ASIC

Financial planning

ASIC concerned about fast licensee growth

Rapid growth of some financial services licensees has caused regulator concern due to many of them lacking support systems for larger numbers of advisers....

Policy & Regulation

ASIC obliged to approve all codes: Richard Batten

There is no reason why the Australian Securities and Investments Commission (ASIC) should not approve a code of conduct for a single licensee or dealer group, says Minter...

Financial planning

Medcraft signals proactive ASIC approach

The chairman of ASIC, Greg Medcraft, has signalled his desire for the regulator to adopt a more proactive stance, effectively eschewing the approach of one of his predece...

Financial planning

ASIC obtains orders against three-Brisbane based 'cold callers'

The operators of three unlicensed financial services businesses have had their bank accounts frozen and been prevented from carrying on their activities after the Austral...

Financial planning

Shadow shops fail the test drive

Shadow shops are comparable to taking a car off a production line and asking a panel how well it will drive, according to head of Lifeplan Funds Management Matt Walsh....

Financial planning

ASIC annual report outlines enforcements

ASIC's 2011/12 annual report has outlined the amount of surveillance and enforcement action the regulator completed in the financial advice sector in the past year....

Financial planning

ASIC announces Banksia taskforce

ASIC Chairman Greg Medcraft has announced an internal taskforce which will look at the failure of Banksia....

Life/Risk

ASIC to take a closer look at churning

ASIC Commissioner Peter Kell told Money Management there was enough life policy churning in the financial advice industry for the regulator to be concerned about the issu...

Policy & Regulation

ASIC to answer APL questions

ASIC is planning to release further information which would complement consultation papers regarding issues such as recommending products outside of an APL, fee disclosur...

People & Products

PIS chief determined to leave legacy behind

Professional Investment Services chief executive Peter Walther has outlined a plan to rid the group of the legacy compliance risk issues that dogged it under previous man...

Superannuation

Complexity of SMSFs outpacing auditors

The complexity of the self-managed superannuation fund (SMSF) space is rapidly outpacing SMSF auditors, according to Chan and Naylor director of financial planning David ...

Financial planning

Licensee codes of conduct impractical: Kell

ASIC Commissioner Peter Kell has told Money Management that while introducing licensee-specific codes of conduct is an option, it could be a costly and complicated proces...

Financial planning

PIS adviser banned for three years

A PIS adviser has been banned for three years for failing to comply with financial services laws....

Financial planning

Licensees should be responsible for codes of conduct

Professional codes of conduct should be the responsibility of financial services licensees rather than industry associations in order to be fairer to consumers, according...