AMP notes this morning’s announcement by the Australian Prudential Regulation Authority (APRA) regarding the imposing of directions and additional conditions on the Registrable Superannuation Entity (RSE) licences of our superannuation trustees: AMP Superannuation Limited and NM Superannuation Proprietary Limited. AMP will fully implement the directions and additional conditions. We have been working constructively with APRA […]
continue readingASIC has released its latest report on market integrity for the period 1 July to 31 December 2018. The report highlights some of the activities undertaken to safeguard Australia’s financial markets, so investors can continue to participate with confidence. Key outcomes during the six-month period include: The report looks at ASIC’s recent focus on […]
continue reading
04
Jun
2019
ASIC has released new information to help businesses involved with initial coin offerings (ICOs) and crypto-assets to consider their legal obligations and satisfy themselves they are operating lawfully. ASIC has updated Information Sheet 225 Initial coin offerings and crypto-assets (INFO 225) based on our recent experiences with ICOs and crypto-assets, which indicate that ICOs and crypto-assets will often […]
continue reading
03
Jun
2019
In the last sitting week of parliament, the first piece of legislation responding to the Hayne Report was passed. New product design and distribution obligations will apply to insurers (and underwriting agencies) from 5 April 2021 requiring them to develop and document a target market determination for each retail client product. New obligations will ensure that product […]
continue reading
31
May
2019
Some financial services and credit licence applications are being delayed because licensees simply cannot buy professional indemnity (PI) insurance. We outline what to do if this is happening to you. The Royal Commission has made it more difficult for licensees to get PI insurance The insurance market has hardened following the Royal Commission. This is […]
continue reading
29
May
2019
This is the first post in a two part series on the new responsible lending rules for credit cards. Tighter new rules mean that credit card providers must assess credit card applications more strictly. While not mandatory, other lenders and brokers should apply the same rules to their loan applications. What has changed? In the […]
continue reading
22
May
2019
The 24th ASIC Annual Forum in Sydney on 16-17 May 2019 saw more than 950 delegates attend 13 sessions on how financial market participants can meet community expectations when dealing with other people’s money. In his introductory comments, ASIC Chair James Shipton said the theme of this year’s forum, ‘Other people’s money’, was to remind […]
continue reading
22
May
2019
ASIC has initiated public consultation on new standards about how financial firms handle consumer and small business complaints. The proposed standards, which include new mandatory data reporting, will improve the way that consumer complaints are dealt with across the financial system and make firms’ complaints handling performance transparent. Financial firms will be required by ASIC […]
continue reading
20
May
2019
Wealth managers and financial services organisations – such as ANZ, IOOF and NAB – that are working their way through the implications of the Royal Commission were told to start thinking differently regarding their leadership structures. IOOF, which is seeking a new CEO, revealed just this week that it will require the approval of the […]
continue reading
17
May
2019
ASIC has reminded Australian financial services and Australian credit licensees who have industry funding obligations to factor in the time it may take ASIC to assess applications to cancel or vary their licence, as part of any measures by licensees to reduce the industry levy they are charged for the 2019-20 financial year. ASIC Commissioner […]
continue reading
16
May
2019
Earn CPD Points
CPD: The fourth pillar of retirement fundingAustralia’s retirement income policy has been traditionally framed as having ...
CPD: Ethics and self-managed super fundsSince the official introduction of self-managed superannuation funds (SMSFs) in ...
CPD: 5G – connecting to new investment opportunities5G heralds a new era in telecommunications, one that’s focused ...
CPD: Importance of financial advice in a relationship breakdownWhen a couple separate with the intention of divorce, the ...
CPD: Modern Monetary Theory, and why you’re still hearing a lot more about itLast month we published our take on one of the ...
0 comments