compliance

Financial planning

Commbank backs ASIC’s CFPL adviser bannings

The Commonwealth Bank has backed the banning of two of its former CFPL advisers and claims credit for identifying the problems and cooperating in the outcome....

Policy & Regulation

ASIC counts scalps from Wealth Management Project

ASIC has pointed to six bannings from its “Wealth Management Project” focused on the largest wealth management firms, including the major banks....

Financial planning

ASIC bans another CFPL planner

ASIC has announced the banning of another Commonwealth Financial Planning authorised representative, this time for eight years....

Funds management

Family office investors will go offshore

Parliamentary committee warned that Australian family offices will look to invest offshore in the face of threats to their tax confidentiality....

Superannuation

Are unions blocking fund mergers for financial gain?

The Financial Services Council has claimed that some unions are blocking superannuation fund mergers to protect the revenue they derive from seats on industry fund boards...

Financial planning

Licence conditions imposed on TFS

ASIC imposes additional licence conditions on Countplus subsidiary, Total Financial Solutions, after surveillance reveals concerns over conduct of AR....

Financial planning

ASIC starts investigation into Money Market Accounts

In more fall-out from its investigation into the Sherwin Group of companies, ASIC has started an investigation into the operation of Money Market Accounts held by Sherwin...

Funds management

CBA unveils new portal for SMSF trustees

CBA have launched a new online portal which allows SMSF trustees to manage their compliance and reporting duties as well as a complete view of assets and liabilities with...

Editorial

When regulatory change goes too far

ASIC chairman, Greg Medcraft, will leave a legacy of significant change, but product intervention powers and a user-pays regime might ultimately prove problematic....

Superannuation

ASIC changes so complex you need a whiteboard

Proposed ASIC class order changes to fees and costs disclosure are so opaque one industry group has called for whiteboards and an industry roundtable to dissect them....

Policy & Regulation

ASIC wants penalties that fit crime

The Australian Securities and Investments Commission chairman, Greg Medcraft, wants access to a penalty regime which can be scaled to fit the magnitude of crimes....

Policy & Regulation

Leave stockbrokers out of ASIC cost recovery

The stockbroking industry should not be targeted in ASIC’s cost recovery program as most complaints are against financial planners. ...

Financial planning

FSC calls for legal consistency for women’s wealth

The Financial Services Council has pointed to the number of employers who want to do the right thing with regard to women's retirement incomes equity but are stymied by i...