ASIC

Funds management

Former investment manager sentenced for forged performance reports

A former investment manager has been sentenced in Sydney for forging performance reports related to managed discretionary account investments....

Financial planning

ASIC taking ‘significant action’ against super switching promotions

ASIC commissioner Alan Kirkland has described the problem of telemarketers encouraging people to switch their super as “the worst behaviour”, and one where the regulator ...

Financial planning

‘Never had one’: ASIC’s Longo on Qantas flight upgrades

ASIC leadership has waded into the political debate about Qantas flight upgrades, confirming its executives hold membership of the Chairman’s Lounge but denying it affect...

Financial planning

Federal Court gives verdict on Dixon Advisory director Ryan

The Federal Court has given a verdict on ASIC’s case against Dixon Advisory director Paul Ryan which had alleged he breached his director duties....

Financial planning

Small AFSLs on the rise but breach reporting low

ASIC data shows the number of smaller AFSLs with less than $50 million in revenue has increased by 25 per cent in the past year, but the regulator believes they are still...

Financial planning

ASIC’s ‘whack-a-mole’ problem with unlicensed advisers

ASIC’s Sarah Court has confirmed the regulator is carrying out systematic work on providers of unlicensed advice but admits it is a case of “whack-a-mole” when it comes t...

Financial planning

ASIC details financial advice breach reports in FY24

ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs....

Financial planning

How are licensees using AI?

ASIC has conducted a report into how AFSLs are starting to use artificial intelligence in their practices and possible areas where they could come unstuck from a governan...

Financial planning

Macquarie and Equity Trustees caught up in Shield investigation

ASIC has said it is exploring whether there are concerns regarding Macquarie and Equity Trustees for hosting platforms where investors rolled over their superannuation in...

Financial planning

ASIC urges cyber security to be ‘top of mind’

ASIC chair Joe Longo has told AFSLs that putting in place cyber protections should be “top of mind” as they manage their businesses, and flagged the weaknesses demonstrat...

Financial planning

FAAA embraces ASIC’s ‘workable’ FSG solution

ASIC’s relief measures enabling advisers to rely on website disclosure information instead of providing a Financial Services Guide has been welcomed by the industry assoc...

Financial planning

Qld advice firm sees AFSL cancellation

ASIC has cancelled the AFSL of a Queensland-based advice firm and is aware it had recommended investments that included the now-liquidated Global Capital Property Fund an...

Financial planning

ASIC cancels AFSL of timeshare company

The regulator has cancelled the AFSL and credit licence of liquidated Ultiqa Lifestyle Promotions following a $19,000 unpaid AFCA determination that was paid by the CSLR....