ASIC

Life/Risk

Will ASIC use new powers on insurance adviser remuneration?

A law firm has raised the prospect of the Australian Securities and Investments Commission using its new Product Intervention Power with respect to insurance adviser remu...

Superannuation

How ASIC decided against reporting on super fund inducements to employers

The Australian Securities and Investments Commission has reported it simply became too busy to develop a report around superannuation funds seeking to induce employers to...

Financial planning

Has Govt realised it went too far on financial advice?

The Government and the regulator are showing signs that they now understand they have gone too far in driving up the cost of financial advice, according to panellists at ...

Superannuation

Vigilance needed on suspicious super activity

Superannuation members need to regularly check their balance given the scams and fraud activity surrounding the early release of super scheme, a super body has said....

Financial planning

ASIC brackets intra-fund advice with scaled and personal advice

The Australian Securities and Investments Commission has framed intra-fund advice in the same context as scaled advice....

Policy & Regulation

ASIC's $1.8 million+ failed pursuit of Westpac

The failed pursuit of Westpac over responsible lending has cost the Australian Securities and Investments Commission nearly $1.9 million before it even accounts for Westp...

Financial planning

ASIC hires experts to help solve advice crisis

The Australian Securities and Investments Commission has hired expert advisers to help solve the problems of making financial advice more accessible and affordable amid t...

Policy & Regulation

ASIC details early release and other COVID-19 rorts

Government agencies, including the Australian Federal Police, have been alerting the Australian Securities and Investments Commission to rorts around early release supera...

Features

LIF, life and tough times for insurers

Mike Taylor writes that less than 12 months out from the Australian Securities and Investments Commission’s review of the Life Insurance Framework, the Australian life in...

Superannuation

Super funds charged extra premiums after default 'smoker' classification

Seven super funds have been classifying new members as ‘smokers’ by default and over 5,000 members will receive $3.6 million in compensation....

Policy & Regulation

ASIC urges continuing complaints despite AFCA pause

The Australia Financial Complaints Authority may have ‘paused’ processing complaints against insolvent financial firms, but the Australian Securities and Investments Comm...

Financial planning

With the exit of Wade, De Ferrari has lost one of his own

With a mutual history within Credit Suisse, the exit of Alex Wade has seen AMP chief executive, Francesco De Ferrari lose one of his own....

Policy & Regulation

AMP facing ‘between 5 and 50’ ASIC legal/regulatory issues

The Australian Securities and Investments Commission has confirmed that AMP Limited is facing multiple legal/regulatory issues – citing between “5 and 50”....

Financial planning

AFCA supports ASIC product invention on continuing credit contracts

AFCA has welcomed ASIC’s assessment that continuing credit contracts cause consumer detriment and that the regulator’s product intervention powers should be utilised....

Financial planning

ASIC asked for formal written response on intra-fund advice

The Australian Securities and Investments Commission has been asked to provide a formal written explanation of the status of intra-fund advice amid heated questioning by ...