ASIC releases guidance for its oversight of the Australian Financial Complaints Authority (AFCA)

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Ahead of the commencement of the Australian Financial Complaints Authority (AFCA) on 1 November 2018, ASIC has released new Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority (RG 267). ASIC is releasing new guidance in advance of AFCA commencement to provide policy certainty for stakeholders and to support an efficient transition to the new single […]

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Licensing rules limit advice on the Pension Loans Scheme

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Financial planners will be limited in providing advice on the Pension Loans Scheme (PLS) unless they are adequately licensed. Louise Biti, Director at Aged Care Steps said, “We identified a potential licensing issue and have now confirmed that the Pension Loans Scheme will come under Australian credit licensing rules”. Aged Care Steps asked the Financial […]

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ASIC reports on decisions to cut red tape – October 2017 to March 2018

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ASIC has released its latest report outlining decisions on relief applications, highlighting ASIC’s efforts to reduce red-tape and achieve a practical, positive outcome for companies seeking some regulatory flexibility. The granting of relief which has a net regulatory benefit, or which facilitates business or cuts red tape without harming stakeholders, is an important part of […]

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Proposed increase in SMSF members from 4 to 6

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In the 2018 Federal Budget the Government proposed increasing the limit on the maximum allowable number of members in an SMSF (and a Small Apra Fund or SAF) from four to six members. This change is proposed to take effect from 1 July 2019. Currently the maximum allowable number of members is four with the […]

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New LRBA rules to apply after 1 July 2018

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A new piece of legislation giving effect to proposed measures announced during the 2018 Budget in respect of limited recourse borrowing arrangements (‘LRBA’) is currently being discussed by Parliament. What are the new rules? It is proposed that a member’s share of the liability under a limited recourse borrowing arrangement entered into after 1 July […]

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Productivity Commission’s “best in show” would hamstring advice and stymie innovation

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On May 29, the Productivity Commission released their draft report on efficiency and competitiveness in the superannuation industry. The draft report starts to focus on a process that commenced in July of last year. In the most part, it concentrates on default superannuation funds for new employees however its recommendations cast a shadow over superannuation […]

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ASIC implements financial benchmark regulatory regime

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ASIC has finalised and published benchmarks rules, a significant benchmarks declaration, and a regulatory guide in a further series of measures towards establishing a comprehensive regulatory regime for financial benchmarks. This follows the establishment of a robust licensing regime for financial benchmarks through the recent passage of legislation through the Parliament. ASIC Commissioner Cathie Armour […]

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SME planners, accountants and life advisers next in line for ASIC scrutiny

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Although recent ASIC enforcement action and the Royal Commission have predominantly focused on the major banks and AMP, it would be foolhardy to assume that non-bank advice firms are not a focus. Patterns emerging teach us that you are the next focus. How do we know this? Well, ASIC’s modus operandi is to first investigate potential regulatory […]

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ASIC warns consumers about paying high fees for credit repair and debt advice services

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ASIC is warning consumers about companies that claim they can fix a poor credit rating. ASIC is running a month-long campaign, with other Commonwealth, state and territory agencies, to help consumers understand that by using credit repair and debt management firms they may end up paying high fees. Consumers should be aware these companies often […]

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ASIC temporarily extends relief for managed investment and superannuation schemes for certain disclosure obligations

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ASIC has extended two ASIC instruments to allow additional time to consider the policy position in relation to certain disclosure obligations of managed investment schemes and superannuation trustees. The relevant instruments are: [CO 12/749] Relief from the Shorter PDS regime and ASIC Superannuation (RSE Websites) Instrument 2017/570. Each instrument had been due to expire on 30 June 2018. These […]

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