ASIC

Policy & Regulation

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...

Financial planning

ASIC says the levy is mechanical, Hume says ASIC has discretion

The cost of the Financial Adviser Standards and Ethics Authority functions may yet add to the ASIC levy paid by financial advisers....

Financial planning

Presenting advice fees eight ways looks ridiculous to clients

The corporate regulator’s fee disclosure requirements are confusing some advice clients who are questioning advisers on why they are being told the same information eight...

Financial planning

ASIC sets out advice fee consent requirements

The Australian Securities and Investments Commission’s three legislative instruments regarding fees and independent disclosure aims to minimise regulatory burden for the ...

Superannuation

ASIC clarifies the reverse evidential burden on super

The Australian Securities and Investments Commission has made clear how it sees the controversial reversal of the evidential burden of proof playing out around the propos...

Policy & Regulation

ASIC: Let us spend more to make us cheaper

The Australian Securities and Investments Commission claims it is ‘capex poor’ and is seeking more funding from Treasury arguing that if it was allowed greater capital ex...

Financial planning

Mayfair advertising found as deceptive and misleading

The Federal Court has found companies in the Mayfair 101 Group made deceptive or misleading debenture advertising, following proceedings brought by the corporate regulato...

Financial planning

ASIC says advisers can appeal for hardship relief on levy

The Australian Securities and Investments Commission says it is ready to accept applications for hardship relief from advisers unable to pay its much-increased levy but t...

Policy & Regulation

ASIC delivers another relatively clean sheet on intra-fund advice

Superannuation funds did not misuse intra-fund advice with respect to either early release superannuation or insurance, according to the Australian Securities and Investm...

Financial planning

Will last resort scheme and disciplinary body double regulatory costs?

Financial advice firms already digesting the scale of their Australian Securities and Investments Commission levy invoices are worried about what a compensation scheme of...

Financial planning

ASIC bans Melbourne adviser

Nizi Bhandari has been permanently banned by the corporate regulator, while The Australian Dealer Group’s licence has been cancelled....

Policy & Regulation

The hefty cost of not complying with an ASIC EU

A Gold Coast accountant and former authorised representative who gave self-managed superannuation funds advice has discovered what it costs when you fail to adhere to a c...