ASIC

Policy & Regulation

ASIC bans director for failure to pay AFCA determinations

ASIC has banned a Sydney director for three years after he tried to approach determinations by the Australian Financial Complaints Authority, including for inappropriate ...

Funds management

Mayfair 101 appeal against $30m penalty dismissed

The Full Federal Court has dismissed an appeal by Mayfair 101 Group to overturn the findings of misleading or deceptive advertising and a $30 million penalty....

Policy & Regulation

ASIC invokes interim stop order after TMD concerns

The corporate regulator has made an interim stop order on a fund investing in shopping centres because of a non-compliant target market determination....

Policy & Regulation

Colonial and CBA conflicted remuneration case dismissed

Regulatory action against Colonial First State and Commonwealth Bank alleging breaches of conflicted remuneration laws have been dismissed by the Federal Court....

Financial planning

Millions awaiting remediation as ASIC calls for improved systems

There has been a “trifecta of failures” in the remediation of consumers, according to the corporate regulator, with around $1.6 billion still to be paid to 2.7 million co...

Financial planning

AMP fined $14.5m for fees for no service

AMP Limited has been fined $14.5 million by the Federal Court for charging fees for no service to 1,452 superannuation members with the judge criticising the firm’s failu...

Financial planning

Former Perth adviser pleads guilty to dishonest conduct

A former financial adviser has pleaded guilty to providing a financial service on behalf of a person who carries on a financial services business while unauthorised to do...

Financial planning

ESG cannot be ignored by advisers

Advisers have a vital role to play in helping investors to understand environmental, social and governance, according to Zenith, with performance likely to be scrutinised...

Policy & Regulation

Dixon Advisory fined $7.2m for breaches

Dixon Advisory and Superannuation Services has been penalised $7.2 million by the Federal Court....

People & Products

Mayfair 101 director ban overturned

The 20-year ban on Mayfair 101 director, James Mawhinney, from advertising investments or raising funds has been overturned by the Federal Court....

Funds management

ASIC invokes interim stop orders on two funds

ASIC has made interim stop orders on two property funds after failings with their target market determination statements....

Funds management

ESG investors fearful of greenwashing risk

Greenwashing is a resounding theme for environmental, social and governance (ESG) investors, specifically the regulatory action directed at fund classifications, a Barcla...

Policy & Regulation

ASIC flags concerning marketing in 18 funds

Some 18 funds with $1.4 billion in assets under management have voluntarily amended their marketing materials after a surveillance operation by the regulator....

Policy & Regulation

ASIC extends binary options ban

The Australian Securities & Investments Commission (ASIC) has extended its ban on brokers offering binary options to retail traders until October 2031....