corporations act

Policy & Regulation

They have been charged with breaching client money obligations from between December, 2014, and September, 2018....

Features

InFocus: If you thought that breach reporting was tough enough now…

Australia’s dob-yourself-in breach reporting is hard now, but things are about to get a lot harder, writes Holley Nethercote’s Paul Derham and Michael Mavromatis....

Financial planning

Doubts raised about validity of FASEA code and exam

A Queensland academic has raised serious doubts about the legal underpinnings of the Financial Adviser Standards and Ethics Authority code of ethics and, by implication, ...

Financial planning

Licensees face stronger obligations to notify clients of bad advice

Affected clients will be among the first to know when licenses detect advisers who have done the wrong thing under new legislation to go before Parliament....

Financial planning

Govt should fund review of advice regulation – CPA Australia

The Federal Government should fund a review of the tangle of regulation covering the provision of financial advice in circumstances were accountants and advisers are bein...

Financial planning

Westpac hit with $9.15m penalty on best interests

The Federal Court has imposed penalties amounting to $9.15 million on Westpac because of its failure as a licensee with respect to poor financial advice provided by a for...

Policy & Regulation

Union funds benefit from ASIC Class Order

Questions have been raised about the appropriateness of an Australian Securities and Investments Commission class order which absolves worker entitlement funds run by tra...

Financial planning

Do managed accounts equate to in-house products?

A senior financial services lawyer has warned that managed accounts may equate to the selling of in-house assets in the eyes of the Australian Securities and Investments ...

Policy & Regulation

ASIC says it can intervene irrespective of legal breaches

The Australian Securities and Investments Commission is arguing it can exercise its product intervention powers even if there has been no breach of the law....

Policy & Regulation

Industry funds urge no carve-outs for claims handling

Industry funds body, the Australian Institute of Superannuation Trustees has urged that insurance claims handling be subject to the financial advice rules – something whi...

Policy & Regulation

Linchpin, Endeavour placed into liquidation

Linchpin and Endeavour have been placed into liquidation following action by the Australian Securities and Investments Commission. ...

Policy & Regulation

ASIC wraps up Westpoint actions

The last of 19 civil actions brought by ASIC against financial services licensees recommending Westpoint products has wrapped up, with almost $1.5 million being recovered...

Policy & Regulation

AAT reduces advisers’ bans by 8.5 years

Two former Macquarie advisers have seen their banning periods by the Australian Securities and Investments Commission reduced, following an appeal to the Administrative A...

Policy & Regulation

Kaz Capital hit with further compliance review

ASIC has imposed additional conditions on the Australian financial services licence of Kaz Capital, following concern on the adequacy and effectiveness of the company’s c...

Financial planning

Advisers significantly impacted by PC

Financial advisers have emerged as unwitting casualties of the Productivity Commission’s final report on superannuation competitiveness and efficiency....