ASIC

Financial planning

AFSLs paying finfluencers questioned by ASIC

The corporate regulator is reviewing select finfluencers to understand their business models and how the financial services laws apply to their activity....

Superannuation

Poor-performing untested super funds a risk to poach failed MySuper members

The corporate regulator intends to monitor members from underperforming super funds from being swayed into an untested fund that is in reality performing worse, however i...

Financial planning

Only 60% pass July FASEA exam

This is the lowest pass rate, beating the previous record of 67%, with only two exam sittings remaining this year....

Policy & Regulation

Has successful litigation been enough to cover ASIC levy difference?

Successful litigation against NAB, Westpac and Dixon Advisory could add enough to the corporate regulators coffers to cover the difference from the reduced levy....

Policy & Regulation

Advice levy revenue almost increased 179% in three years

Without the Government’s intervention, levies on financial advice would have increased from $25.6 million in 2017-18 to an estimated $71.4 million in 2020-21....

Financial planning

Extension needed on ASIC levy relief: Accountants

While the corporate regulator’s levy relief for financial advisers is welcome other financial services participants are also being subject to rising fees that are debilit...

Policy & Regulation

ASIC levy relief welcomed

Industry bodies have welcomed the Government’s decision to implement a temporary reduction in cost recovery levies for the next two years, as well as a review of the indu...

Financial planning

ASIC levy reduced by Govt

This relief would see the corporate regulator’s levy restored to its FY19 level of $1,142 per adviser for the next two years, while the flat per licensee charge would rem...

Policy & Regulation

ASIC agrees levy an issue but points to legislation as cause

The corporate watchdog has said it has been communicating with Government and Treasury about its funding model for three years but that they needed to be compliant with t...

Policy & Regulation

ASIC affordable advice project on hold due to SDB

Some of the CP 332 ‘Promoting access to affordable advice for consumers’ project has been put on hold as the corporate regulator assesses what funding will be needed for ...

Financial planning

Ex-adviser faces criminal charges for ban breach

The corporate regulator alleges former financial adviser Lawrence Toledo breached a ban that was in response for not acting in clients’ best interest....

Financial planning

NAB to pay $18.5m penalty for fee-for-no-service FDS

The first penalty of its kind, the penalty relates to allegations from the corporate regulator in 2019 that the big four bank issued defective fee disclosure statements t...

Financial planning

ASIC levy to continue to fund litigation

The corporate watchdog has confirmed it will use 80% of its funding towards enforcement, supervision, and surveillance activities for financial year 2021-22....

Superannuation

No feedback to be given for YFYS performance test

The Your Future, Your Super performance test will only disclose to superannuation funds whether they had passed or failed and would not give any value indications. ...

Financial planning

Enforcement costs should be removed from ASIC levy

The Association of Financial Advisers has called for a permanent removal of enforcement costs along with costs associated with investigation and actions against unlicense...