ASIC

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...

Editorial

Govt must stop outsourcing policy detail to the regulators

Recent legislative efforts in both the financial planning and superannuation spheres point to a Government too ready to leave too much policy detail to the regulators....

Outsider

Sotto voce not the language of ASIC leadership aspiration

It has been a long time since Outsider involved himself in thespian pursuits but he does recognise a ‘stage whisper’ when he hears one....

Financial planning

ASIC bans binary option sales to retail clients

Binary options had resulted in and were likely to result in significant detriment to retail clients, according to the Australian Securities and Investments Commission. ...

Policy & Regulation

ASIC sues CBA over monthly access fees

The corporate regulator is suing the Commonwealth Bank for misleading conduct over its monthly access fees, which saw $55 million incorrectly charged to customers....

People & Products

New significance test for breach reporting

The new breach reporting regime which is due to commence on 1 October, 2021, has an expanded significant test and will require licensees to lodge a report within 30 days ...

Financial planning

Are advisers shunning clients with less than $1 million in investible assets

A Parliamentary Committee has heard questioning around whether regulatory costs are now so high that financial advisers will not take on clients with less than $1 million...

Financial planning

CFD leverage reduced

The corporate regulator’s contracts for difference product intervention order now allows maximum leverage available to retail clients to range from 30:1 to a 2:1 dependin...