ASIC

Policy & Regulation

ASIC cancels registrations of 10 SMSF auditors

ASIC has cancelled the registration of 10 auditors of self-managed superannuation funds who failed to lodge their annual statements....

Financial planning

Second week of triple-digit adviser losses

The financial advice profession has seen the second week of triple-digit adviser losses, with the industry shrinking by 129 to 16,783 advisers, according to Wealth Data....

Policy & Regulation

ASIC cancels AFSL of Mayfair 101 licensee

ASIC has cancelled the Australian financial services licence of Perth-based Quattro Capital, the licensee of authorised representatives who were part of Mayfair 101....

People & Products

Former regulator Shipton joins Superhero board

Former ASIC chair, James Shipton, has joined share trading and superannuation platform Superhero as a non-executive director....

Financial planning

Adviser exam unlikely to see improvements

ASIC chair, Joe Longo, has told advisers there is little the corporate regulator can do to improve the financial adviser exam, despite negative feedback from candidates....

Financial planning

Timeshare industry is on notice: CHOICE

Consumer group CHOICE says the timeshare industry is now on notice following the Federal Court’s first-ever decision against a timeshare provider for failing to ensure fi...

Policy & Regulation

Former NSW adviser sentenced to one-year home detention

Ezzat-Daniel Nesseim has been sentenced to a three-year intensive correctional order for engaging in dishonest conduct and providing falsified documents to ASIC....

Financial planning

Former adviser charged with falsifying documents

A former financial adviser of Tasmania has been charged with 17 offences for falsifying documents to transfer shares. ...

Financial planning

Changes to professional year requirements

Australian financial services licensees are no longer required to notify ASIC of a professional year arrangement between themselves and a new entrant....

Financial planning

Future cybersecurity breaches could incur $525m penalties

RI Advice may have avoided a penalty for its breach of cybersecurity risks but future breaches could incur a penalty as high as $525 million, according to the regulator....

Financial planning

Court finds RI Advice failed to adequately manage cybersecurity risks

In an Australian first, the Federal Court has found RI Advice breached its license obligations to act efficiently and fairly when it failed to have adequate risk manageme...

Policy & Regulation

Unlicensed trader sentenced to jail after fraud

Dr Roger Munro has been sentenced to four and a half years imprisonment after pleading guilty to three counts of fraud....

Expert Analysis

Does general advice play a role in supporting consumers?

General advice may help you reach a broader audience, but personal advice provides a better way to meet client needs and manage compliance risk, writes Steve Davison....