Equity Trustees leads on DDO deadline  

From

As ASIC’s Design and Distribution Obligations (DDO) and Product Intervention Powers (PIP) RG 274 come into force next week (5 October), leading trustee Equity Trustees has acknowledged the industry-wide push to meet the deadline. Mick O’Brien, Equity Trustees Managing Director, said preparing for the regulatory change had been a major undertaking for fund managers, superannuation... Read more continue reading

Report on competition in the Australian funds management industry released

From

ASIC has released a report on the state of competition in Australia’s funds management industry. ASIC commissioned independent research by Deloitte Access Economics (Deloitte) to examine competition between fund managers with a focus on outcomes delivered to investors in retail managed investment products. Report 702 Competition in funds management contains Deloitte’s findings. Deloitte’s research found that: retail... Read more continue reading

ASIC publishes guidance on hawking reforms

From

ASIC has published updated regulatory guidance on the prohibition of hawking financial products. ASIC’s updated regulatory guide (RG 38) reflects the reforms to the anti-hawking regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, which commence on 5 October 2021. These reforms flow from recommendations of the Royal Commission into Misconduct in the... Read more continue reading

Does a discretionary trust protect beneficiaries? Part 1

From

Dominique Perry from Townsends Lawyers has produced a two-part overview on whether a discretionary trust protects beneficiaries. This is the first in the series.  One of the supposed benefits of a discretionary trust is that it protects the assets of the key beneficiary(s) of the trust from attack by their creditors because although those beneficiary(s)... Read more continue reading

Licensing and professional registration activities: 2021 update

From

ASIC’s Licensing and professional registration activities: 2021 update (Report 700) outlines key issues, new and proposed changes to our licensing processes, and other work we have undertaken that affects licensees. Between July 2020 and June 2021, ASIC received 1,883 Australian financial services licence (AFSL) and Australian credit licence (ACL) applications (a significant increase from 1,346 the... Read more continue reading

ASIC publishes guidance on breach reporting

From

ASIC has released regulatory guidance to help credit and Australian Financial Services (AFS) licensees to meet new breach reporting obligations. Set to commence on 1 October 2021, the breach reporting reforms address long-standing concerns about breach reporting by making the reporting consistent, clearer and timely across the industry. ASIC Deputy Chair Karen Chester said, ‘The... Read more continue reading

Check on superannuation trustee preparedness for new IDR requirements finds more work required

From

A recent ASIC survey of registrable superannuation entities (trustees) about their preparedness for the new enforceable internal dispute resolution (IDR) obligations has identified some important areas requiring further work. Following the survey, ASIC engaged with individual trustees to understand in more detail the steps taken in their preparation. ASIC undertook this work to assist trustees... Read more continue reading

Most ‘know your client’ issues resolved early: AFCA

From

Consumers who believe they’ve been given inappropriate advice or advice not in their best interest account for one in four Investments and Advice complaints but most of these complaints are resolved by agreement or do not go any further, data released by the Australian Financial Complaints Authority (AFCA) shows. Since AFCA’s inception in November 2018,... Read more continue reading

ASIC publishes Corporate Plan 2021-25

From

ASIC’s Corporate Plan 2021-25[1] outlines our priorities over the next four years to achieve a fair, strong and efficient financial system for all Australians. The Corporate Plan is consistent with ASIC’s new Statement of Intent[2] released last week in response to the Australian Government’s Statement of Expectations[3]. ASIC Chair Joe Longo said, ‘ASIC has an important... Read more continue reading

Pandemic spurs banks’ AI adoption for anti-money laundering

From

A third of financial institutions are accelerating their AI and machine learning (ML) adoption for anti-money laundering (AML) technology in response to COVID-19. Meanwhile, another 39% of compliance professionals said their AI/ML adoption plans will continue unabated, despite the pandemic’s disruption. These industry trends and others are explored in a new AML technology study[1] by SAS, KPMG and the Association... Read more continue reading