ASIC

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....

Policy & Regulation

$20m penalty for Forex CT

Company director Shlomo Yoshai has also been fined $400,000 and is disqualified from managing companies for eight years, after creating a trading floor culture compared t...

Financial planning

OTC manager banned for 10 years

Union Standard director and former responsible manager, John Carlton Martin, has been banned from providing financial services for 10 years from providing financial servi...

Policy & Regulation

ASIC targets actions of activist short sellers

Avoiding emotive language and releasing short reports outside of normal trading hours are among recommendations from the Australian Securities and Investments Commission ...

Funds management

ASIC bans Global Merces director for six months

Holly Grofski has been banned by the corporate watchdog after the firm failed to comply with Australian financial services licence conditions. ...

Expert Analysis

The value of advice

The proliferation of retail investors entering the market during the COVID-19 induced downturn has highlighted the value that can be demonstrated by seeking financial adv...

Financial planning

Total number of advisers drop below 20,000

This week saw a big drop in adviser numbers to 19,953 as licensees with limited advice services continued to cut advisers roles and advisers opting not to proceed with th...

Superannuation

Risk management a prudential issue: APRA

Super funds have been warned by the Australian Prudential Regulation Authority that a single serious accusation of misconduct when it comes to risk management is a pruden...

Policy & Regulation

ME Bank charged

The corporate regulator has charged the formerly industry fund-owned bank due to contraventions of the ASIC Act and National Credit Code....

Policy & Regulation

Hayne failed and APRA failed on industry funds

A Parliamentary Committee has found that the Hayne Royal Commission failed to adequately scrutinise industry superannuation fund structures and the Australian Prudential ...

Policy & Regulation

Breakthrough acknowledgement on FDS arrangements

Advisers look likely to be given more flexibility around the new fee disclosure statement rules following strong lobbying around flaws in the existing proposed arrangemen...

Financial planning

Former Sydney planner sentenced to six years

New South Wales financial planner, Ross Hopkins, has been sentenced to a maximum period of six years’ imprisonment for 15 dishonesty offences. ...

Life/Risk

Actuaries support life insurers remaining under APRA scrutiny

Life insurers are not yet out of the woods on disability income insurance and should remain under scrutiny by the Australian Prudential Regulation Authority, according to...