ASIC

Financial planning

Four FASEA exams sittings in 2022

There will be ‘probably’ four sittings of the financial adviser exam in 2022, according to the corporate regulator....

Superannuation

ASIC asked to monitor Sect 56 communication by QSuper

QSuper will have to communicate clearly with members of Sunsuper, ahead of their merger in February, that they could be liable to pay a fee for fines or penalties incurre...

Outsider

A memorable appearance

Appearing before the Senate economics committee via video link with all the associated technical difficulties and political grilling must be a nerve-wracking experience, ...

Financial planning

ASIC report on ASX welcomed by SAFAA

The Stockbrokers and Financial Advisers Association has welcomed the report that led to the corporate regulator putting additional licence conditions on the Australian Se...

Financial planning

Former adviser sentenced to jail for early release of super scheme

Ahmed Saad will serve a nine-month prison sentence for illegally allowing clients to withdraw superannuation funds from 2016 to 2017. ...

Funds management

Expect problems bringing crypto products to market

There are numerous problems involved in cryptocurrency which will make it difficult for firms to bring a regulated product to market, according to Aequitas Investment Par...

Financial planning

Former WA adviser charged with dishonest conduct

Former AMP financial adviser, David Fong, and his Perth-based company Fong Financial Planners have been charged with dishonest conduct....

Life/Risk

ASIC sues MLC Life for multiple insurance failures

The corporate regulator alleges MLC Life Insurance, in some instances, failed to pay life insurance benefits, notify on premium rises or refund premiums, amongst other br...

Financial planning

Former NSW financial adviser pleads guilty

Gordon-based former financial adviser, Ezzat-Daniel Nesseim, has pleaded guilty to five criminal offences which included dishonest conduct and using fabricated evidence....

Financial planning

PI key to CSLR viability

Australian financial services licensees should be required to submit professional indemnity cover as part of existing annual compliance obligations to ensure CSLR viabili...

Policy & Regulation

ASIC consults on licensee remediation guidance

The most common “stumbling block” in consumer remediation by licensees was underinvesting in systems which have led to multiple failures....

Financial planning

ASIC files contempt against Mayfair 101 group’s director

The corporate regulator has filed a contempt application in Federal Court against James Mawhinney, the director of companies in the Mayfair 101 group....

Policy & Regulation

‘Novelty’ not a regulatory risk for ASIC

‘Novelty’ financial products are unlikely to see a higher regulatory scrutiny in the future as it is too hard to determine what that definition covers, according to the A...

Policy & Regulation

Would ASIC’s DDO, product intervention powers have stopped Sterling collapse?

The corporate regulator’s product intervention powers would not have provided a faster solution but its design and distribution obligations could have led to a stop order...

Outsider

The final test

After 15 sittings across three years in locations all across the country, Outsider wishes the best for those advisers that have sat the last-ever FASEA exam this month....