APRA and ASIC commence early consultation on FAR

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The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released key materials for consultation, to support the implementation of the Financial Accountability Regime (FAR)... Read more continue reading

Review finds super trustees need to improve retirement outcomes planning

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A thematic review of how superannuation trustees are supporting their members under the Retirement Income Covenant has found that trustees need to make more progress to enhance retirement outcomes. The... Read more continue reading

ASIC acts to ensure better banking outcomes for Indigenous consumers

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An ASIC review has found that some individuals in high-fee transaction accounts, including First Nations people, are paying up to $3000 in overdraw fees over a year. Banks need to... Read more continue reading

DDO phase 2 – adviser compliance ‘need to know’

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From a consumer protection perspective, the Design and Distribution Obligations (DDO) regime, which came into effect in October 2021, represents one of the most significant regulatory reforms of recent years.... Read more continue reading

ASIC levy fee increase a heavy blow for advisors

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Financial advisors and licensed accountants are facing a threefold increase in their ASIC levy to $3217 – an increase the SMSF Association says risks driving more advisors out of the industry. Association... Read more continue reading

ASIC calls on super trustees to appropriately deal with member money when it is first received

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ASIC is calling on superannuation trustees to ensure they are meeting their legal obligations for dealing with incoming money from consumers if a new or increased interest in a super... Read more continue reading

ASIC encourages financial industry organisations to help lead through change

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Speech by ASIC Chair Joe Longo at the ISDA/AFMA Forum, 20 June 2023. Introduction: Taking the lead Before I begin, I would like to acknowledge the traditional owners and custodians... Read more continue reading

ASIC highlights focus areas for 30 June 2023 reporting

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ASIC urges directors, preparers of financial reports and auditors to assess the impact of uncertain market and economic conditions on reporting for full and half-years ending 30 June 2023. ASIC... Read more continue reading

Court case found BDBN held to be invalid

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In this case a binding death benefit nomination was held to be invalid because it had not been given to the trustee, that is, not given to all the trustees... Read more continue reading

ASIC sharpens focus on credit and debt management

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ASIC is warning credit providers and debt management firms that strong, targeted action against predatory lending, high-cost credit and misconduct impacting consumers experiencing financial difficulty is expected in the coming... Read more continue reading