Regulation/Reform

Following a review by ASIC, five Australian banks will improve their compliance measures and controls for deposit accounts that can be operated by a third party, such as a financial adviser. ASIC’s industry-wide review was prompted by concerns raised through an investigation of the conduct of persons involved in Sherwin Financial Planners Pty Ltd (in liquidation) and […]

Women are participating in the workforce and gaining tertiary qualifications at a greater rate than ever before but many women lack confidence when it comes to money. Research by ASIC found: 46% of women find money decisions overwhelming and stressful [1] On average, women retire with half the super balance of men ($230,907 versus $454,221) [2], and […]

AMP, ANZ, CBA, NAB and Westpac have now paid or offered customers $222.3 million in refunds and interest for failing to provide advice to customers while charging them ongoing advice fees. This represents a further $6.4m in payments and offers from these institutions since the last ASIC media release (17-438MR) on the fees for no […]

The Australian Securities and Investments Commission (ASIC) has announced changes to reporting dates for a number of required notifications in the transition to the new financial adviser professional standards reforms. The revised schedule is intended to simplify licensees’ disclosure obligations. ASIC is also clarifying the process for recognising advisers as ‘existing providers’.  Existing providers Financial […]

ASIC has completed a review of the exchange traded products (ETP) market in Australia, including exchange traded funds, aimed at ensuring the market is delivering on promises to investors. The review found that the market is generally performing well, and ETPs are meeting the relatively low cost and liquidity expectations of investors.  However, the review […]

ASIC has released a suite of seven new and updated regulatory guides to provide comprehensive guidance to the funds management industry. The guidance has been updated for changes arising from the Asia Region Funds Passport and brings all of ASIC’s funds management policies up to date to help promote industry-wide consistency. The updates are designed to […]

ASIC has approved the Australian Banking Association’s (ABA’s) new Banking Code of Practice (the Code). ASIC’s approval of the Code follows extensive engagement with the ABA, following a comprehensive independent review and extensive stakeholder consultation. The ABA made additional significant changes to the Code in order to satisfy ASIC that it met our criteria for […]

Organisations that are regulated by ASIC need to complete their business activity statements before Thursday, 27 September 2018 under the Federal Government’s industry funding arrangements. Industry funding commenced on 1 July 2017, requiring organisations regulated by ASIC to contribute toward the associated regulatory costs incurred in the previous financial year. ASIC Commissioner Cathie Armour said […]