ASIC

Financial planning

Industry exit no excuse to avoid regulatory costs

The ‘big end of town’ which caused the regulatory burden should be forced to pay their share of levy costs, according to The Advisers Association, even if they have left ...

Financial planning

Millennium 3 ARs banned after charging fees-for-no-service

North Coast Financial Services’ director Timothy Parry and officer Damian Price have been banned by the corporate watchdog after they were found to have breached their du...

Financial planning

ASIC bans two advisers for five years

The two advisers used a website to attract clients to help them find lost super, but are not adequately trained or competent to provide financial services....

Financial planning

ASIC cancels AFSL of exited adviser

The corporate regulator has cancelled the licence of limited licensee of Jyoti Rahman as they are no longer providing financial services....

Financial planning

RI Advice found liable for RC 'case study' adviser

The Federal Court has found it is liable for failing to supervise former adviser John Doyle, who became a case study during the Royal Commission....

Financial planning

Parliamentarian calls 100-page SOA ‘absurd’

A 100-page statement of advice to satisfy lawyers has been branded as ‘absurd’ from a parliamentarian....

Superannuation

MySuper performance test results date released

The corporate watchdog will be checking communications from responsible superannuation entities to beneficiaries of MySuper funds that fail the Your Future, Your Super pe...

Policy & Regulation

Australasia Wealth’s former director charged

Former director of Australasia Wealth Services and Management, James Feng, has been charged with authorising the making of a false or misleading statement to the Australi...

Financial planning

ASIC sues AMP firms for fees-for-no-service

The corporate watchdog is suing six AMP firms after it allegedly charged $600,000 from over 1,500 customers fee-for-no-service from their corporate superannuation account...

Financial planning

Industry challenged by falling advisers but growing demand

There will be a problem in the next five years as falling adviser numbers coincide with more households seeking advice, according to Easton Investments. ...

Policy & Regulation

Deferred sales model insurance guide released

The corporate regulator’s RG 275 will cover all requirements for the implementation the new deferred sales model for add-on insurance, including any exemptions....

Policy & Regulation

Advisers need to avoid regulator 'radar'

Financial advisers need to make sure all their new regulatory requirements are in place by October to avoid any scrutiny from the regulators, even if they aren’t receivin...

Financial planning

Licence cancelled for Qld firm

Queensland-based financial services firm Fentborough has seen its Australian financial services licence cancelled for failing to lodge documentation. ...

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....