ASIC

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 ...

Policy & Regulation

Traders unprepared for ASX outage: ASIC

The stock exchange outage in November led to deteriorating liquidity, the Australian Securities and Investments Commission has found, but the regulator has questioned why...

Policy & Regulation

Traders unprepared for ASX outage: ASIC

The stock exchange outage in November led to deteriorating liquidity, the Australian Securities and Investments Commission has found, but the regulator has questioned why...

Financial planning

ASIC reviewing LIF but don’t mention REP 413

The Australian Securities and Investments Commission is now claiming that its pivotal REP 413 which acted as the catalyst for the Life Insurance Framework is no longer re...

Policy & Regulation

Have politicians been guilty of providing unlicensed advice?

The Australian Securities and Investments Commission is again being asked whether politicians have been guilty of providing unlicensed advice over their urging of people ...