ASIC confirms restricted use of ‘independently owned’ in financial services

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ASIC has updated regulatory guidance to confirm restrictions, that were announced in June 2017, on the use of terminology that implies independence. ASIC has updated Regulatory Guide 175 Licensing: Financial product advisers – conduct and disclosure (RG 175), to include guidance that terms such as ‘independently owned’, ‘non-aligned’ and ‘non-institutionally owned’ are restricted under the Corporations Act (the Act).  […]

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ASIC announces the initial members of the Financial Services and Credit Panel

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Following expressions of interest from leaders in the financial services and consumer credit industry to become members of the Financial Services and Credit Panel (‘FSCP’), ASIC has selected for appointment the following people: Annette Spencer Gaye Simpson Brad Fox Gayle Cilfone Bruce Debenham Jennifer Diggle< Calvert Duffy Johanna Turner Christine McArthur Naomi Layton Dacian Moses […]

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APRA and ASIC publish key industry data on life insurance claims

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APRA and ASIC yesterday released initial industry-aggregate results from round one of a new data collection pilot on life insurance claims. Following a review by ASIC last year, the two agencies committed to establishing a new reporting requirement for life insurance claims (including claims related disputes) and their outcomes (including timeframes). This was followed by […]

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Citibank refunds $3.3 million to credit card customers

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Citibank will refund more than $3.3 million to around 39,500 current and former customers for failing to refund customers when credit card accounts were closed with an outstanding credit balance. Citibank will provide refunds for Citibank, Virgin Money, Bank of Queensland, Suncorp and Card Services branded credit cards and for Citibank Ready Credit loan customers. […]

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China and Australia to cooperate on fintech

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The China Securities Regulatory Commission (‘CSRC’) and Australian Securities and Investments Commission (‘ASIC’) have entered into an agreement to promote innovation in financial services in their respective markets. The Information Sharing Co-operation Agreement further underlines the significance of the broader Australia-China trade and investment relationship. China is Australia’s largest two-way trading partner in goods and services (valued at […]

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ASIC overhauls funds management guidance

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ASIC has released a suite of new and updated guidance for the funds management industry for consultation. The six new and updated regulatory guides have been developed in advance of the upcoming new Asia Region Funds Passport and corporate collective investment vehicle (CCIV) legislation, taking into account these new areas as well as bringing ASIC’s […]

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ASIC releases update to evidence metrics for performance reporting

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ASIC has released updated evidence metrics to report against six common key performance indicators (KPIs) in the Australian Government’s Regulator Performance Framework (Framework). Following ASIC’s first self-assessment against the Framework in 2015–16, they identified some ways to improve our metrics as it had become apparent that some of their metrics had become outdated as business […]

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The FMA and ASIC confirm trans-Tasman collaborative approach to fintech

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The Financial Markets Authority (FMA) and the Australian Securities and Investments Commission (ASIC) have re-affirmed their commitment to collaboration and cooperation on the expanding opportunities in fintech and innovation. The FMA and ASIC entered a wide-ranging Memorandum of Understanding (MoU) in 2012. Yesterday in Sydney, senior executives from both regulators discussed the opportunities and challenges […]

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ASIC committed to improving the financial capabilities of Australians

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The National Financial Literacy Strategy sets out a plan to strengthen the financial capabilities of all Australians with the aim of improving financial outcomes. A key feature of the National Strategy is collaboration across different sectors, including government agencies, community organisations, the education sector and financial services firms.  ASIC is leading a public consultation process […]

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When is it fit and proper for ASIC to cancel licences?

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The ASIC Enforcement Review Taskforce released its third Position and Consultation paper in June 2017 (the Position Paper). The paper explores how to strengthen ASIC’s licensing powers. Over the next five posts I’ll outline the good, the bad and the rather ugly consequences of some of the proposed changes and suggest some alternatives. Kicking off the series, […]

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