ASIC

Policy & Regulation

Jels Financial Group and Selectinvest have both had their Australian financial services licences cancelled by the corporate regulator....

Life/Risk

Advisers and lawyers impacted by new claims handling licensing

The Australian Securities and Investments Commission has released a new draft document outlining how financial advisers and licensees will need to seek variations to thei...

Financial planning

Adviser numbers drop below 21,000 in November

The number of actual advisers has dropped through the 21,000 barrier this week, with the loss of a further 31 advisers, according to HFS Consulting’s data....

Policy & Regulation

ASIC treating Parliamentary question as 'hypothetical'

The Australian Securities and Investments Commission has effectively encouraged parliamentarians to cite any specific instances of the regulator’s personnel briefing the ...

Superannuation

Not best interest to advise SMSF solely due to cost

The first step should be considering whether making a product recommendation is necessary for advisers with clients that have balances over $500,000, according to BT Fina...

Financial planning

Are asset consultants caught in the same ‘independent’ trap as financial advisers?

Questions are being asked about whether the Australian Securities and Investments Commission has been wrong to treat asset consultants differently to financial advisers i...

Policy & Regulation

ASIC's consumer panel also key to FOFA opt-in submission

Members of the Australian Securities and Investments Commission’s Consumer Advisory Panel played a role in developing a key consumer Future of Financial Advice submission...

Superannuation

ASIC takes court action to enforce enforceable undertaking

In an unusual move, the Australian Securities and Investments Commission is taking civil action in the Federal Court to force a Gold Coast accountant to abide by an enfor...

Financial planning

ASIC’s adviser reference-checking protocols potentially ‘prejudicial’

Financial advisers could be placed at risk of retribution when switching licensees under the reference checking protocols being put forward by the Australian Securities a...

Policy & Regulation

Keeping it verbal: Why a behavioural report on ASIC management is not available

The Australian Securities and Investments Commission retained the services of a special behavioural analysis firm to observe meetings of its leadership team but is claimi...

Financial planning

Theta AM to pay $2m penalty

The liquidated firm’s managing director, Robert Marie, has been ordered by the Federal Court to pay $100,000 after he and the firm were found to have issued five defectiv...

Financial planning

ASIC outlines adviser reference checking protocols

The Australian Securities and Investments Commission has released a discussion paper outlining its proposed protocols for adviser reference checking in a bid to stop “rol...

Policy & Regulation

Troubled ASIC faces imposition of external board

The Australian Securities and Investments Commission faces being oversighted by an external board as the Government considers ways of avoiding further controversies such ...

Policy & Regulation

Frydenberg’s tough message to regulators – you have enough powers

The Federal Treasurer has sent a tough message to the financial services regulators that they have enough powers and that they are there to deliver on Government policy, ...

Financial planning

ASIC challenged on mislabelling law-breakers as ‘financial advisers’

The Australian Securities and Investments Commission is going to have to explain why it chose to describe a man convicted of dishonest conduct as a ‘financial adviser’ wh...