ASIC

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...

Financial planning

Licensee record-keeping key to confining remediation inside 7 years

The Australian Securities and Investments Commission is claiming licensees shouldn’t be needing to remediate clients beyond a seven-year horizon, but has left open the qu...

Policy & Regulation

Obtaining PI not a big problem claims ASIC

The Australian Securities and Investments Commission is arguing that obtaining professional indemnity insurance is not as big a problem for financial planning licensees a...

SMSF

Proceedings against Squirrel Superannuation Services start for misleading marketing

The corporate regulator alleges the financial technology firm’s brochure on self-managed superannuation funds was misleading. ...

Policy & Regulation

ASIC claims to have planners in its regulatory ranks

The Australian Securities and Investments Commission is insisting it has empathy for financial planning licensees because it has both former advisers and paraplanners in ...