ASIC

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...

Financial planning

ASIC bans Richard Pusey for 10 years

The former mortgage broker was an authorised representative able to provide general financial product advice....

Editorial

Transparency needed on ASIC unmet needs project

The decision to withhold submissions from its consultation into affordable advice is a contrary move by the corporate regulator when the advice industry has funded the $3...

Financial planning

Auditors fined for Halifax audit standards breach

EC Audit was fined $40,000 while Robert Evett was fined $10,000 for auditing standards breaches of Halifax Investment Services....

Financial planning

Regulatory investment a 'good faith' move

Having suitable breach reporting systems will go a long way to show licensees are pro-actively dealing with regulatory changes to the corporate regulator, even though it ...

Financial planning

Has enough been done to slow adviser exits for 2022?

Opening the November exam to all advisers and the conditional September 2022 extension could drastically improve how many advisers are on the Financial Adviser Register a...