ASIC

Financial planning

Advice by super funds 'generally appropriate'

The quality of advice provided by retail funds and industry funds have been found to be similar, according to the Australian Securities and Investments Commission....

Superannuation

Super fee disclosure guide will bamboozle consumers: ISA

The Australian Securities and Investment Commission’s attempt to improve RG 97 will fail to provide a single measure that incorporates the effect of fees and costs, accor...

Financial planning

AFCA will use FASEA code

The Australian Financial Complaints Authority has said it will take the Financial Adviser Standards and Ethics Authority code of ethics into account in making its determi...

Financial planning

ASIC bans two advisers

South Australian adviser Wendy Chapman has been banned for five years, while Queensland adviser Nina Williams has received a one-year ban....

Policy & Regulation

ASIC announces key changes to RG 97

Intra-fund advice fees will be rolled up into administration fees and costs and the Australian Securities and Investments Commission has foreshadowed moving on fees and c...

Funds management

Aussie market abundant with ETF offerings

While the amount of exchange traded fund offerings has exceeded 200 there are still gaps for more offerings, according to ETF Securities....

Financial planning

Licensees face potential court action of FDS failures

The Australian Securities and Investments Commission has foreshadowed court action in the wake of a review of fee disclosure statements and renewal notices which uncovere...

Financial planning

CommInsure sentenced and fined $700k for hawking

Colonial Mutual Life Assurance Society, trading as CommInsure, has been convicted of 87 counts of life insurance hawking after pleading guilty last week....

Financial planning

Did ASIC cover for FASEA code shortcomings?

Industry submissions to the Financial Adviser Standards and Ethics Authority were calling for a 12-month adviser code exemption just a week before the Australian Securiti...

Policy & Regulation

Ex-Westpac, Commonwealth FP adviser banned

Peter Jianchao Xu has been banned by the Australian Securities and Investments Commission for failing to comply with best interests duty....

Financial planning

Federal Court finds Dover Financial Advisers made false statements

The Federal Court of Australia has found that Dover Financial Advisers made false and misleading statements in client protection policy between September, 2015 and March,...

Financial planning

FASEA on notice over ASIC submissions

The Financial Adviser Standards and Ethics Authority is now on formal notice to answer Senate Estimates questions about the content of Australian Securities and Investmen...

Policy & Regulation

AFA, FPA welcome ASIC hands-off code monitoring approach

The Association of Financial Advisers believes the approach adopted by ASIC will give the Financial Adviser Standards and Ethics Authority an opportunity to engage in gen...

Funds management

Regal Funds Management under investigation

The fund is being investigated by the Australian Securities and Investments Commission for an undisclosed issue, according to its responsible entity, Equity Trustees....

Policy & Regulation

ASIC not to monitor or enforce adviser code of ethics

Under the Corporations Act, the Australian Securities and Investments Commission does not have a role as a code monitoring body and is prevented from exercising its power...