ASIC

Financial planning

ASIC reveals H1 advice enforcement stats

ASIC has revealed the number of its enforcement outcomes which related to financial advice misconduct in the first half of 2023. ...

Financial planning

Former investment manager charged over fraudulent documentation

Following an ASIC investigation, investment manager Brett Trevillian has been charged for forging portfolio performance verification reports that were provided to potent...

Funds management

Troubled Mayfair 101 to return within months

Troubled financial services firm Mayfair 101 has announced it plans to relaunch within months, less than a year after the 20-year advertising and fundraising ban on James...

Financial planning

Company director pulled up by ASIC for unlicensed MIS

ASIC has taken civil action against a company director for alleged unlicensed conduct and operating numerous unregistered managed investment schemes. ...

People & Products

Spaceship to launch new products with $6m additional funding

Bouncing back from regulatory action last month, Spaceship has secured additional funding from two major shareholders towards new offerings and the expansion of its exist...

Funds management

Vanguard faces second greenwashing action

ASIC has lodged civil penalty proceedings in the Federal Court against Vanguard Investments Australia for alleged greenwashing, having previously issued the asset manager...

Financial planning

ASIC crackdown on SMSF audit continues

ASIC has acted against eight SMSF auditors for breaches of their obligations, bringing the total for the past year to 26....

Policy & Regulation

Labor defends ASIC’s independence against Senate inquiry

The Labor government has hit back at the Senate Economics Reference Committee’s request for evidence from ASIC as it is an independent regulator and suggested it provide ...

Financial planning

ASIC inquiry delayed after regulator defies evidence orders

ASIC has been accused of treating parliament with contempt after failing to follow Senate orders to submit evidence to the Senate Economics Reference Committee....

Financial planning

Which firms got a rap on the knuckles in 1H23?

From greenwashing allegations and interim stop orders to fines and penalties, Money Management has rounded up all the disciplinary actions faced by firms in the first ha...

Financial planning

Personal advice fears hinder super funds’ data collection

Super funds are demonstrating gaps in their member data, according to a joint APRA/ASIC review, as they are concerned collecting too much information could put them at ri...

Superannuation

ASIC and APRA’s findings of RIC’s first year

A joint ASIC/APRA thematic review has found trustees need to make more progress on enhancing retirement outcomes for members under the Retirement Income Covenant. ...

Funds management

ASIC alerts investors on Cambridge Asset Management

Noting suspicious ‘investment opportunities’ offered by the Hong Kong-based asset manager, the corporate regulator has raised concerns for local consumers invested in the...

Funds management

Openmarkets shells out $4.5m for record MDP penalty

The online trading platform has paid the largest ever penalty imposed by the Markets Disciplinary Panel for breaching market integrity rules and has entered into an enfor...

Policy & Regulation

ASIC calls on banks to improve migration into low-fee accounts

ASIC has called on banks to assist customers to move into low-fee accounts after it found consumers, including First Nations people, are being charged up to $3,000 in ove...