The Australian Securities and Investments Commission (ASIC) will launch today new tools to help 16 – 25 year olds keep their finances in check. ASIC’s MoneySmart Rookie education initiative aims to help prepare young Australians for first time financial decisions. Resources cover a range of topics including buying a car, credit contracts and debt, and [...]
continue readingASIC has released an information sheet to assist those intending to apply for a limited Australian financial services (AFS) licence. Information Sheet 179 Applying for a limited AFS licence (INFO 179) gives practical guidance to help applicants work through the licensing process. INFO 179: Provides guidance about ASIC’s licensing application process, and how it will [...]
continue readingASIC has released a consultation paper proposing relief for retail clients who apply for an interest in a registered simple managed investment scheme through the proposed ASX Managed Funds Service (AMFS). Key points: The proposed relief would apply to responsible entities of registered simple managed investment schemes for applications made through the AMFS The applications would [...]
continue readingThe national business names register in Australia became a reality one year ago today. Eight separate state and territory business name registers have made way for a single online register which today holds more than 1.7 million names. In the last 12 months ASIC has facilitated the online registration of over 260,000 new business names, [...]
continue readingASIC concerns about potentially misleading content on the insurance comparison website of JustEzi Pty Ltd (JustEzi) has led to the removal of online material. ASIC’s concerns arose from a comparison tool that formulated ‘Ezi-Estimates’ for car insurance. The estimates ranked insurers by price, from lowest to highest, after the consumer entered certain details. ASIC was [...]
continue readingASIC has warned financial services licensees to ensure they have robust recruitment processes in place when appointing representatives who have worked for a business ASIC has taken action against. The warning follows recent ASIC action against licensees, including financial advisers and securities dealers, with ASIC becoming aware many of their representatives have moved to new [...]
continue readingASIC urges the public to be wary of cold callers claiming to represent ASIC. Based offshore, these callers claim to be able to assist you in retrieving money lost in an earlier software scam. They may quote an ABN, claim to also represent Microsoft, and in order to receive any funds you will be asked [...]
continue readingASIC has released a health check of the Australian market for unlisted retail structured products promoted as having capital protection or a capital guarantee. Key points: Capital protection or capital guarantee products are complex Complex products can be difficult for investors to understand Those selling complex products need to ensure marketing and advice directed at retail [...]
continue readingASIC has released Report 337 SMSFs: Improving the quality of advice given to investors. The report summarises the findings from the first major project undertaken by ASIC’s Self-managed superannuation fund (SMSF) taskforce. Self-managed super funds represent the fastest growing superannuation sector in Australia, with $439 billion assets held by funds. ASIC Commissioner Peter Kell said [...]
continue readingASIC has provided an update on the proposal to introduce a national examination for financial advisers. ASIC has decided to delay work on the implementation of the exam to allow appropriate time for other reforms to be implemented in the financial advice sector, notably the Future of Financial Advice (FOFA) package. ASIC views the exam as [...]
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