ASIC

Financial planning

ASIC’s January activity hints at increased enforcement action

ASIC kicked off the year with its first licence cancellation and a contempt of court application as it states it is seeking to send a “clear compliance and deterrence mes...

Financial planning

Use of AI in advice under ASIC scrutiny

ASIC chair Joseph Longo says the regulator is conducting a review into the use of artificial intelligence in financial advice as it explores how to prevent AI harm to con...

Financial planning

How much did Melissa Caddick’s enforcement action cost the advice sector?

The actions of Sydney fraudster Melissa Caddick have resulted in heavy costs for the financial advice subsector, as the FAAA calls for costs of enforcement against unlice...

Financial planning

What to expect in the 2024 adviser exams

The regulator has provided example questions of what the next batch of candidates sitting on 26 March can expect to see, following regulatory changes to its structure. ...

Funds management

Sustainable funds in ANZ region buck first global outflows

Sustainable funds in Australia and New Zealand saw US$567 million in inflows in the last quarter, according to Morningstar, but political concerns in the US meant global ...

Financial planning

Former Melbourne director faces prison for allegedly breaching 10-year ban

A former Melbourne wealth director could face imprisonment after allegedly running five companies despite being ordered by the Federal Court to not carry on a financial s...

Financial planning

ASIC to implement adviser exam changes

The corporate regulator has confirmed it will incorporate legislative amendments to the financial adviser exam, with March’s exam set to reflect the changes....

Financial planning

Sydney advice firm sees ASIC’s first 2024 licence cancellation

ASIC has cancelled the AFSL of a Sydney-based financial advice firm, its first licence cancellation of the new year. ...

Financial planning

IDR reporting shines spotlight on advisers’ complaint management

It may be licensees’ responsibility to report internal dispute resolution regime data to ASIC next month, but they are reminding their advisers of the importance of keepi...

Financial planning

ME Bank penalised $820k by Federal Court

ME Bank has been ordered to pay $820,000 by the Federal Court for pleading guilty to criminal charges of making false and misleading representations, and failing to provi...

Financial planning

Qld company penalised for false AUM representation

A Queensland company falsely representing that it managed $6.9 billion for investors and was affiliated with the Financial Services Council has been penalised for false a...

Financial planning

ASIC warns of civil penalties if advisers fail to register

ASIC commissioner, Alan Kirkland, has told Money Management that licensees and financial advisers could be in breach of the law and face civil penalties if they fail to m...

Financial planning

ASIC agrees to extend adviser registration date

Following statistics that thousands of financial advisers are yet to complete their financial adviser registration, ASIC has agreed to extend the deadline. ...

Financial planning

Five ways the advice exam could change in the future

Money Management collates the recommendations of major associations and how they would like the financial advice exam to change in the future following consultation....

Policy & Regulation

Government seeks to implement mandatory AI guardrails

With several financial services firms looking to implement AI into their business, the federal government is examining introducing mandatory guardrails to ensure it can b...