CommInsure notes ASIC report

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CommInsure notes the Report on ASIC’s Investigation into The Colonial Mutual Life Assurance Society Limited released yesterday by the Australian Securities and Investments Commission (ASIC). The report established that various improvements have been made in the CommInsure business over the past year. We will be examining the findings closely as we always know we can […]

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ASIC reports on how large financial advice firms have dealt with poor advisers

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ASIC has released the findings of its review of how Australia’s largest financial advice firms have dealt with past poor advice and non-compliant advisers, including how these firms have dealt with affected customers. The review—which forms part of ASIC’s broader Wealth Management Project—was focussed on the conduct of the financial advice arms of AMP, ANZ, […]

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ASIC consults on ‘sunsetting’ class order about licensing relief for trustees of wholesale equity schemes

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ASIC yesterday released a consultation paper proposing to either remake or repeal ASIC Class Order [CO 07/74] Wholesale equity schemes: Licensing relief for trustees. This is due to expire (‘sunset’) on 1 October 2017. This instrument grants relief to trustees of wholesale equity schemes from the requirement to obtain an Australian financial services (AFS) licence […]

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ASIC’s Enforcement Report highlights key outcomes from the second half of 2016

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ASIC yesterday released its enforcement report for the period 1 July 2016 to 31 December 2016. ASIC’s enforcement results over the six-month period include: The report also covers ASIC’s key priorities and long-term challenges going forward, including: aligning conduct in a market-based system with investor and consumer trust and confidence; digital disruption and cyber resilience […]

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ASIC updates its guidance on fee disclosure statements

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ASIC has released an updated Regulatory Guide 245 Fee disclosure statements (RG 245) to reflect regulatory and legislative changes since the guide was first published, including revisions to the Future of Financial Advice (FOFA) reforms. The fee disclosure statement (FDS) obligations require advice providers who have an ongoing fee arrangement with a retail client to […]

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ASIC consults on ‘sunsetting’ class order about reporting requirements for Australian financial services licensees who are natural persons

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ASIC has released a consultation paper proposing to remake ASIC Class Order [CO 03/748] Reporting requirements under s989B. This is due to expire (‘sunset’) on 1 October 2017. This instrument grants relief to Australian financial services licensees who are natural persons from the requirement to include in a profit and loss statement any revenues and expenses […]

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The Hon. Kelly O’Dwyer MP launches Financial Literacy Annual Highlights Report

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The Minister for Revenue and Financial Services, the Hon. Kelly O’Dwyer MP yesterday launched the National Financial Literacy Strategy Annual Highlights Report 2015-16 at an event at Parliament House in Canberra. Speaking at the event, Minister O’Dwyer highlighted the Australian Government’s commitment to supporting Australians’ financial literacy skills. ‘Financial literacy helps not only with improving living standards […]

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ASIC launches First Business App to help young people starting a small business

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ASIC Chairman, Greg Medcraft yesterday launched a new free mobile app – First Business by ASIC’s MoneySmart – to support young Australians starting a small business. First Business was developed by ASIC in collaboration with the Australian Taxation Office, to assist young people considering going into business for themselves. The mobile app provides practical tips, checklists, […]

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ASIC consults on consolidating ASIC market integrity rules

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ASIC has released a consultation paper proposing to consolidate and clarify Australia’s market integrity rules. There are currently 14 market integrity rule books that set out obligations and prohibitions applying to activities and conduct on eight licensed financial markets. Collectively, these rule books amount to more than 1,300 pages of regulation, and a further five […]

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Superannuation funds to start disclosing subplan information on websites from 1 July 2017

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ASIC has written to trustees of superannuation funds with employer subplans reminding them of the requirement to publicly disclose transparency information for those subplans from 1 July 2017. The requirement to report this information follows the expiry of transitional interim relief on 30 June 2017 (refer 16-130MR Further update on Stronger Super regime and ASIC […]

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