ASIC

Financial planning

Industry funds cite ASIC, FASEA and Hume on intrafund advice

Industry superannuation funds believe they are on safe ground in providing both scaled advice and intrafund advice citing the authority of the Australian Securities and I...

Policy & Regulation

ASIC backs off on AUSTRAC action against CBA

The Australian Securities and Investments Commission has signalled it will not be pursuing the Commonwealth Bank over possible AUTRAC-related violations of the Corporatio...

Financial planning

ASIC grants relief for hardship withdrawals from frozen managed funds

People facing hardship as a result of the COVID-19 pandemic will be able to make withdrawals from frozen managed funds under new relief measures announced by the Australi...

Policy & Regulation

ASIC expands regulatory sandbox

Companies who access the Australian Securities and Investments Commission new and expanded regulatory sandbox will get two years to prove their case including licensed bu...

Financial planning

Six instos to pay $1.05bn in FFNS compensation

Six of Australia's largest banking and financial services institutions have offered a total of $1.05 billion in compensation, as at 30 June 2020, to customers who suffere...

Policy & Regulation

ASIC reveals a lack of liquidators to handle COVID-19 liquidations

Who will handle the rush of companies which go bust in the face of COVID-19 when registered liquidators are facing their own set of problems?...

Features

InFocus: Are politicians finally awake to their financial planning mess?

Mike Taylor writes that both Treasury and ASIC are conducting consultations which suggest that politicians of both stripes have finally woken up to the mess created in th...

Financial planning

ASIC commences proceedings against RI Advice

The corporate regulator alleged that the IOOF subsidiary failed to have adequate cyber security systems. ...

Policy & Regulation

Treasury instructs ASIC not to answer questions on litigation funding

Key correspondence between the Australian Securities and Investments Commission and Treasury over making class action litigation funding subject to an Australian Financia...

Financial planning

Westpac rolls over on ASIC charges against BTFM and Asgard

Westpac has said it will not be defending ASIC charges against BT Funds Management and Asgard over fee for no service and has apologised to those affected....

Financial planning

Are advisers facing an eighth layer of regulation and cost?

The Financial Planning Association has warned the Australian Competition and Consumer Commission against imposing another layer of regulation and cost on financial advise...

Financial planning

ASIC obtains injunctions against SMSF scam

The corporate regulator has obtained interim orders against PW Kitt Co and sole director Larry Dawson for a fraudulent SMSF advisory business. ...

Policy & Regulation

Over 40 SMSF auditors reprimanded by ASIC

The Australian Securities and Investments Commission has cancelled or imposed restrictions on 42 SMSF auditors for failing to maintain their audit experience....

Financial planning

ASIC green lights super fund financial advice model

The Australian Securities and Investments Commission has endorsed the ability of superannuation funds to obtain advice services from financial planning firms underpinned ...

Financial planning

Unregistered MIS ordered to wind up

The unregistered managed investment scheme by Askk Investment Group is to be wound up as it had put substantial funds at risk for investors who were not afforded the prot...