FPA Conduct Review Commission hands down determination for Sam Henderson case

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The Financial Planning Association of Australia (FPA) independent disciplinary body, the Conduct Review Commission (CRC), has found Sam Henderson breached the FPA’s Code of Professional Practice (FPA Code). The CRC’s Determination was published yesterday. The CRC found that nine out of the ten alleged breaches of the FPA Code were proven. Information in relation to […]

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CFTC and ASIC sign fintech cooperation arrangement

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The US Commodity Futures Trading Commission (CFTC) and the Australian Securities and Investments Commission (ASIC) today signed an arrangement to cooperate and support innovation through each other’s financial technology (fintech) initiatives – CFTC’s LabCFTC and ASIC’s Innovation Hub. ‘The signing of this arrangement with ASIC advances our mutual interest in facilitating technological innovation and development to enhance our […]

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Historic reforms to spur real competition in banking

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Release yesterday of a draft bill to lower barriers to capital raising by mutual banks, credit unions and building societies is a significant step forward in promoting competition in banking. “We welcome this draft bill to amend the Corporations Act to increase our sector’s capacity to expand and take opportunities while staying true to our […]

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ASIC continues small business focus for 2018-19

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ASIC has released its Corporate Plan for 2018-19 to 2021-22 and small business continues to be an important stakeholder for ASIC, reflected in the plan’s action items for 2018-19. ASIC Commissioner John Price said, ‘As Australia’s regulator for companies, financial markets and providers of financial services and consumer credit, ASIC works to help small business succeed as […]

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FOS / AFCA transition involves much work for AFL licensees

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By now, all credit and financial services licensees, and superannuation trustees must have joined AFCA. But don’t overlook the additional work required to effectively transition from your existing external dispute body to AFCA by 1 November 2018. The two key things you need to do are: 1. Update documents and your website to refer to […]

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ASIC releases guidance on code of ethics compliance schemes for financial advisers

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ASIC has released guidance on its proposed approach to approving and overseeing compliance schemes for financial advisers (RG 269). The financial advice professional standards reforms include obligations for financial advisers to, from 1 January 2020, comply with a code of ethics and be covered by an ASIC-approved compliance scheme under which their compliance with the […]

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ASIC review finds unacceptable delays by financial institutions in reporting, addressing and remediating significant breaches

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In a report released yesterday, ASIC has identified serious, unacceptable delays in the time taken to identify, report and correct significant breaches of the law among Australia’s most important financial institutions. The report REP 594 Review of selected financial services groups’ compliance with the breach reporting obligation examined the breach reporting processes of 12 financial services groups, including […]

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Regulated by ASIC? Urgent action required by 27 September

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Organisations and individuals regulated by ASIC must act by this Thursday 27 September to meet their legal obligations under new industry funding laws. ASIC sent a letter in July to each organisation and individual’s company’s registered office address. This letter advised how to provide industry funding contact details and submit business activity metrics in the […]

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ASIC reports on climate risk disclosure by Australia’s listed companies

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An ASIC report on climate risk disclosure by Australia’s listed companies has found more can be done to improve consistency in disclosure practices across listed companies, with very limited climate risk disclosure outside of the top-200 companies. Report 593 Climate risk disclosure by Australia’s listed companies (REP 593) sets out ASIC’s high-level findings and recommendations for listed companies […]

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Financial firms must join AFCA now

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ASIC warns all Australian financial services licensees, Australian credit licensees, authorised credit representatives and superannuation trustees that they must join the Australian Financial Complaints Authority (AFCA) now if they have not already done so. The Minister for Financial Services set a membership deadline for joining AFCA of 21 September 2018. This can be done via […]

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