ASIC

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...

Policy & Regulation

ASIC cancels Direct My Wealth AFSL and ACL

Both were cancelled for failure to lodge its 2020 audited financial accounts and annual compliance certificate in time....

Financial planning

ASIC cancels AFSL

Robert Bayntun Starky has failed to pay an Australian Financial Complaints Authority (AFCA) determination and failed to lodge 2020 audited financial accounts....

Financial planning

Ex-MD of fund manager in liquidation charged

Former director of Global Merces Funds Management, Holly Grofski, has been charged with three counts of dishonest conduct, one count of providing false information and on...

Financial planning

Former CEO of van Eyk Research charged

Former van Eyk Research chief executive, Mark Peter Thomas, has been charged with four counts of dishonestly using his position as a director or officer of a company with...

Financial planning

ASIC issues civil penalty action against Equiti FS

The corporate regulator has commenced civil penalty proceedings against the company for breaching the prohibition against conflicted remuneration and failing to provide a...

Financial planning

Call to use Single Disciplinary Body to reduce, not increase costs

The Government and Treasury should seek to avoid repeating the FASEA mistakes by using the establishment of a Single Disciplinary Body to reduce regulatory costs. ...

Financial planning

ASIC confirms monitoring of super advice

The Australian Securities and Investments Commission has confirmed it is closely monitoring the delivery of financial advice by superannuation funds against the terms of ...

Financial planning

Advisers wary of property syndicate DDO referrals

Some financial advisers have expressed concern at being drawn into giving advice to inexperienced to clients on property syndicates because of the impact of Design and Di...