ASIC

Policy & Regulation

ASIC casts doubt on fault-based framework

The Australian Securities and Investments Commission has told Parliament it would “likely be difficult” for it to move to a faults-based framework as proposed in the late...

Superannuation

Disclosure changes open door for ‘reckless behaviour’

Changes to disclosure measures under the Treasury Laws Amendment (2021 Measures No.1) Bill could be a “green light for more reckless behaviour”, according to the Australi...

Financial planning

Pathway for advisers to avoid being classified as 'new entrant'

If existing advisers are classed as “ceased” by the end of 2021 and have not passed the FASEA exam they will not be classified as a ‘new entrant’ in 2022 if they want ret...

Policy & Regulation

Govt to introduce FMI reforms

The corporate regulator and the Reserve Bank will have more power to intervene to manage a crisis and preemptively identify and manage risks in financial market infrastru...

Policy & Regulation

Halifax auditors face criminal charges

EC Audit and its director, Robert Evett, will be the first ever in Australia to face criminal charges for failure to comply with auditing standards....

Financial planning

Sydney planner permanently banned

Gavin Fineff sourced over $5 million form clients and individuals as loans and, without their knowledge, gambled and lost a significant amount of those funds, according t...

Financial planning

ASIC levy final straw for accountants providing advice

Accountants with a limited authority have constituted one of the largest groups of those who might choose to opt out of being a financial adviser in the future and hand b...

Financial planning

Adviser exodus mainly those with less experience: FASEA

Over 60% of advisers who exited the Financial Adviser Registered during July 2019 and December 2020 had less than 10 years of experience, according to the Financial Advis...

Funds management

Retail investors fail to understand FX

It is the duty of retail investors to educate themselves on the costs and risks of trading in foreign exchange markets, according to Dale Gillham, as a trading company is...

Financial planning

Don’t look for FASEA exam ‘loopholes’: AFA

Advisers who want to continue in the industry should do everything they can to pass the exam this year as it is not clear whether they will be able to sit an exam next ye...

Financial planning

Over 100 advisers leave the industry in a single week

This week 103 advisers left the industry during a period which saw a lot of adviser movement thanks to IOOF finalising its absorption of MLC Wealth advisers. ...

Financial planning

Ex-adviser banned for three years

Brisbane-based Nathan Smith failed to provide advice that was in the best interest of clients....

Financial planning

ASIC levy increase due to declining adviser numbers

The cost of recovering additional funding by the Government along with the decrease in the number of advisers year-on-year has led to the corporate regulator’s licensee l...

Financial planning

Accessible affordable advice priority for new ASIC chair

The challenge for the corporate regulator and policy makers is to figure out a way to make the advice regime more digestible, practical, and affordable for consumers....

Financial planning

Most advisers to declare 'not independent'

Only 2% of advisers and advice firms can label themselves as “independent’, meaning most will be subject to the new Financial Services Guides disclosure obligations....