ASIC

Financial planning

Former financial adviser jailed for six years

Former financial adviser and director of CFS Private Wealth, Graeme Miller, was sentenced to six years’ imprisonment for dishonest conduct. ...

Financial planning

Melbourne advisers need regulatory flexibility around opt-in, now

Faced with at least six weeks of Level 4 lockdown, financial advisers in Melbourne need regulatory relief around opt-in and other key client interactions....

Policy & Regulation

ASIC facing more Parliamentary Committee scrutiny

The chair of a key Parliamentary Committee has raised the Australian Securities and Investments Commission’s errors within its controversial SMSF factsheet among errors t...

Financial planning

How ASIC preferred consumer group views on tighter IDR time-frames

Consumer groups’ views proved far more effective in convincing the Australian Securities and Investments Commission to tighten internal dispute resolution timeframes to 3...

Financial planning

ASIC updates complaints guidance

The Australian Securities and Investments Commission has released final updated guidance on how financial firms should deal with consumer and small business complaints. ...

Policy & Regulation

ASIC flags class order relief on Govt class action changes

The law, as it stands, around financial services licensing and managed investment schemes was not designed or intended to handle class action litigation funding, accordin...

Financial planning

ASIC bans Tasmanian adviser for five years

David Horton was found to have given clients’ inappropriate advice to double gear their investments and did not consider their cashflow position or ability to cover margi...

Financial planning

ASIC winds up illegal investment scheme

The Australian Securities and Investments Commission has taken action to wind up illegal investment scheme MyWealth Manager....

Superannuation

Super funds demand regulatory discount equal to early release outflows

The Federal Government should deliver superannuation funds a reduction in regulatory levies equal to the amount of money withdrawn from superannuation under the hardship ...

Expert Analysis

The new shape of best interests duty

Zoe Higgins examines the changes surrounding best interests duty and how it will affect mortgage brokers who will have to ensure they are lending responsibly....

Policy & Regulation

New regulations around class actions ‘bizarre’

New regulations, which bizarrely define class actions as ‘managed investment schemes,’ could stymie the compensation payouts of millions of Australians who have been robb...

Life/Risk

Clawback relief sought from Govt, ASIC

Risk advisers need some relief from the harshness of clawback arrangements as life/risk clients move to cut their costs, according to the Association of Financial Adviser...

Financial planning

ASIC suspends Union Standard’s AFS

The Australian Securities and Investments Commission (ASIC) has suspended the Australian Financial Services licence of Sydney-based retail over-the-counter derivatives is...