ASIC

Financial planning

BT and Asgard to pay penalties for fee-for-no-service

BT Funds Management and Asgard Capital will pay $3 million after the two entities made false and deceptive conduct to over 400 customers. ...

Financial planning

What is the ASIC levy funding?

There were six main areas the corporate watchdog focused on which led to a $16.5 million increase in costs of regulating the financial advice sector....

Financial planning

ASIC levy increase will cause more practices to close: FPA

The association says the current levy formula is not sustainable and needs to be reviewed immediately....

Superannuation

Super funds need to identify social media posters

If there is a post on a superannuation fund’s social media platform from a member about withdrawing communication consent, then the fund must take steps to ascertain the ...

Superannuation

Super fund offers made to employers as default fund allowed

The prohibition of hawking superannuation funds only applies to offers made to retail clients, according to the corporate regulator....

SMSF

Craig Gore unsuccessful in criminal appeal

Gore was sentenced for self-managed super fund fraud last year and will be tried next month for three further charges....

Financial planning

ASIC cancels AFS licence for GC-based group

The corporate regulator has cancelled the Australian financial services license for Gold Coast-based Trade Wind Financial Services and banned its former adviser, Adam Bev...

Financial planning

Anti-hawking regime consultation opens

The corporate regulator is seeking consultation on the anti-hawking of financial products regime that commences in October. ...

Financial planning

APRA seeks to clarify trustee SOA oversight concerns

Trustees should come up with an approach that allows them to have necessary comfort that the quality of advice that is provided to members is as it should be, according t...

Financial planning

ASIC releases adviser reference checking protocol

The corporate regulator has released its protocol around how licensees should be reference checking prospective financial advisers they wish to employ. ...

Policy & Regulation

Unlicensed trader Dr Roger Munro pleads guilty to fraud charges

Unlicensed investment trader Dr Roger Munro has pleaded guilty to three counts of fraud for misusing client funds by pretending to invest in the TradeStation Futures Trad...

Policy & Regulation

ASIC publishes IDR data dictionary and glossary

The internal dispute resolution reporting documents have been released ahead of the pilot test which will launch later this year....

Policy & Regulation

Budgeting provider MyBudget applies for ASFL

The application follows an investigation by the corporate regulator after concerns unlicensed financial services were being conducted during the COVID-19 pandemic when mo...

Financial planning

8 issuers had grandfathered commissions at start of 2021

While 96% of grandfathered conflicted remuneration arrangements have been terminated by the start of 2021, eight product issuers still have grandfathered benefits on 46 p...

Financial planning

No charges for AMP FP alleged fee-for-no-service conduct

The Commonwealth Director of Public Prosecutions has determined that no charges should be brought to AMP Financial Planning for its conduct into the alleged fees-for-no-s...