ASIC

Policy & Regulation

The Australian Securities and Investments Commission has initiated a product intervention order tightening the rules and the leverage around retail contracts for differen...

Funds management

Managers’ fears for speculative retail investors

Managers have highlighted the extreme and speculative trading activity by retail investors and revealed their fears about how they view the market....

Policy & Regulation

Societe Generale fined $30k

It has been sentenced to pay a total of $30,000 after pleading guilty to four separate counts of breaching client obligations....

Financial planning

Six Park reveals degree of push behind expansion of scaled advice

The Government is talking about it, the regulator is talking about it and now digital advice player Six Park has released a white paper emphasising the need for an expand...

Financial planning

FPA points to unreasonable cost of advice changes

With the average cost of a statement of advice having risen to around $2,700 the Financial Planning Association says it’s time to peel back the layers of regulation imped...

Financial planning

Will advisers be made to pay for reducing the cost of advice?

The Government wants financial advice to be made more affordable and a Financial Services Council has canvassed easier scaled advice, technology and less red tape as bein...

Financial planning

Industry needs to better address value of advice

Financial advice needed to focus on improving the value of advice, rather than focusing solely on the cost, according to a panel....

Financial planning

ASIC wants to remove barriers to scaled advice

The Australian Securities and Investments Commission has signalled it wants to remove barriers to the use of scaled advice via a consultation process....

Financial planning

Super fund claims cost of advice is 'commercially sensitive'

The cost of providing advice to members is "commercially sensitive” and releasing it would not be in the best interests of members, according to major health industry sup...

Policy & Regulation

NAB hit with $15 million civil penalty over loan introducers

In a decision which has implications for other sections of the financial services industry, the Federal Court has imposed a $15 million penalty on National Australia Bank...

Policy & Regulation

OTC derivative issuers fined $75m

Over-the-counter derivative issuers AGM Markets, OT Markets and Ozifin have been fined a total of $75 million by the Federal Court of Australia....

Expert Analysis

InFocus: Financial advice crucial for Australia’s economic recovery

Financial Services Council policy manager – advice, Zach Castles, argues that regulatory pragmatism can help reduce the cost of financial advice....

Financial planning

ASIC obtains orders against fraudulent debt relief company

The corporate regulator has obtained interim orders and injunctions against Debts Knockout and Debts Wipeout, which claimed to “extinguish” consumer debt but failed to pa...

Financial planning

ASIC 'not looking to catch anyone out'

The corporate regulator’s review on life insurance advice will unlikely be followed by with enforcement action. ...

Financial planning

ASIC suspends financial planning practice license for lack of PI

The Australian Securities and Investments Commission has given a Perth financial planning business 10 weeks to obtain professional indemnity insurance....