ASIC

Financial planning

ASIC wants tougher breach reporting obligations

ASIC has proposed imposing tougher breach reporting obligations on banks and financial services firms for significant breaches and misconduct in a consultation paper....

Financial planning

Adviser background checks still an issue: ASIC

While the financial advice industry was largely on the path to professionalism and efficiency, background checks when hiring new advisers need to be more robust, ASIC sai...

Policy & Regulation

From Montego Bay to Salzburg, Medcraft is on the job

Australian Securities and Investments Commission chairman, Greg Medcraft has outlined a busy global travel schedule as he winds up his time at the head of the regulator....

Financial planning

Emerging market issuers face cultural and language barriers

Language and cultural barriers were the key risks for emerging market issuers, according to ASIC....

Policy & Regulation

ASIC wants powers beyond its FOFA mandate

The Australian Securities and Investments Commission has urged a Senate Committee to give it powers to deal with licensees and planners beyond those contained in the FOFA...

Policy & Regulation

Fintech licence exemption no huge difference

ASIC’s licence exemption for fintechs to test products without a licence would not make a ‘material difference’ to everybody across the industry....

Financial planning

AAT upholds ASIC adviser banning

The AAT has reinforced ASIC’s banning of former Morgans Financial Limited client adviser, Ryan Batros from providing financial services for five years....

Financial planning

AFA concerned about ASIC funding model

The AFA has voiced concerns ASIC’s industry funding model would pass costs aimed to remediate poor advisers on to all advisers....

Financial planning

ASIC funding model targets innocent advisers

The ASIC industry funding model bill failed to differentiate between miscreants and those advisers who did the right thing and provided no discounts for the latter....

Life/Risk

No need for independent claims body

An additional layer of assistance to help consumers make a claim would add more confusion and would be seen as a way to discourage consumers from making a claim, a panel ...

Life/Risk

Meeting legal obligations not enough

ASIC would review issues in the life insurance industry with a culture lens, ASIC told an FSC conference panel....

Financial planning

ASIC establishes Financial Advisers Consultative Committee

The Australian Securities and Investments Commission has looked to deepen its consultative relationship with financial advisers....

Funds management

ASIC releases risk management guidance for RE

ASIC has released guidance on risk management systems of responsible entities aimed at reduction of the potential losses for investors....

Financial planning

Two AFSLs cancelled and one suspended

The corporate watchdog has cancelled the AFSLs of Capstone Capital and Rebate Financial Services....

Editorial

185 bad apples sour planning strudel

The recent Australian Securities and Investments Commission report on how large financial institutions oversee their advisers has served as a sobering reminder of the cha...