ASIC

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...

Superannuation

ASIC needs to demonstrate levy appropriateness

The corporate regulator’s increased levy will be ultimately be borne by superannuation fund members through administration fees and will be reflected in their future reti...

Policy & Regulation

CBA required to publish misconduct notices

As part of its penalty for overcharging interest on business overdraft accounts, which it has been forced to pay $7 million, it will also be required to publish misconduc...

Financial planning

Advisers need sufficient understanding of Oct reforms

There is likely to be broad issues with lack of awareness and preparedness with the five reforms coming into play in October, according to the Association of Financial Ad...

Policy & Regulation

Industry bodies unite against CSLR draft

Eight industry associations say the compensation scheme of last resort will become a “go to” rather than a last resort and excludes product providers from accountability....