ASIC

Financial planning

Adviser given investment commissions banned

ASIC said Kyle Marshall did not understanding the meaning of personal advice and did not act in his clients’ best interest....

Financial planning

AFA recommends limited adviser role for TPB

The Association of Financial Advisers has recommended a limited advisory role for the Tax Practitioners Board in the advice space while, at the same time, pointing to maj...

Policy & Regulation

Who ASIC chose to receive penalty millions

A key document tabled after questioning by a Parliamentary Committee has revealed who the major beneficiaries were of the millions of dollars extracted by the Australian ...

Features

InFocus: Asset-based fees – utilitarian or inappropriate?

Mike Taylor writes that while the critics of asset-based fees paint them as being as inappropriate as commissions, the commercial evidence suggests their use fills an imp...

Policy & Regulation

If they don’t ask, don’t try and sell says AFCA

The Australian Financial Complaints Authority has called for a radical escalation of the proposed prohibition on unsolicited telephone sales, urging a ban on all unsolici...

Policy & Regulation

ASIC/APRA/ATO need to be audited on value for money

The major financial services regulators need to be comprehensively audited to ensure they are actually delivering value for money in the work that they do reflecting the ...

Financial planning

Are advisers able to satisfy client needs for aged care?

There is a strong demand for aged care advice, according to a recent Australia Securities and Investments survey tracking consumer demands, calling into question if advis...

Financial planning

ClearView pays over $730k in compensation

ClearView’s advisers were found to have failed in giving a ‘needs analysis’ to life insurance clients, according to the corporate watchdog....

Financial planning

ASIC looks at reasonableness of super advice fees

The question of whether the advice fees deducted by superannuation funds are reasonable and fair is being examined by the Australian Securities and Investments Commission...

Financial planning

ASIC dismantles online fraud syndicate

The Australian Securities and Investments Commission has announced the dismantle of an online fraud syndicate which resulted in alleged thefts from superannuation and sha...

Financial planning

How ASIC ran out of pages to explain grandfathering fall-out

The Australian Securities and Investments Commission chairman, James Shipton, has claimed the regulator simply didn’t have enough pages to explain the implications of end...

Financial planning

Grandfathering – ASIC relied on sample-based data

The Australian Securities and Investments Commission has admitted that its earlier pronouncements on ending grandfathered commissions was based on sample-sized data....

Financial planning

ASIC looks to super funds as advice providers

The Australian Securities and Investments Commission has acknowledged the likelihood of an advice gap, particularly for lower income earners, but is looking to superannua...

Policy & Regulation

ASIC flags RC criminal charges

The Australian Securities and Investments Commission has flagged that there are at least two matters emanating from the Royal Commission which may result in criminal char...

Policy & Regulation

Super funds also exposed to ASIC search warrant powers

Superannuation funds will also be exposed to the Australian Securities and Investments Commission’s enhanced search warrant powers according to the explanatory materials ...