concession

The Government appears to be reconsidering its approach to the grandfathering of commissions, according to King & Wood Mallesons special counsel Michael Mathieson....

Financial planning

AAA planners may flock to Suncorp

Guardian Advice is set to provide refuge to a few “high quality planners” from AAA Financial Intelligence, whose license was recently cancelled by ASIC....

Financial planning

Director banned for three years

A Sydney director has been banned for three years after an Australian Securities and Investments Commission (ASIC) investigation found he was unfit to engage in credit ac...