regulation

Policy & Regulation

Are Aussie banks susceptible to fake news?

Australian banks may be particularly susceptible to fake news because of the negative perceptions already existing amongst consumers....

Financial planning

10% of advice of significant concern to ASIC

Ten per cent of advice files from the major banks and AMP sampled by the Australian Securities and Investments Commission proved to be of significant concern....

Policy & Regulation

Funds hiding true fee costs in PDSs

While funds are complying with the Australian Securities and Investments Commission’s requirements for fee disclosure in product disclosure statements, they are providing...

Policy & Regulation

Firms need to prepare evidence early for Royal Commission

Financial services firms need to prepare evidence early and consider their policies and procedures ahead of the Royal Commission into misconduct in the banking, superannu...

Financial planning

Financial planner banned for five years

Kimberley Holgate has been banned from providing financial services for five years by the Australian Securities and Investments Commission, following a finding by the reg...

Policy & Regulation

Suncorp and Allianz in multi-million dollar refunds

Suncorp and Allianz have been obliged to make refunds to customers worth millions of dollars after being found to have offered so-called ‘add-on’ insurance of little or n...

Policy & Regulation

Royal Commission targets a decade of suspicions

Superannuation funds and other financial services organisations will have to account for the decade starting 1 January, 2008, as they seek to address pointed questioning ...

Policy & Regulation

Adviser permanently banned by ASIC

An adviser who directed client fees to his own account has been permanently banned by the Australian Securities and Investments Commission....

Superannuation

APRA’s closer scrutiny on how funds spend members’ money

The Australian Prudential Regulation Authority has told superannuation funds they need to more clearly explain where and why they are spending members’ money, particularl...

Policy & Regulation

CBA responds to breach of money laundering laws

The Commonwealth Bank of Australia has admitted to a major breach of Australian money laundering regulations in the wake of AUSTRAC’s investigation....

Life/Risk

ASIC convinces parliamentarians on life/risk advice

The Australian Securities and Investments Commission appears to have been successful in persuading a key Parliamentary Committee of its view on life/risk advice and lapse...

Policy & Regulation

ASIC sends message on advice and MDAs

The Australian Securities and Investments Commission has sent a clear message to Managed Discretionary Account operators that it sees personal advice as a key protection ...

Policy & Regulation

Morrison to Bowen on RC – thanks, but no thanks

The Federal Government has signalled it will not be taking a bipartisan approach to setting the terms of reference for the Royal Commission into the Banking and Financial...

Financial planning

Enforceable undertaking for Foster Stockbroking

The Australian Securities and Investments Commission has accepted an enforceable undertaking from Foster Stockbroking Pty Limited....

Policy & Regulation

How planners will sit in judgement on planners

ASIC has revealed how the planners sitting on it’s the Financial Services and Credit Panel will sit in judgement on their peers and help determine banning orders....