ASIC has extended to 31 March 2020 licensing relief for foreign financial services providers (FFSPs) to allow them to provide certain financial services to Australian wholesale clients without needing to hold an Australian financial services licence. The licensing relief that has been extended by ASIC is: ASIC Corporations (Repeal and Transitional) Instrument 2016/396 and ASIC Corporations (CSSF-Regulated […]
continue readingASIC has provided its second update on its actions in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). The Update outlines a number of measures across the organisation by which ASIC is implementing the seven priorities highlighted in its Corporate Plan 2019-23, one of which is […]
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16
Sep
2019
ASIC has used its product intervention power to ban a model of lending in the short term credit industry which has been found to cause significant consumer detriment. In its first deployment of this power ASIC targeted a particular business model where a short term credit provider and its associate charged fees under separate contracts. […]
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16
Sep
2019
ASIC has commenced civil penalty proceedings in the Federal Court against Select AFSL Pty Ltd (Select), BlueInc Services Pty Ltd (BlueInc), Insurance Marketing Services Pty Ltd (IMS) and director Russell Howden alleging breaches of the law arising from telephone sales of life and accidental injury insurance issued by St Andrew’s Life Insurance Pty Ltd under […]
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10
Sep
2019
New whistleblower protections expand who is protected and what they can disclose. This regime applies to regulated companies and financial service providers including banks, life companies, general insurers and superannuation funds. More people are now protected whistleblowers The new regime came into force on 1 July 2019 and creates the concept of an ‘eligible whistleblower’. […]
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09
Sep
2019
ASIC has released a report Looking for a mortgage: Consumer experiences and expectations in getting a home loan. As part of this research, ASIC followed over 300 consumers in the process of taking out a home loan and surveyed another 2,000 consumers. This research examines consumer decision-making in relation to home loans to identify what […]
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02
Sep
2019
New ASIC consumer research released reveals the barriers faced by consumers when considering financial advice. ASIC’s Report 627, Financial advice: What consumers really think (REP 627) presents independent research into consumer experiences of, and attitudes towards, financial advice and the advice industry. The research focused on the overall use of financial advisers, motivators and barriers to seeking personal […]
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29
Aug
2019
There is a conflict any time a financial adviser recommends an in-house product, but the conflict can be managed. ASIC has determined that conflicts with in-house products do exist In its Report 562, ASIC looked at the big five financial service institutions – CBA, Westpac, ANZ, NAB and AMP – and found that 68% of their […]
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23
Aug
2019
ASIC will hold public hearings in Sydney on the 12th of August and Melbourne on the 19th of August. The hearings are part of the wider public consultation on ASIC’s guidance on the responsible lending obligations. It will allow ASIC to test particular issues raised in submissions. More information about the consultation, including the current Regulatory […]
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08
Aug
2019
ASIC has issued guidance to superannuation trustees, reminding them that using improper inducements to influence employers in their choice of default fund is illegal. The guidance set out in Infosheet 241, draws attention to the recently amended s68A of the Superannuation Industry (Supervision) Act 1993.It also illustrates how s68A applies in common scenarios to ensure that […]
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02
Aug
2019
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