misconduct

Financial planning

Adviser reprimanded over incorrect advice by FSCP

The FSCP has issued its second written reprimand this week against an adviser who provided incorrect advice to clients regarding the non-concessional cap....

Financial planning

UGC complaints quadruple in 4 months

United Global Capital complaints to AFCA have quadrupled since August and are highly likely to rise further as it retains membership for another six months....

Financial planning

ASIC’s action against advice misconduct in 1H24

The regulator says it secured $32.2 million in civil penalties and nine criminal convictions in the six months to 30 June....

Financial planning

ASIC dismissing misconduct reports in 40 seconds

The final ASIC inquiry report has found more than 26,000 reportable situations reports made by licensees during 2022–23 were assessed as requiring no action, while public...

Financial planning

ASIC reveals H1 advice enforcement stats

ASIC has revealed the number of its enforcement outcomes which related to financial advice misconduct in the first half of 2023. ...

Financial planning

FSCP publishes first adviser misconduct verdict

Single disciplinary body the Financial Services and Credit Panel has published its first outcome, relating to an adviser who impersonated a client on the phone....

Policy & Regulation

FSCP fully operational and will address ‘less serious’ misconduct: ASIC

Leah Sciacca, ASIC senior executive for financial advisers, has outlined some of the activities of the Financial Services and Credit Panel, which commenced operations las...

Policy & Regulation

ASIC faces Senate grilling, deputy chair holds ground

A Senate committee has called into question ASIC deputy chair Karen Chester's capacity to serve amid “mixed” evidence presented to a Senate committee regarding alleged m...

Policy & Regulation

ASIC’s 2022 efforts against adviser misconduct

Multiple permanent bans to advisers were handed out by the corporate regulator in the last year....

Policy & Regulation

ASIC provides financial adviser enforcement update

The Australian Securities and Investments Commission has confirmed 10 financial advice misconduct criminal cases are before the courts with six civil cases also yet to be...

Financial planning

ASIC sues OnePath for fee-for-no-service

The corporate regulator has alleged OnePath incorrectly charged over $4 million in fees to more than 18,000 fund members when it was not entitled to do so....

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

APRA to take four years to restore trust in financial sector

APRA’s agenda to reduce poor behaviour and misconduct in the financial sector is an ambitious plan that will take four years to succeed, according to its chair....

Policy & Regulation

ASIC flags criminal prosecutions

The Australian Securities and Investments Commission has signalled it will make an example of wrong-doers while suggesting that misconduct by some major financial institu...

Policy & Regulation

Millinium refers former adviser to NZ Serious Fraud Office

A previous claim made by Millinium Capital Managers against a former adviser has been referred to the New Zealand Financial Markets Authority and Serious Fraud Office....