ASIC

Financial planning

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...

Financial planning

Did ASIC quietly raise the adviser levy?

The Australian Securities and Investments Commission has been accused of unilaterally and quietly raising the per adviser levy to $1,142....

Life/Risk

Insurers and claim-related parties may look to merge under one AFSL

Legislation surrounding the regulation of claims handling may have insurers and related parties look to fall under a single Australian Financial Services License to ease ...

Financial planning

Westpac hit with $9.15m penalty on best interests

The Federal Court has imposed penalties amounting to $9.15 million on Westpac because of its failure as a licensee with respect to poor financial advice provided by a for...

Financial planning

ASIC cancels AFS licence of KP International Group Australia

The Australian Securities and Investments commission has cancelled the Australian financial service licence of KP International Group Australia due to resignation of all ...

Financial planning

AMP FP loses MDA license rights

The Australian Securities and Investments Commission has announced that AMP Financial Planning has been required to stop providing managed discretionary account services....

Financial planning

ASIC wanted sanctions spelled out in adviser code

The Australian Securities and Investments Commission wanted the Financial Adviser Standards and Ethics Authority to clearly spell out the sanctions it would impose on adv...

Life/Risk

ASIC’s TAL case will test insurers’ rights

The Australian Securities and Investments Commission’s Federal Court case against major insurer, TAL, will test the circumstances and extent to which life insurers can ga...

Financial planning

ASIC moves against NAB on fee-for-no-service

The Australian Securities and Investments Commission has taken Federal Court action against National Australia Bank citing several thousand contraventions with respect to...

Financial planning

FASEA releases ASIC code submission

The Financial Adviser Standards and Ethics Authority has released the content of the Australian Securities and Investments Commission submission on the adviser code of et...

Life/Risk

ASIC takes TAL to court on RC charges

Major life insurer TAL has been taken to court by the Australian Securities and Investments Commission on charges relating to issues raised during the Royal Commission in...