ASIC has called on superannuation trustees to provide helpful and balanced communications to their members regarding the Protecting Your Super package (PYSP) of reforms, which are due to take effect on 1 July 2019. The PYSP reforms are designed to protect the superannuation savings of Australians from erosion due to inappropriate fees and insurance premiums […]
continue readingCurrently insurers are not permitted to offer financial products for issue or sale to retail clients in the course of or because of an unsolicited meeting at all, or in the course of a telephone call unless they have met certain requirements. The result is that there is virtually no cold-calling in general insurance because […]
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18
Apr
2019
Australian financial service (AFS) licensees that offer OTC derivatives to retail investors located in some overseas jurisdictions may be providing unlicensed or unauthorised services in those jurisdictions. Retail OTC derivatives are highly risky. Regulators in many jurisdictions (such as Europe, Japan, North America and China) have restricted or prohibited the provision to retail investors of […]
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17
Apr
2019
Recent surveys of market sectors supported through ASIC’s Innovation Hub shows fintech businesses are continuing to see growth in demand for alternative funding sources. ASIC’s Innovation Hub exists to foster innovation that could benefit consumers by helping Australian fintech startups navigate our regulatory system. Marketplace lending (also known as peer-to-peer lending) and crowd-sourced funding (CSF) are two […]
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15
Apr
2019
There is no legal requirement for ASIC to “approve” Responsible Managers (RMs), but that’s exactly what’s happening in practice. It’s now creating problems for licensees and RMs. The letter of the law Under the law, an RM is legally appointed from the date the AFS licensee determines. This appointment then triggers a requirement for the […]
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12
Apr
2019
The UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) yesterday announced they have agreed two Memoranda of Understanding to ensure there is continuity once the UK leaves the European Union. The MoUs cover trade repositories and alternative investment funds (AIFs). These agreements will provide reassurance by ensuring arrangements are in […]
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09
Apr
2019
ASIC has welcomed the passage of key financial services reforms contained in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) legislation introducing: a design and distribution obligations regime for financial services firms; and a product intervention power for ASIC The design and distribution obligations will bring accountability for issuers and distributors to design, […]
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05
Apr
2019
Australians close to retirement will have the opportunity to contribute more money into their superannuation should several new measures announced in the Federal Budget become law. The government has revealed three key changes to super policy, broadly amending certain age and work test requirements while also extending the ability to bring-forward non-concessional superannuation contributions. These […]
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04
Apr
2019
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released a series of publications and an online tool allowing policyholders – for the first time – to compare life insurers’ performance in handling claims and disputes. The joint project is the culmination of more than two years of work […]
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01
Apr
2019
ASIC has released new research revealing many consumers confuse ‘general’ and ‘personal’ advice exposing them to greater risk of poor financial decisions. The ASIC report, Financial advice: Mind the gap(REP 614), presents new independent research on consumer awareness and understanding of general and personal financial advice, identifying substantial gaps in consumer comprehension. “This disturbing gap in […]
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01
Apr
2019
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