australian securities and investments commission

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Funds management

ASIC takes action against Marco’s managed investment scheme

The Australian Securities and Investments Commission has taken further steps to wind up Chris Marco’s alleged unregistered managed investment scheme....

Policy & Regulation

ASIC bans cold call life sales

Unsolicited cold call sales of direct life insurance and consumer credit insurance are to be banned by the Australian Securities and Investments Commission....

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....

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...

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...

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...

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...

Financial planning

How much trust in AMP took a hit

AMP Limited has acknowledged the major hit taken to its public reputation but holds hopes that it can restore trust in around three years....

Financial planning

ASIC denies knowledge of intra-fund extension

It will be up to the Government to determine whether superannuation funds will be able to use member cross-subsidies to fund intra-fund advice, according to the Australia...

Financial planning

ASIC answer confirms Hayne got it wrong on intra-fund advice

Questioning by a Liberal Senator has seen the Australian Securities and Investments Commission confirm that Royal Commissioner, Kenneth Hayne, got it wrong on intra-fund ...

Financial planning

FASEA board accused of shunning industry

Questions are being asked about why the board of the Financial Adviser Standards and Ethics Authority has avoided direct engagement with key industry groups for more than...

Policy & Regulation

APRA, ASIC to share data

In a bid to lift regulatory burden on super funds the two regulators are looking to share data for areas of common interest....