ASIC

Financial planning

ASIC has acted against eight SMSF auditors for breaches of their obligations, bringing the total for the past year to 26....

Policy & Regulation

Labor defends ASIC’s independence against Senate inquiry

The Labor government has hit back at the Senate Economics Reference Committee’s request for evidence from ASIC as it is an independent regulator and suggested it provide ...

Financial planning

ASIC inquiry delayed after regulator defies evidence orders

ASIC has been accused of treating parliament with contempt after failing to follow Senate orders to submit evidence to the Senate Economics Reference Committee....

Financial planning

Which firms got a rap on the knuckles in 1H23?

From greenwashing allegations and interim stop orders to fines and penalties, Money Management has rounded up all the disciplinary actions faced by firms in the first ha...

Financial planning

Personal advice fears hinder super funds’ data collection

Super funds are demonstrating gaps in their member data, according to a joint APRA/ASIC review, as they are concerned collecting too much information could put them at ri...

Superannuation

ASIC and APRA’s findings of RIC’s first year

A joint ASIC/APRA thematic review has found trustees need to make more progress on enhancing retirement outcomes for members under the Retirement Income Covenant. ...

Funds management

ASIC alerts investors on Cambridge Asset Management

Noting suspicious ‘investment opportunities’ offered by the Hong Kong-based asset manager, the corporate regulator has raised concerns for local consumers invested in the...

Funds management

Openmarkets shells out $4.5m for record MDP penalty

The online trading platform has paid the largest ever penalty imposed by the Markets Disciplinary Panel for breaching market integrity rules and has entered into an enfor...

Policy & Regulation

ASIC calls on banks to improve migration into low-fee accounts

ASIC has called on banks to assist customers to move into low-fee accounts after it found consumers, including First Nations people, are being charged up to $3,000 in ove...

Financial planning

Former RC case study receives penalty for unconscionable conduct

The Federal Court has imposed a combined $13.5 million penalty on Select AFSL, BlueInc Services, and Insurance Marketing Services for engaging in unconscionable conduct....

Policy & Regulation

ASIC bans Sydney director over unlisted share offers

ASIC has permanently banned a Sydney-based director and cancelled the AFSL of his company after concerns about him making offers of investment in unlisted shares....

Policy & Regulation

ASIC and ACCC to lead investment scam taskforce

The National Anti-Scam Centre’s new investment scam fusion cell, led by Australia’s corporate and competition regulators, will be initially set up for six months. ...

Policy & Regulation

IAL receives largest-ever insurance penalty for consumer protection breaches

Insurance Australia Ltd has been penalised $40 million by the Federal Court in the largest-ever penalty imposed against an insurer for breaches of consumer protection law...