ASIC

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....

Financial planning

Evans Dixon to rebrand

A month after being subject to Federal Court proceedings launched by the corporate regulator, the financial services group has announced it would re-brand to E&P Financia...

Financial planning

FSC argues for pragmatism on cost of advice

The COVID-19 pandemic could act as the catalyst for regulatory pragmatism aimed at lowering the cost of advice, according to the Financial Services Council....

Policy & Regulation

QLD adviser sentenced to eight-year imprisonment

Ex-Synchron adviser Anthony Vivian Dick dishonestly used $1.1 million from his clients’ accounts which was spent on items including a $72,000 boat....

Superannuation

Sort out super performance before stapling says AIST

Poorly-performing superannuation funds need to be identified and weeded out before the Government embarks on stapling....

Financial planning

ANZ to pay $10m in penalties

The bank has been ordered by the Federal Court of Australia to pay $10 million in penalties after charging customers same-name fees which it was not entitled to and conti...

Financial planning

Perth adviser charged with dishonest conduct

The corporate watchdog allege that AR Wealth and Finance financial adviser Rahul Goel acted dishonestly in relation to hardship and other applications to super funds on b...

Features

InFocus: Volume rebates are long gone so who gets the money now?

Mike Taylor writes that with the few remaining grandfathered remuneration arrangements coming to an end, a different regime has already evolved with the ultimate cost bei...