ASIC

Policy & Regulation

The former chief executive of van Eyk Research has been sentenced following his conviction for dishonestly using his director position....

Financial planning

Failure to provide SOAs leads to ASIC court enforceable undertaking

ASIC has accepted a court enforceable undertaking from financial advisory firm Lasarith Pty and its sole director for failure to provide Statements of Advice. ...

Funds management

Interim stop order placed on real estate development fund

ASIC has placed an interim stop order on offers from Finnia Income Ltd in response to deficiencies in the issuer’s target market determination....

Financial planning

Are licensees dobbing in their peers?

The corporate regulator has confirmed the number of breaches that were reported to it by another licensee following its exclusion from an earlier data report....

Funds management

NAB found to have engaged in unconscionable conduct

The Federal Court has found NAB engaged in unconscionable conduct by continuing to charge customers over $350,000 in periodic payment fees even though it was aware of the...

Financial planning

What makes a good TMD?

Having already enacted 11 interim stop orders regarding target market determinations, the industry should not expect ASIC to slow down and using templates could be one ca...

Policy & Regulation

Jones supports Senate ASIC inquiry

Assistant Treasurer and minister for financial services, Stephen Jones, has welcomed the Senate inquiry into ASIC investigation and enforcement....

Financial planning

Govt delays financial adviser registrations

The Government has delayed financial adviser registration from January until 1 July, 2023 with registration to open in Q2 2023....

Policy & Regulation

Terms of reference announced for ASIC inquiry

The Senate Economics References committee has published the terms of reference for its inquiry into ASIC enforcement and welcomed submissions....

People & Products

ASIC bans ‘disinterested and disengaged’ responsible manager

The former responsible manager of over the counter derivatives provider, Sirius Financial Markets, has been banned by ASIC for eight years....

Financial planning

Reporting of other licensees excluded from breach data

Questions have been raised why reporting by other licensees was excluded from the regulator’s first breach publication and whether it is taking place....

Financial planning

Why is there so much ‘human error’ in breaches?

There is over-reliance by licensees on ‘human error’ with over 5,000 reports stating that as a cause of a breach when the fault may lie in their systems and processes, ac...

Policy & Regulation

ASIC reveals breach reporting data

There were almost 900 breach reports made to ASIC regarding financial advice activities in the first nine months of its reportable situations regime. ...

Financial planning

ASIC appeals CBA/Colonial conflicted remuneration ruling

ASIC has lodged an appeal against the Federal Court’s ruling in favour of Commonwealth Bank and Colonial First State. ...

Funds management

ANZ hit with $25m penalty

Big Four bank ANZ has been penalised $25 million for failing to provide certain benefits it had agreed to give to customers and over $211 million will be remediated to af...