ASIC

Funds management

ASIC finds fund managers falling short on accurate labelling

Thirteen responsible entities have moved to change or adjust the labelling of their funds following a review by the Australian Securities and Investments Commission....

Life/Risk

ASIC issues notices around LIF review

The Australian Securities and Investments Commission has kicked off the first phase of its review of the Life Insurance Framework with the issuing of Section 33 notices t...

Policy & Regulation

ASIC cancels Union Standard ASFL

The corporate regulator has cancelled the Australian financial services licence of over-the-counter derivatives issuer Union Standard International Group....

SMSF

ASIC adds conditions to two SMSF auditors' registrations

The corporate regulator has added new conditions to the registration of two SMSF auditors, William Krammer and Yuk Wong....

Financial planning

How trying to change the past has snookered financial advice

Governments and regulators trying to change the past in financial advice have placed its future at serious threat, according to financial planning broker, Paul Tynan....

Financial planning

Do advisers exiting vertical integration struggle on best interests?

Understanding the full implications of the code of ethics and its implementation as well as the best interests duty might be bothering some advisers....

Policy & Regulation

First litigation funding AFSL issued

Barely weeks after the new litigation funding licensing regime became law, one of the biggest funders has obtained its Australian Financial Services License. ...

Financial planning

Intrafund advice must leave clients better off says ASIC

Intrafund advice must be seen to leave clients better off or it will likely fail best interests, according to the Australian Securities and Investments Commission....

Superannuation

How some people paid nearly $300 for free super early release

At least two companies were warned by the regulator to stop charging fees ranging from $199 to $299 for facilitating superannuation early release when the process is mean...

Superannuation

NAB super entities hit by $57.5 million court penalties

National Australia Bank super entities NULIS and MLC Nominees have been hit by Federal Court penalties out of an Australian Securities and Investments Commission action o...

Policy & Regulation

We have the power to obtain documents says ASIC

Financial services companies cannot necessarily rely on claims of legal privilege to prevent the Australian Securities and Investments Commission obtaining documents – so...

Policy & Regulation

Former Big Un investment analyst sentenced to jail

Former investment analyst, Michael Ming Jinn Ho, has been sentenced to three years imprisonment for insider trading in Bing Un Limited shares....

Financial planning

AAT sets aside SMSF auditor disqualification

The Administrative Appeals Tribunal has set aside the disqualification of SMSF auditor John Gilliland by the Australian Securities and Investments Commission....

Superannuation

Extension for RG 97 PDS requirements

Product disclosure statements from superannuation and managed investment product issuers given on or after 30 September, 2022, must comply with the new fees and costs req...

Policy & Regulation

Has CBA been caught by truth in labelling on conflicted remuneration?

The Commonwealth Bank is facing court action initiated by the Australian Securities and Investments Commission which might have been avoided if it had properly and transp...