ASIC

Financial planning

Former Sydney adviser banned for three years

Former adviser, Jim Pavlidis has been banned for three years after a review of his advice showed he failed to provide financial advice in the best interest of his clients...

Financial planning

Make ongoing advice as affordable as a mobile phone

The rules around intra-fund financial advice must be significantly tightened and ongoing financial advice support fees must become as low cost as a mobile phone plan, acc...

Financial planning

Central message to ASIC: Give us regulatory consistency

Regulatory consistency represents one of the keys to financial advisers being able to deliver affordable advice according to key submissions filed with the Australian Sec...

Financial planning

Frydenberg urged to make decision over ASIC chair

Treasurer Josh Frydenberg has been criticised for ‘stalling’ over the tenure of the Australian Securities and Investments Commission chair James Shipton following an expe...

Financial planning

ASIC has misunderstood the scaled advice rules say stockbrokers

The Australian Securities and Investments Commission has been accused of misunderstanding the rules of scaled advice when it comes to the work undertaken by stockbrokers....

Financial planning

ASIC signals that admin assistance to clients is not actually advice

Plenty of financial advisers provide administrative assistance to clients to help them with their investments but, according to the Australian Securities and Investments ...

Financial planning

Hume urges advisers to speak up on affordable advice

The Government has made an 11th hour plea to financial advisers to make submissions to the Australian Securities and Investments Commission on its affordable advice revie...

Financial planning

Seven licensees add new adviser roles

Despite a slow start to the year, at least seven licensees reported net gains of two new adviser roles this week on top of 18 licensees who managed to add one new adviser...

Policy & Regulation

ASIC issues relief on FSG and PDS delivery timeframes

Insurers have been granted some wriggle room on the regulatory requirements around delivering product disclosure statements and financial services guides to clients and a...

Policy & Regulation

ASIC cancels Halifax ASFL

The licence will continue on a limited basis for anther year to ensure Halifax follows through required obligations to previous customers....

Financial planning

ASIC claims it has no pre-determined compliance rate for advice

The Australian Securities and Investments Commission has claimed it does not enter into advice compliance projects on the basis of pre-determined pass rates....

Superannuation

323% increase in super scam reports

2020 was the year of the Government’s hardship early release superannuation scheme and it was also a year during which the Australian Competition and Consumer Commission ...

Policy & Regulation

ASIC approves banking code variations

The corporate regulator has approved variations to the banking code of practice, including improving the definition of small business....

Financial planning

Advisers numbers already running 15% below historic average

Adviser numbers were already running close to 15% below the industry’s long-term average even before the end of 2020 and before the Financial Adviser Standards and Ethics...

Policy & Regulation

FASEA denies any deliberate misleading on code consultation

The Financial Adviser Standards and Ethics Authority has denied its chief executive, Stephen Glenfield, deliberately misled a Parliamentary Committee about the public ava...