karen chester

Funds management

ASIC increases focus on misleading marketing

ASIC has highlighted examples of problematic marketing in managed funds and expects to make a series of regulatory outcomes in the next few months....

Financial planning

Timeshare industry is on notice: CHOICE

Consumer group CHOICE says the timeshare industry is now on notice following the Federal Court’s first-ever decision against a timeshare provider for failing to ensure fi...

Policy & Regulation

ASIC scrutinises marketing of managed funds

The Australian Securities and Investments Commission has commenced surveillance into the marketing of managed funds following recent enforcement against fund managers mis...

Financial planning

AFIA opposes reducing compensation threshold from $20 to $5

The Australian Finance Industry Association has opposed the Australian Securities and Investments Commission’s proposal to lower the consumer compensation threshold from ...

Financial planning

Are penalties enough to get FFNS payments accelerated?

The corporate regulator believes its guidance along with penalties will help accelerate fee-for-no service remediation payments as there is still $3.7 billion left unpaid...

Policy & Regulation

Timeshare company sued for best interest failure

Ultiqa Lifestyle Promotions is being sued by the corporate regulator for providing financial advice that was not in customers best financial interest....

Policy & Regulation

ASIC updates anti-hawking guidance

The corporate regulator has added 12 examples in response to feedback received from its consultation on the prohibition of hawking financial products. ...

Policy & Regulation

Bulk upload reports for breach reporting allowed

To reduce the reporting burden, the corporate regulator is allowing licensees to batch upload reports that derive from a single root cause as part of the new breach repor...

Life/Risk

OnePath Life to remediate $35m to customers

OnePath Life is remediating up to $35 million to over 40,000 customers who were sold life insurance policies over the phone between 2010 and 2016....

Financial planning

Mayfair 101’s Mawhinney given 20-year ban from raising funds

The Federal Court says James Mawhinney, or entities controlled by him, has a high likelihood to engage in similar conduct if not prevented by the court from doing so, fol...

Financial planning

ASIC says the levy is mechanical, Hume says ASIC has discretion

The cost of the Financial Adviser Standards and Ethics Authority functions may yet add to the ASIC levy paid by financial advisers....

Financial planning

Mayfair advertising found as deceptive and misleading

The Federal Court has found companies in the Mayfair 101 Group made deceptive or misleading debenture advertising, following proceedings brought by the corporate regulato...

Funds management

ASIC points to several actions against fund managers

The Australian Securities and Investments Commission has successfully moved against Mayfair 101 and has pointed to several actions underway targeting fund managers....

Financial planning

ASIC warns of imposter bond scams

The Australian Securities and Investments Commission has warned investors of a rise in imposter bond scams. ...

Policy & Regulation

ASIC paid top legal firm for Shipton opinion

Documents provided to a Parliamentary Committee have revealed the Australian Securities and Investments Commission paid a top tier legal firm for an independent opinion o...