ASIC

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...

Financial planning

ASIC confirms advisers don’t back digital advice

Advisers have made it clear to the Australian Securities and Investments Commission that digital advice should not be counted as a big factor in its review of affordable ...

Policy & Regulation

ASIC winds up two more companies from SMSF scam

Two further companies connected to SMSF Advisory Services and PW Kitt Co have been ordered to wind up after a successful application from the corporate regulator....

Policy & Regulation

How ASIC executives paid $33,000 to a team-building consultancy

Faced with rebuilding its management culture in the wake of the expenses controversy surrounding its chairman and deputy chairman, the Australian Securities and Investmen...

Financial planning

Goldsky director charged for dishonesty

Goldsky director, Kenneth Grace, has been charged with operating a financial services business without a licence and engaging in dishonest conduct....

Financial planning

Why advisers aren't reporting FASEA exam results

Licensees are responsible for notifying the corporate regulator that their advisers have completed the exam, however finding whether an adviser has passed isn’t easily ac...

Financial planning

CBA to pay $7m penalty for overcharging interest

In reaching his decision, Justice Lee rejected the submission from the bank that it had acted expeditiously to remedy the effort and found the bank’s delay was particular...

Superannuation

ASIC puts super funds on notice on complaints handling

Superannuation funds have been warned to get their houses in order to deal with the new internal dispute resolution regime being overseen by the Australian Securities and...

Policy & Regulation

ASIC's Shipton confirms retaining top legal team

The chairman of the Australian Securities and Investments Commission has temporarily returned to his role heading up the regulator but only after retaining the services o...