ASIC

Policy & Regulation

ASIC probed on ‘why not litigate’ future

The corporate watchdog is looking at its enforcement settings as priorities have changed but being an active litigant when needed is still on the table. ...

Financial planning

Double authorisations skew adviser numbers

The decrease in adviser roles number this week was almost twice as many as the loss of actual advisers at 100 and 53, respectively, due to double authorisations, accordin...

Financial planning

AAT dismisses review of ASIC banning

Permanently banned former financial adviser, Robert Hutchison, failed to appear at an Administrative Appeals Tribunal directions hearing....

Financial planning

Advisers choosing fixed-term fees due to compliance complexity

While a fixed-term fee agreement is a valid alternative for advisers finding difficulty in the ongoing fee arrangement requirements, they need to ensure their fee chargin...

Financial planning

No relief for ongoing fee arrangements: ASIC

The corporate regulator has clarified in its guidance that it does not have any powers to give exemptions or modifications and has clarified fixed-term definitions....

Financial planning

FASEA contradicting ASIC on ‘career break’ pathway

Career break is unlikely to be a reason to give relief on professional standards, according to guidance from the corporate regulator, and an industry association has call...

Policy & Regulation

FFSPs relief extended until 2023

Foreign financial services providers will continue to have relief from holding an Australian financial service licence as the deadline has been extended to 31 March, 2023...

Features

InFocus: Will there be a silver lining to the industry’s adviser exodus?

Oksana Patron writes that revised adviser number forecasts are shining a new light on the adviser exodus and how it will affect different adviser roles....

Financial planning

‘Career break’ should be last resort for exam takers

To avoid any uncertainty over the Financial Adviser Standards and Ethics Authority exam scheduling next year, advisers should only take the ‘career break’ option as a las...

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...