ASIC

Policy & Regulation

Hume and remaining ASIC commissioners were in the dark on Shipton

The four Australian Securities and Investments Commission commissioners were left in the dark on the expenses issues surrounding the regulator’s chairman, James Shipton, ...

Financial planning

No question. ASIC thinks advisers view it positively

The Australian Securities and Investments Commission has confirmed it has never specifically surveyed advisers but believes they regard its consultations positively....

Financial planning

ASIC explains no action position on super advice

Superannuation funds identified as having delivered advice which might be detrimental to their members were asked to do no more than put it right and confirm they had don...

Policy & Regulation

ASIC warning – get DDO right from day one

A tick-a-box approach to the new design and distribution obligations will not do and financial services will need to get the new regime right from day one, according to t...

SMSF

Unlicensed SMSF business ordered to windup

The Federal Court has ordered Secure Investments and Aqulia Group to wind up after it found Secure Investments and its director Mudasir Naseeruddin had breached the Corpo...

Policy & Regulation

Fraudulent investment business owner charged and arrested

Matthew Beresford has been charged and arrested, and the funds and websites of Maxwell Financial Services and Asset Capital Holdings have been frozen....

Policy & Regulation

ASIC’s Daniel Crennan resigns amid expenses issues

The corporate watchdog’s deputy chair has tendered his resignation to Treasurer Josh Frydenberg with immediate effect....

Policy & Regulation

ANAO, not ASIC, told Frydenberg about Shipton's expenses

The tax expenses issue which has seen Australian Securities and Investments Commission chairman, James Shipton, stand aside was notified to the Government by the Australi...

Policy & Regulation

ASIC chair to step aside pending expenses investigation

James Shipton has agreed to step aside due to an investigation into exceeding relocation expense limits for himself and deputy chair Daniel Crennan....

Financial planning

ASIC confirms focus on advice which is 'limited and affordable'

The Australian Securities and Investments Commission has confirmed it is trying to identify the real cost of providing financial advice at the same time as focusing on ho...

Policy & Regulation

ASIC tightens CFD rules

The Australian Securities and Investments Commission has initiated a product intervention order tightening the rules and the leverage around retail contracts for differen...

Funds management

Managers’ fears for speculative retail investors

Managers have highlighted the extreme and speculative trading activity by retail investors and revealed their fears about how they view the market....

Policy & Regulation

Societe Generale fined $30k

It has been sentenced to pay a total of $30,000 after pleading guilty to four separate counts of breaching client obligations....

Financial planning

Six Park reveals degree of push behind expansion of scaled advice

The Government is talking about it, the regulator is talking about it and now digital advice player Six Park has released a white paper emphasising the need for an expand...

Financial planning

FPA points to unreasonable cost of advice changes

With the average cost of a statement of advice having risen to around $2,700 the Financial Planning Association says it’s time to peel back the layers of regulation imped...