ASIC

Policy & Regulation

ASIC bans ex-Dover adviser for six years

The corporate regulator has banned Melbourne-based financial adviser Ashok Sherwal from providing financial services for six years after giving inappropriate advice for h...

Policy & Regulation

AAT amends Spectrum ban

The Administrative Appeals Tribunal has broadened the corporate regulator’s decision to ban Spectrum Wealth director, Mark Schroeder, from providing financial services....

Superannuation

CFSIL to pay $20m penalty for misleading super members

The Federal Court has ordered Colonial First State Investments Limited to pay a penalty of $20 million for misleading communications with members. ...

Policy & Regulation

ASIC proposes CFD product intervention order extension

The corporate regulator has sought feedback on a proposal to extend its product intervention order for its contracts for difference for retail clients....

Funds management

Social media under ASIC’s watch

Investors using social media and chatrooms to conduct market manipulation should assume they are being watched by the regulator, which is paying closer attention to these...

Policy & Regulation

ASIC extends temporary financial advice COVID-19 relief measures

The record of advice relief measure is extended to April 2022, as well as the “time critical” relief measure that gave financial advisers additional time to give their cl...

Financial planning

Vanda Gould sees AFS license cancelled

The regulator has cancelled the Australian financial services licence of disgraced former tax agent Vanda Gould....

Financial planning

Diversa Trustees taken to court

Clients of a financial adviser being investigated by the corporate regulator for contravening the law were still being put into Diversa products while the investigation w...

Financial planning

Adviser Ratings incorporates education into ranking

One-third of advisers are likely to have their rating downgraded as the firm incorporates more focus on education and professional standards....

Financial planning

October kicks off regulatory reform for advisers

October sees the introduction of further Royal Commission recommendations and design and distribution obligations, heaping further pressure on financial advisers. ...

Policy & Regulation

Still issues with single disciplinary body legislation

The draft legislation for the Better Advice Bill has outlined the Financial Services and Credit Panel will convene on serious matters, but the Association of Financial Ad...

Financial planning

Will ‘dobbing in’ put licensees at risk?

The law should protect licensees reporting other licensees under the new breach reporting regime given it will not be anonymous, according to Holley Nethercote....

Financial planning

ASIC focused on MA conflicts

The corporate regulator is expected to look closely at conflicts of interests for in-house managed account fees but conflicts of interest are easy to avoid, according to ...

Financial planning

Advisers to pay more for FASEA exam under ASIC

Financial advisers who sit the Financial Adviser Standards and Ethics Authority exam when the corporate regulator administers the exam will pay over $350 more than now. ...

Financial planning

AR banned, advice firm’s AFSL cancelled

Frederick Ackerman has been banned by the corporate watchdog for four years and the advice firm he was an authorised representative of, Pure Strategy, had its licence can...