Managed funds industry invited to provide feedback on the Asia Region Funds Passport

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ASIC is inviting the Australian funds management industry to contribute to a review of the Asia Region Funds Passport (ARFP) through a short survey. The ARFP is a multilateral framework... Read more continue reading

Beware unintended consequences of financial services reforms

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There may be unintended consequences in the Quality of Advice (QoA) review’s recommendation to deregulate general advice, according to David Wright, CEO of Zenith Investment Partners. “As an investment research... Read more continue reading

BNPL impacted by ASIC Intervention Orders

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Providers of short-term credit and continuous credit contracts are on ASIC’s radar, with ASIC recently issuing two new product intervention orders modifying what fees can be charged when relying on... Read more continue reading

Licensing and professional registration activities – 2022 update

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ASIC has released its annual licensing report. Report 738 Licensing and professional registration activities: 2022 update (REP 738) outlines ASIC’s licensing and professional registration activities, discusses new and proposed changes to our... Read more continue reading

ASIC signs Consultation Agreement with Financial Markets Standards Board

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ASIC has signed a Consultation Agreement (Agreement) with the Financial Markets Standards Board (FMSB) to promote global standards for fair and effective wholesale financial markets. The Agreement formalises ASIC’s active... Read more continue reading

ASIC helps insurers to respond to family violence

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ASIC has granted relief to exempt insurers from providing certain notifications where doing so creates risks of family violence. The relief is outlined in the legislative instrument, ASIC Corporations (Cash Settlement... Read more continue reading

ASIC publishes updated and expanded remediation guidance

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Over the past six years ASIC has overseen at least $5.6 billion in remediation for an estimated seven million Australian consumers for failures identified across the financial system. Around a... Read more continue reading

Perfection shouldn’t be the enemy of good, accessible financial advice

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If there’s a theme running through the Quality of Advice Review proposals, it’s that perfection has become the enemy of the good when it comes to financial advice in Australia,... Read more continue reading

Financial Reporting Changes for AFS Licensees

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New reporting requirements now apply to AFS licensees for financial years commencing 1 July 2021. What are the new financial requirements? AFS licensees previously relying on special purpose financial statements... Read more continue reading

ASIC review finds room for improvement remains with life insurance claims handling

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ASIC’s review of nearly 4800 individual disability income insurance (IDII) claims received between 1 January and 30 June 2021 has found more work is needed by insurers to ensure that... Read more continue reading