ASIC

Policy & Regulation

Would ASIC’s DDO, product intervention powers have stopped Sterling collapse?

The corporate regulator’s product intervention powers would not have provided a faster solution but its design and distribution obligations could have led to a stop order...

Outsider

The final test

After 15 sittings across three years in locations all across the country, Outsider wishes the best for those advisers that have sat the last-ever FASEA exam this month....

Policy & Regulation

ASIC cancels FAMI’s AFSL

Due to being in liquidation, the Australian financial services licence for Future Asset Management International has been cancelled by the corporate regulator....

Policy & Regulation

ASIC levy reduction cuts cost recovery by two-thirds

The corporate regulator estimates the reduction in its levy for financial advisers decreased its estimated cost recovery scheme by $45 million and noted any criticism of ...

Superannuation

Has increased inhousing overlooked director switching?

With increased regulatory change along with growth, superannuation funds have increasingly inhoused investment functions meaning there has been more immediate knowledge o...

Life/Risk

ASIC urged to review life insurers’ use of blanket exclusions

Life insurers which use blanket exclusions on the basis of mental health should be subject to a regulatory review as they could deter people from seeking treatment. ...

Financial planning

ASIC releases ROA guidance and examples

Clarity and certainty has been given around when records of advice can be used instead of a statement of advice....

Financial planning

ASIC bans adviser over high-risk switching

A Queensland-based financial adviser has been banned for encouraging clients to switch into a high-risk investment fund which was not in their best interests....

Financial planning

ASIC shuts down unlicensed financial services business

The Australian Securities and Investments Commission has obtained Federal Court orders against unlicensed investment scheme, A One Multi Services. ...

Policy & Regulation

Timeshare company sued for best interest failure

Ultiqa Lifestyle Promotions is being sued by the corporate regulator for providing financial advice that was not in customers best financial interest....

Financial planning

Financial adviser registration to occur in two stages

The registration of financial advisers under the Better Advice Act will occur in two stages with the second commencing once the register transitions to the Australian Tax...

Financial planning

Should ASIC have oversight on financial advice label?

A senator has asked whether the corporate regulator has any oversight to protect the financial advice industry in terms of media outlets mislabelling people as advisers g...

Funds management

Asset managers welcome ASIC crypto findings

The regulator’s announcement giving approval to the launch of crypto-asset products has been welcomed by asset managers....

Financial planning

ASIC waits on ACER contract for adviser exam

The corporate regulator is waiting to finalise its contract with the financial adviser exam facilitator before publishing information about exams to be held next year....

Superannuation

Super funds fail to identify conflicts of interest with director switching

The corporate regulator has found failure in superannuation fund identifying conflicts of interests with superannuation trustee directors and senior executives regarding ...