ASIC

Financial planning

ASIC bans Adelaide adviser for six years

Adrian Cassidy has been banned for acting dishonestly by concealing from his licensee recommendations he gave clients to invest in a failed start-up....

Financial planning

ASIC permanently bans NSW adviser

The Australian Securities and Investments Commission has permanently banned Nicholas Ellis who was previously banned for six years for dishonest conduct....

Policy & Regulation

Government outlines extension of BEAR to super funds

Superannuation fund executives and trustees will find themselves the subject to the equivalent of the Bank Executive Accountability Regime under proposals outlined by the...

Financial planning

Choice of fund will only work with good advice

A major accounting body has warned the Federal Government that its policy to change default superannuation and inject full choice of fund may be undermined by its other p...

Superannuation

Call to place employers under legal obligation on default super

A leading plaintiff law firm has called for employers to be placed under a legal obligation to select the right default superannuation fund for their employees at the sam...

Superannuation

ASIC confirms sub-$200K SMSFs generate negative returns

The average self-managed superannuation fund with a balance less than $200,000 generated negative returns over three successive financial years, according to the Australi...

Financial planning

Limited licensing has failed claims SMSF Association

The SMSF Association wants the Government to dump its limited licensing regime for accountants on the basis of it having failed to meet its objectives and having, instead...

Policy & Regulation

Govt pressured to exclude SMSFs from DDO regime

Self-Managed Superannuation Funds should be exempted from the Government’s new design and distribution regime because they are not like other financial products, accordin...

Financial planning

ASIC bans NSW adviser for four years

Former AMP and NAB authorised representative David O’Brien has been banned for failing to make sufficient inquiries into his client’s circumstances....

Financial planning

Legacy complaints building towards 1,000

There has been no shortage of consumers and small businesses looking to file legacy complaints with the Australian Financial Complaints Authority, with data suggesting le...

Financial planning

ASIC extends Halifax AFSL suspension

The Australian Securities and Investments Commission has further suspended Halifax Investments Services’ Australian Financial Services Licence....

Funds management

ASIC on notice for inaccurate statements

Union Standard International Group may proceed against the corporate watchdog for damages arising from inaccurate statements and a failure to mention key matters regardin...

SMSF

SMSF adviser banned for best interests failure

Wayne Blazejczyk recommended clients with low super balances to set up a SMSF and use an admin service he was the owner of and to invest in a fund that he was the investm...

Financial planning

Asset restraint orders against OTC providers

The Federal Court has imposed asset restraint orders against over the counter derivative providers EuropeFX an TradeFred while an investigation by the corporate watchdog ...

Financial planning

ASIC provides advisers a best interests break on DDO

The Australian Securities and Investments Commission will regard personal advice entailing client best interests as obviating many of the adviser strictures of the new de...