ASIC

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...

Policy & Regulation

ASIC pushes “beneficial assumptions” on remediation

The client should emerge the ultimate beneficiary of the remediation process, even if all the facts aren’t known, according to the Australian Securities and Investments C...

Policy & Regulation

Secure Investments and Acquila director arrested

Mudasir Mohammed Naseeruddin (also known as Naseer or Mudasir) has been arrested and charged with dishonest conduct....

Policy & Regulation

ASIC consults on consumer remediation

The corporate regulator’s consultation aims to help firms identify issues that can lead to remediations earlier and to have arrangements and systems in place to return mo...

Financial planning

Allegra’s AFSL refusal upheld by AAT

The Administrative Appeals Tribunal was not satisfied Allegra Financial Services would provide financial services that was efficient, honest, and fair. ...

Life/Risk

As ASIC begins its LIF review an adviser report tells its own story

As the Australian Securities and Investments Commission kicks off its review of the Life Insurance Framework a new report has defended the value of life/risk commissions....

Financial planning

Troubled property fund optimistic after $583m debt refinancing

The US Masters Residential Property fund has detailed how it has closed on a US$430 million debt refinancing following troubles last year....

Financial planning

FPA wants single point of registration for financial tax advisers

The Financial Planning Association is pointing to the proposed Single Disciplinary Body as the answer for delivering greater regulatory simplicity for financial tax advis...

Policy & Regulation

ASIC cancels two AFSLs

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 ...