ASIC

Policy & Regulation

Regulator set up to monitor ASIC and APRA

The legislation to set up the Financial Regulator Assessment Authority has passed to assist the corporate watchdog’s new chair to ensure the Australian Securities and Inv...

Financial planning

ASIC breach guidance leaves room for subjectivity

The corporate watchdog’s guidance on the scope of civil penalty provisions and what may amount to trivial breaches does not provide sufficient objectivity to assist licen...

Funds management

ETF issuers can use overseas market makers

The corporate regulator has removed a barrier to entry for offshore market-making entities wanting to participate in the Australian exchange traded fund market....

Superannuation

Second performance review needed: ASFA

A second stage as part of the super test benchmark is needed to avoid relying on automation which could create issues similar to that of the Robodebt saga, according to t...

Policy & Regulation

Compensation scheme of last resort delayed again

The corporate regulator says implementation of the compensation scheme of last resort has been delayed due to budgetary reasons....

Policy & Regulation

ASIC probed on ‘why not litigate’ future

The corporate watchdog is looking at its enforcement settings as priorities have changed but being an active litigant when needed is still on the table. ...

Financial planning

Double authorisations skew adviser numbers

The decrease in adviser roles number this week was almost twice as many as the loss of actual advisers at 100 and 53, respectively, due to double authorisations, accordin...

Financial planning

AAT dismisses review of ASIC banning

Permanently banned former financial adviser, Robert Hutchison, failed to appear at an Administrative Appeals Tribunal directions hearing....

Financial planning

Advisers choosing fixed-term fees due to compliance complexity

While a fixed-term fee agreement is a valid alternative for advisers finding difficulty in the ongoing fee arrangement requirements, they need to ensure their fee chargin...

Financial planning

No relief for ongoing fee arrangements: ASIC

The corporate regulator has clarified in its guidance that it does not have any powers to give exemptions or modifications and has clarified fixed-term definitions....

Financial planning

FASEA contradicting ASIC on ‘career break’ pathway

Career break is unlikely to be a reason to give relief on professional standards, according to guidance from the corporate regulator, and an industry association has call...

Policy & Regulation

FFSPs relief extended until 2023

Foreign financial services providers will continue to have relief from holding an Australian financial service licence as the deadline has been extended to 31 March, 2023...

Features

InFocus: Will there be a silver lining to the industry’s adviser exodus?

Oksana Patron writes that revised adviser number forecasts are shining a new light on the adviser exodus and how it will affect different adviser roles....

Financial planning

‘Career break’ should be last resort for exam takers

To avoid any uncertainty over the Financial Adviser Standards and Ethics Authority exam scheduling next year, advisers should only take the ‘career break’ option as a las...

Policy & Regulation

ASIC casts doubt on fault-based framework

The Australian Securities and Investments Commission has told Parliament it would “likely be difficult” for it to move to a faults-based framework as proposed in the late...