regulation

Financial planning

Sydney wealth firm sees licence suspended by ASIC

The Australian Securities and Investments Commission (ASIC) has suspended the licence of Sydney-based Australasia Wealth Services Management (ASWM) for failing to meet re...

Policy & Regulation

ANZ battles past divestments with solid half

ANZ has battled its way to a $3.17 billion first half profit faced by home loan market headwinds and the continuing impact of customer remediation....

Superannuation

More change ahead for superannuation governance

A regulatory review of the 2013 prudential framework for the super industry has found that while its objectives were largely met, more change may be needed to keep it up-...

Policy & Regulation

Receiver appointed to former OTC derivates issuer

The Australian Securities and Investments Commission will appoint a receiver to former OTC derivatives issuer Berndale Capital Securities, following a successful applicat...

Financial planning

Are financial planners facing double jeopardy?

The Financial Planning Association has warned the Australian Financial Complaints Authority of the risk of planners facing double jeopardy if it reopens matters already d...

Policy & Regulation

Perth accountant slapped with six-year ban

ASIC has banned a Perth-based accountant from providing any financial services for six years, after finding that he both contravened and was likely to again contravene a ...

Financial planning

Citigroup to refund $3 million for general v personal advice blurring

A major bank will refund over $3 million to more than 100 retail customers, after an investigation into whether customers believed they were receiving personal rather tha...

Superannuation

ASIC striking “significant blow” to Choice members

ASIC is putting the public’s retirement savings at risk and “kicking the can down the road” in deferring disclosure requirements on Choice products, a major industry body...

Financial planning

ASIC wraps up CBA compensation compliance checks

ASIC has released the final report on the Commonwealth Bank’s compliance with additional licence conditions that were imposed regarding advice compensation, written by Ko...

Policy & Regulation

Senate Committee recommends increasing consumers’ rights

Consumers can expect improved justice and recourse should they be victims of wrongdoing by the financial services industry as the result of a Senate Committee report hand...

People & Products

IOOF hires regulation and remediation expert

IOOF has made a key appointment to its advice governance team, just one day after its chief executive, Chris Kelaher, stepped aside as the company faces intense regulator...

Policy & Regulation

ASIC gets product intervention power

In a last legislative act by the current Parliament, the Australian Securities and Investments Commission has been handed its product intervention powers....

Policy & Regulation

Franking credits inquiry ends as it began – in disagreement

The Parliamentary Committee inquiry into the removal of franking credits has ended as it began – in disagreement between the major parties....

Policy & Regulation

FPA urges ASIC to act on fee comparability

The Financial Planning Association has urged the Australian Securities and Investments Commission to act to ensure financial product manufacturers more consistently revea...

Superannuation

ASIC proposals could worsen transparency problem

Changes to superannuation fee disclosure proposed by ASIC to improve transparency won’t solve the problem and could just increase confusion for consumers....