ASIC

Policy & Regulation

'Spirit of intent' focus of compliance guidance

The corporate regulator says the “spirit of intent” rather than a literal understanding of requirements will be the focus on compliance guidance....

Financial planning

Ex-Apogee adviser pleads guilty

Ahmed Saad has pleaded guilty after operating a scheme to provide illegal early access to super for clients. ...

Policy & Regulation

Industry needs to collaborate with regulators: ASIC

The corporate regulator has asked the industry to better help the regulators better regulate the industry....

Financial planning

Adviser takes ASIC levy complaint to Commonwealth Ombudsman

A veteran self-licensed financial adviser has sought hardship relief from the tripling of the Australian Securities and Investments Commission levy, outlining his complai...

Financial planning

ASIC only allowed to ban advisers under new disciplinary regime

The proposed Financial Services and Credit Panel will determine whether to impose an administrative sanction, infringement notice, both, or not to take action....

Financial planning

Former Aon Hewitt adviser banned for four years

Andrew Hills has been banned by the corporate regulator for allowing misleading and inaccurate letters about MySuper opt-outs to Aon Master Trust members....

Financial planning

Advisers worried about the cost of the single disciplinary body

The Federal Government faces strong lobbying from financial planning organisations to ensure that the new single disciplinary body does not become yet another impost on a...

Financial planning

Another annual fee for advisers

The proposal to have financial advisers registered under the new disciplinary regime will seek a fee and the registration will need to be renewed annually. ...

Financial planning

How FASEA's influence will linger beyond 1 January 2022

The Financial Adviser Standards and Ethics Authority will cease to exist under legislation from 1 January, next year, but its actions, including the code of ethics, will ...

Financial planning

Mayfair 101’s Mawhinney given 20-year ban from raising funds

The Federal Court says James Mawhinney, or entities controlled by him, has a high likelihood to engage in similar conduct if not prevented by the court from doing so, fol...

Policy & Regulation

ASIC moves to penalise firm for AFCA failing

Proceedings have commenced against Lightspeed Finance and its director, Mark Fitzpatrick, over failure to comply with Australian Financial Complaints Authority determinat...

Financial planning

64% increase in ASIC’s civil proceedings

Civil penalties totalled $159.8 million during the second half of 2020 for the corporate regulator including seven Royal Commission investigations that totalled $77.65 mi...

Outsider

Why spend $33k when you can go to the pub?

Outsider chuckled when he read that Australian Securities and Investments Commission executives paid $33,000 to a team-building consultancy....

Financial planning

ASIC extends ROA measure

The relief measure allowing advisers to provide a record of advice rather than a statement of advice to clients that needed advice due to the impact of COVID-19 has been ...

Financial planning

ASIC considers regulatory relief for limited advice ROAs

Responding to adviser submissions, the Australian Securities and Investments Commission has confirmed it is considering providing regulatory relief so that advisers can p...