ASIC maintains planner surveillances
The Australian Securities and Investments Commission (ASIC) has confirmed it is continuing to pursue investigations and surveillances around the Wealth Management Project it began in late 2014.
The regulator has used its latest enforcement outcomes report to confirm its continued focus, declaring that it is conducting a significant number of investigations and risk-based surveillances targeting a range of misconduct , including charging clients for financial advice when no advice has been provided.
The ASIC report said it was also monitoring compliance with the Future of Financial Advice (FoFA) laws.
"To date, the project's work has resulted in the banning of 12 advisers, one infringement notice, additional conditions for one AFS licensee, and the acceptance of EUs from two advisers," it said. "The project will continue its investigations and surveillance in pursuing a range of regulatory outcomes."
The report also made clear that land banking schemes had become a regulatory target, with ASIC progressing court proceedings to wind up the schemes, their developers and their promoters.
"We have commenced two proceedings against a number of individuals and companies relating to seven land banking schemes. Approximately 1,000 people have invested in the schemes," it said.
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.
