ASIC

Financial planning

Former RC case study receives penalty for unconscionable conduct

The Federal Court has imposed a combined $13.5 million penalty on Select AFSL, BlueInc Services, and Insurance Marketing Services for engaging in unconscionable conduct....

Policy & Regulation

ASIC bans Sydney director over unlisted share offers

ASIC has permanently banned a Sydney-based director and cancelled the AFSL of his company after concerns about him making offers of investment in unlisted shares....

Policy & Regulation

ASIC and ACCC to lead investment scam taskforce

The National Anti-Scam Centre’s new investment scam fusion cell, led by Australia’s corporate and competition regulators, will be initially set up for six months. ...

Policy & Regulation

IAL receives largest-ever insurance penalty for consumer protection breaches

Insurance Australia Ltd has been penalised $40 million by the Federal Court in the largest-ever penalty imposed against an insurer for breaches of consumer protection law...

Financial planning

Plenty of ASIC bans and court action in 1H2023

Coming to the end of the 2022–23 financial year, Money Management has noted a busy first half for the corporate regulator. ...

Financial planning

How much will advisers pay in the 2022–23 levy?

ASIC has released the indicative levy for advisers in 2022–23 in its latest cost recovery implementation statement....

Financial planning

FSCP puts SOA mistakes in the spotlight

A relevant provider that used an inaccurate SOA to induce a client to switch superannuation funds is the subject of the Financial Services and Credit Panel’s latest compl...

Policy & Regulation

Government launches second consultation on climate-related financial disclosure

The government is seeking views on its proposed position for the implementation of an internationally-aligned climate disclosure, following its discovery consultation las...

Financial planning

10 ways ASIC’s industry funding model could change

The government has made 10 recommendations on ASIC’s industry funding model following a Treasury review and confirmed the temporary levy relief for personal financial adv...

Financial planning

Perth adviser permanently banned by ASIC

A former Perth financial adviser has been permanently banned by ASIC after being sentenced in January for unauthorised client transactions....

Policy & Regulation

ASIC reject claims of undermining inquiry

ASIC has unequivocally rejected claims that it tried to undermine a Senate inquiry by requesting public interest immunity for certain questions....

Funds management

Lawyers share their ASIC greenwashing experience

ASIC is looking to make examples of firms when it comes to greenwashing and taking a forthright position when asking them for changes, according to two lawyers who have d...

Financial planning

ASIC accepts court enforceable undertaking from former Capstone adviser

ASIC has accepted a court enforceable undertaking from a former Capstone authorised representative for failing to keep up-to-date records....

Policy & Regulation

ASIC slammed by Senate committee for undermining inquiry

ASIC has been called out by the Senate economics reference committee for undermining the process of an inquiry into its investigation and enforcement actions by submittin...