compliance

Policy & Regulation

ATO labels ISA claims ‘over-stated’ and unreliable

The Australian Taxation Office has challenged the reliability of Industry Super Australia research on SG underpayments telling a Parliamentary committee the problem has b...

Policy & Regulation

Another Govt crackdown on the black economy

The Government has signalled another crackdown on the black economy via a Black Economy Taskforce....

Policy & Regulation

Vertical integration conflicts with client best interest

ASIC deputy chairman, Peter Kell says the big question confronting banks is whether client best interests can be met within a vertically-integrated model....

Policy & Regulation

Fintechs were already in the AFSL fast-line

ASIC chairman, Greg Medcraft confirms fintech companies who used the regulator’s Innovation Hub were already in the licensing fast-lane....

Accounting

ATO should compensate accountants

The ATO should compensate accountants for their lost time and productivity due to the continuing technology issues with the ATO portal, according to the Institute of Publ...

Policy & Regulation

FOS urges extension of unfair contract legislation to life

The Financial Ombudsman Service has urged the extension of the national unfair contract terms to the life insurance industry....

News

Seven-year ban for former Synchron adviser

ASIC surveillance results in seven-year ban for former Synchron Business Services adviser....

Financial planning

Financial planning firm agrees to external compliance review

Brisbane financial planning firm, Carwardine Financial Services, has agreed to undergo an independent external review of its compliance following ASIC surveillance....

Policy & Regulation

Legislative changes impact licensee use of client monies

The Government has introduced legislation which will restrict the use of client monies by licensees....

Life/Risk

Life insurers told to do more and spend more on legacy products

The major life insurers have been told to do more and spend more on addressing legacy product issues rather than waiting on Government legislation....

Financial planning

O’Dwyer wants rid of four-day adviser ‘cowboys’

The Minister for Revenue and Financial Sevices, Kelly O'Dwyer has confirmed people can call themselves as advisers with as little as four days' training and she thinks hi...

Policy & Regulation

Medcraft points to fintech bypassing intermediaries

Australian Securities and Investments Commission chairman, Greg Medcraft, has pointed to fintech developments allowing consumers to bypass intermediaries such as advisers...

Financial planning

Decimal to review digital advice compliance

Decimal has appointed Promontory Australasia to review its digital advice compliance....

Financial planning

Former planner jailed for seven years

A former Queensland financial planner has been jailed for seven years on charges including forgery and fraud....

Policy & Regulation

APRA cites group life/risk as ‘boiled frog’

The Australian Prudential Regulation Authority has cited the group life/risk sector as an example of what can go wrong when institutions ignore risk when pursuing yield....