ASIC

Financial planning

ASIC hires experts to help solve advice crisis

The Australian Securities and Investments Commission has hired expert advisers to help solve the problems of making financial advice more accessible and affordable amid t...

Policy & Regulation

ASIC details early release and other COVID-19 rorts

Government agencies, including the Australian Federal Police, have been alerting the Australian Securities and Investments Commission to rorts around early release supera...

Features

LIF, life and tough times for insurers

Mike Taylor writes that less than 12 months out from the Australian Securities and Investments Commission’s review of the Life Insurance Framework, the Australian life in...

Superannuation

Super funds charged extra premiums after default 'smoker' classification

Seven super funds have been classifying new members as ‘smokers’ by default and over 5,000 members will receive $3.6 million in compensation....

Policy & Regulation

ASIC urges continuing complaints despite AFCA pause

The Australia Financial Complaints Authority may have ‘paused’ processing complaints against insolvent financial firms, but the Australian Securities and Investments Comm...

Financial planning

With the exit of Wade, De Ferrari has lost one of his own

With a mutual history within Credit Suisse, the exit of Alex Wade has seen AMP chief executive, Francesco De Ferrari lose one of his own....

Policy & Regulation

AMP facing ‘between 5 and 50’ ASIC legal/regulatory issues

The Australian Securities and Investments Commission has confirmed that AMP Limited is facing multiple legal/regulatory issues – citing between “5 and 50”....

Financial planning

AFCA supports ASIC product invention on continuing credit contracts

AFCA has welcomed ASIC’s assessment that continuing credit contracts cause consumer detriment and that the regulator’s product intervention powers should be utilised....

Financial planning

ASIC asked for formal written response on intra-fund advice

The Australian Securities and Investments Commission has been asked to provide a formal written explanation of the status of intra-fund advice amid heated questioning by ...

Financial planning

Former financial adviser jailed for six years

Former financial adviser and director of CFS Private Wealth, Graeme Miller, was sentenced to six years’ imprisonment for dishonest conduct. ...

Financial planning

Melbourne advisers need regulatory flexibility around opt-in, now

Faced with at least six weeks of Level 4 lockdown, financial advisers in Melbourne need regulatory relief around opt-in and other key client interactions....

Policy & Regulation

ASIC facing more Parliamentary Committee scrutiny

The chair of a key Parliamentary Committee has raised the Australian Securities and Investments Commission’s errors within its controversial SMSF factsheet among errors t...

Financial planning

How ASIC preferred consumer group views on tighter IDR time-frames

Consumer groups’ views proved far more effective in convincing the Australian Securities and Investments Commission to tighten internal dispute resolution timeframes to 3...

Financial planning

ASIC updates complaints guidance

The Australian Securities and Investments Commission has released final updated guidance on how financial firms should deal with consumer and small business complaints. ...

Policy & Regulation

ASIC flags class order relief on Govt class action changes

The law, as it stands, around financial services licensing and managed investment schemes was not designed or intended to handle class action litigation funding, accordin...