ASIC

Policy & Regulation

ASIC warns of ‘significant escalation’ in unlicensed advice

The Australian Securities and Investments Commission has seen a “significant escalation” in complaints about unlicensed operators providing financial product advice witho...

Policy & Regulation

Your levies at work – how ASIC funds consumer submissions

The Australian Securities and Investments Commission has confirmed that its industry funding model is helping underwrite the cost of consumer submissions such as those us...

Policy & Regulation

Without legal definition assets consultants are in the clear

Financial advisers may be significantly constrained in using the term “independent” but asset consultants are largely in the clear because asset consultation is not a leg...

Life/Risk

Default super insurance pays up to 79 cents for each premium dollar

Younger superannuation members and those in insurance policies with more restrictive terms and conditions may be receiving relatively low value for money, according to th...

Policy & Regulation

Accountants urge extra funding for ASIC post-FASEA

Both the Australian Securities and Investments Commission and the Treasury will need adequate funding and resourcing to handle their new regulatory roles following the cl...

Policy & Regulation

Illegal Chinese activity lands derivatives provider in court

The corporate regulator has commenced proceedings against Sydney-based derivatives provider Union Standard International Group over illegal Chinese activities....

Financial planning

Warning that licensees face breach-reporting overload

The Government is being urged to provide regulatory clarity around the new breach reporting legislation which it is feared will radically increase what are deemed to be r...

Financial planning

FASEA not the final battle

Although the removal of the Financial Adviser Standards and Ethics Authority is a huge victory for many in the industry who spent the last few years fighting for reform, ...

Policy & Regulation

ASIC reveals a pretty modest and bland gifts and benefits register

Anyone looking for over the top largesse being heaped on the Australian Securities and Investments Commission will be sadly disappointed. ...

Financial planning

FASEA gone but the exam and degree regime continues

The Financial Adviser Standards and Ethics Authority may be gone but its exam timetable will continue and so will the requirement for financial advisers to become degree ...

Financial planning

How the industry united to rid itself of FASEA

Mike Taylor writes that few people genuinely argued with the objectives set out for the Financial Adviser Standards and Ethics Authority but they did argue with the autho...

Financial planning

Intra-fund advice is not special says ASIC

While currently finalising a review based on samples of intra-fund advice, the Australian Securities and Investments Commission has used an article to explain that intra-...

Policy & Regulation

ASIC won't appeal key Harold Mitchell case

A belief that it cannot win has persuaded the Australian Securities and Investments Commission against appealing the decision of the Federal Court in relation to former T...

Policy & Regulation

Lack of regulations delivers super funds relief on portfolio holdings

Superannuation funds have been delivered another 12 months’ breathing space on reporting portfolio holdings simply because the Government has not made the necessary regul...

Funds management

Unregistered managed investment scheme wound up

The Australian Securities and Investments Commission has announced that the Federal Court has ordered the winding up of un unregistered managed investment scheme operated...