ASIC

Financial planning

Govt delays financial adviser registrations

The Government has delayed financial adviser registration from January until 1 July, 2023 with registration to open in Q2 2023....

Policy & Regulation

Terms of reference announced for ASIC inquiry

The Senate Economics References committee has published the terms of reference for its inquiry into ASIC enforcement and welcomed submissions....

People & Products

ASIC bans ‘disinterested and disengaged’ responsible manager

The former responsible manager of over the counter derivatives provider, Sirius Financial Markets, has been banned by ASIC for eight years....

Financial planning

Reporting of other licensees excluded from breach data

Questions have been raised why reporting by other licensees was excluded from the regulator’s first breach publication and whether it is taking place....

Financial planning

Why is there so much ‘human error’ in breaches?

There is over-reliance by licensees on ‘human error’ with over 5,000 reports stating that as a cause of a breach when the fault may lie in their systems and processes, ac...

Policy & Regulation

ASIC reveals breach reporting data

There were almost 900 breach reports made to ASIC regarding financial advice activities in the first nine months of its reportable situations regime. ...

Financial planning

ASIC appeals CBA/Colonial conflicted remuneration ruling

ASIC has lodged an appeal against the Federal Court’s ruling in favour of Commonwealth Bank and Colonial First State. ...

Funds management

ANZ hit with $25m penalty

Big Four bank ANZ has been penalised $25 million for failing to provide certain benefits it had agreed to give to customers and over $211 million will be remediated to af...

Funds management

ANZ hit with $25m penalty

Big Four bank ANZ has been penalised $25 million for failing to provide certain benefits it had agreed to give to customers and over $211 million will be remediated to af...

Funds management

CommSec and AUSIEX receive combined $27.1m penalty

The largest-ever penalty for breaches of Market Integrity Rules has been handed down by the Federal Court to Commonwealth Securities and Australian Investment Exchange. ...

Funds management

ASIC makes interim order against property loans fund

ASIC has made an interim stop order preventing offering or distribution of Westlawn Income fund because of a non-compliant target market determination....

Financial planning

Advisers confused by ASIC breach reporting letters

A rule change regarding breach reporting has left advisers confused why they are receiving warning letters....

Funds management

Interim stop orders made against three crypto funds

ASIC has made interim stop orders against three crypto funds from Holon Investments Australia....

Financial planning

Criminal penalties pass $2m for ASIC

The corporate regulator saw over $2 million in criminal penalties in 2021/22, up from $151,000 in the previous year....

Financial planning

ASIC chases almost 500 licensees on their FAR updates

Almost 500 AFS licensees received communication from ASIC earlier this year because they had failed to update their ceased advisers on the Financial Advisers Register (FA...