ASIC warns financial services licensees against ‘cutting corners’ on death nomination forms

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The Australian Securities and Investments Commission (ASIC) is putting the financial advice sector on notice about meeting requirements for witnessing signatures, after finding issues with advisers failing to correctly witness binding death nomination forms for superannuation benefits. ASIC has become aware of a widespread practice among financial advisers of witnessing or having staff members witness […]

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ASIC’s regulatory sandbox proposal to remain unchanged

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ASIC has released a review of its regulatory sandbox, introduced in December 2016. In the review ASIC proposes to retain class waivers known as the fintech licensing exemption, that allow eligible financial technology (fintech) businesses to test certain specified services without holding an Australian financial services or credit licence. ASIC had committed to reviewing its […]

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ASIC releases new example Statement of Advice for life insurance

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ASIC has released a new example Statement of Advice (SOA) for life insurance as part of updates to Regulatory Guide 90 Example Statement of Advice: Scaled advice for a new client (RG 90). The example SOA in RG 90 is designed to assist advisers to produce an SOA that is compliant, concise, easy to understand, and written in […]

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ASIC overview of licensing and professional registration – July 2016 to June 2017

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ASIC has reported on its approach to and assessment of licence applications and professional registrations for the period July 2016 to June 2017. Report 553 Overview of licensing and professional registration applications: July 2016 to June 2017  (REP 553) provides an overview of ASIC’s activity and oversight in relation to applications for Australian financial services licences (ASFL), Australian […]

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ASIC reports on cyber resilience assessments of financial markets firms

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An ASIC report on the cyber resilience of over 100 firms operating across Australia’s financial markets has shown a growing understanding of cyber risks, but there is still some progress to be made. Report 555 Cyber resilience of firms in Australia’s financial marketscollates and analyses the results of self-assessments from over 100 stockbrokers, investment banks, market […]

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Outlook for wealth management advice business in 2018

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The Australian wealth management industry is expected to transform even more next year as the work-out from the Future of Financial Advice (FOFA) reform couples with the recent enforcement of the Best Interest Duty requirements. Some financial institutions are addressing this by severing their wealth businesses from their operations, as seen by ANZ’s sale of […]

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ASIC appoints expert to review fees and costs disclosure settings

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The Australian Securities and Investments Commission (ASIC) has appointed Darren McShane to conduct an expert review of fees and costs disclosure in superannuation and management investments. This follows ASIC’s announcement of its decision to have an external expert review Regulatory Guide 97 Fees and costs disclosure (RG 97) to ensure that it is effectively meeting its objective […]

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ASIC delivers on commitment to help limited AFS licensees understand their obligations

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The Australian Securities and Investments Commission (ASIC) has released new webpage guidance and information sheets to help limited Australian Financial Services (AFS) licensees and their representatives understand their key obligations. The new guidance covers the main issues that limited AFS licensees requested additional guidance on. This guidance follows an ASIC visit to limited AFS licensees […]

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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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