ASIC

Superannuation

The deepening use of social media for member communication is pushing superannuation funds closer to transgressing the legal frameworks set in place to govern general and...

Policy & Regulation

FOFA passes, but confusion over enshrining 'financial planner'

The Government’s Future of Financial Advice (FOFA) legislation passed through the Senate yesterday, but there seems to be some confusion over whether the terms 'financial...

Financial planning

BMW pays for breaching National Credit Code

BMW has been ordered by ASIC to repay $1,392,667 to customers after the car financer breached the National Credit Code....

Financial planning

Cutting the pay-for-ratings model could be a 'game changer'

With submissions being considered by ASIC, it is essential that the financial services industry understands the potential ramifications of removing the current pay-for-ra...

Financial planning

Avant tightens marketing policy

Avant has responded to ASIC concerns regarding a recent mail-out to policy holders that contained potentially misleading information....

Policy & Regulation

FOFA passes Senate

The Government's Future of Financial Advice (FOFA) bills have passed the Senate, moving the hard compliance date back to 1 July 2013....

Editorial

FOFA concessions may have an expiry date

Mike Taylor writes that the Federal Opposition has signalled some of the so-called ‘concessions’ extracted around the passage of the FOFA bills may not have a life beyond...

Life/Risk

ASIC hands insurance provider strict compliance conditions

Australian Life Insurance Distribution will be required to adhere to additional compliance conditions after ASIC found the company had failed to comply with several condi...

Superannuation

ASIC unveils shorter PDS guidance

ASIC has released guidance on the shorter product disclosure statement regime which will apply to superannuation and simple managed investment scheme providers....

Financial planning

Finding a good adviser down to 'chance': Robin Bowerman

Finding a good adviser is 'almost a matter of chance' according to Vanguard head of corporate affairs and market development Robin Bowerman....

Financial planning

ATO crackdown on structured products

The Australian Taxation Office (ATO) has positioned a taskforce to crack down on structured financial products offering franking credits....

Financial planning

ASIC winds up $3.6-million MIS

ASIC has wound up an unregistered managed investment scheme known as Master Fund, which extracted $3.6 million from 40 Australian investors....

Funds management

Move to direct equities is on

Disillusionment with the funds management industry and a hunger for transparency among clients is fuelling a move towards direct equities....

Editorial

Increased SMSF obligations in wake of Trio Capital have no basis

Amid the fall-out from Trio Capital it has been suggested that financial planners be required to warn clients establishing SMSFs that they are entering a higher risk envi...

Financial planning

ASIC makes changes to AFSL application process

Updated regulatory guidance for applying for an Australian financial services licence (AFSL) removes the requirement to submit paper versions of documents lodged electron...