ASIC

Financial planning

FAAA pushes for greater ASIC levy transparency

In a statement to the Senate Economics References Committee, the Financial Advice Association Australia has made recommendations to the corporate regulator to better achi...

Financial planning

Former ASIC chair let down by regulator over 'soul destroying' smear campaign

James Shipton has called out his former employer for failing to support or protect him during a six-month abusive ad campaign in 2020 by a defendant charged with offenses...

Financial planning

Former Sydney adviser has assets frozen amid ASIC investigation

ASIC has commenced “urgent proceedings” in the Federal Court of a former Sydney financial adviser amid an investigation regarding fees charged to client super funds. ...

Financial planning

Federal judge calls for industry to scrap the ‘grandfathering’ term

In a curious aside to ASIC’s appeal of the CBA/Colonial First State judgment, the judge has taken issue with the financial services industry’s use of the term ‘grandfathe...

People & Products

ASIC makes executive team appointments

The corporate regulator has announced several appointments to its executive leadership team, as it reaches the final stages of executing its new organisational structure....

Policy & Regulation

US and UK-style restrictions unnecessary for MISs

Proposals to place US or UK-style restrictions on products in the Australian managed investment schemes would be “radical” when ASIC already has significant product inter...

Superannuation

ASIC loses court bid to CommBank, Colonial First State

The regulator failed to overturn a Federal Court finding that the Commonwealth Bank of Australia and Colonial First State did not receive “conflicted remuneration” benefi...

Financial planning

Sydney adviser receives permanent ban and AFSL cancellation

ASIC has permanently banned a Sydney financial adviser and cancelled the license of his business after he misappropriated investor funds....

Financial planning

FSCP hands down first ‘written reprimand’ around advice scoping

Tackling issues around inappropriate scoping of advice, the Financial Services and Credit Panel has announced its first ‘written reprimand’. ...

Superannuation

Which super fund has fallen foul of ASIC’s greenwashing crackdown?

The corporate regulator has commenced its third civil penalty proceedings for alleged greenwashing with the superannuation fund holding investments in Russia when it had ...

Financial planning

Treasury opens consultation on managed investments schemes

Following its initial announcement in the October 2022‑23 Budget, the Government is now seeking feedback on the appropriateness of the existing regulatory settings for ma...

Financial planning

Dixon Advisory director to face civil penalty proceedings

ASIC has commenced civil penalty proceedings in the Federal Court against a director of Dixon Advisory and Superannuation Services for alleged breaches of directors’ duti...

Financial planning

ASIC suspends Perth-based AFS licence

The regulatory watchdog has suspended the AFS licence of NWQ Capital Management, trustee of two unregistered managed investment schemes, until January 2024....

Superannuation

Former director pleads guilty to dishonest conduct

Almost three years after being arrested, a director has pleaded guilty to encouraging investors to roll over their superannuation in SMSFs and lend that money to his two ...

Policy & Regulation

ASIC inquiry dispute continues as Labor appears in Senate

The war of words regarding ASIC’s provision of evidence to a Senate inquiry has continued as Labor senator Katy Gallagher appears in the Senate to provide an explanation ...