ASIC acts against SMSF auditors involved in reciprocal audit arrangements

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To help protect the integrity of self-managed superannuation fund (SMSFs) audits, ASIC has accepted voluntary cancellations or imposed conditions on the registration of a number of SMSF auditors. These auditors were involved in reciprocal audit arrangements, which create self-interest and familiarity and threaten independence. These actions follow referrals to ASIC by the Australian Taxation Office... Read more continue reading

ASIC consults on Financial Services and Credit Panel regulatory guidance

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ASIC has released Consultation Paper 359 Update to RG 263 Financial Services and Credit Panel (CP 359) seeking feedback on our proposed updates to Regulatory Guide 263 Financial Services and Credit Panel (RG 263). These updates reflect changes to the Financial Services and Credit Panel (FSCP) under the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 (Better Advice Act). The Better... Read more continue reading

ASIC consults on proposals to remake PDS, superannuation dashboard and FSG legislative instruments

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ASIC is seeking industry feedback on proposals to remake relief contained in seven legislative instruments relating to specific financial services disclosure requirements through a consultation paper released today. Most of the instruments will automatically repeal or cease in the next two years if not remade. Consultation Paper 358 Remaking ASIC relief on PDSs, superannuation dashboards and... Read more continue reading

CPD: 2022 Financial Adviser Regulatory Agenda – Key dates and developments

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The collective sigh of relief from advisers, licensees, and industry associations when the calendar turned over to 2022 could be heard all around Australia. After the tumult of 2021, which saw advisers face almost unprecedented levels of reform (including DDO, IDII, new fee disclosure and consent rules, and the removal of grandfathered commissions), the pace... Read more continue reading

ASIC consults on updates to relief for superannuation calculators and retirement estimates

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ASIC has released Consultation Paper 351 Superannuation forecasts: Update to superannuation calculators and estimates relief (CP 351) to seek stakeholder feedback on proposed updates to relief and guidance for superannuation forecasting tools. Superannuation calculators and retirement estimates are low-cost forecasting tools that are intended to be a helpful prompt for consumers to review their financial situation,... Read more continue reading

ASIC consults on consumer remediation draft guidance

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ASIC has released a draft updated and expanded regulatory guide to consult on the way licensees should conduct remediations to return money owed to consumers. The draft guidance is an important step to improving remediation across the financial services industry. Proactive remediation upon discovery of misconduct or other failures is necessary for licensees to achieve... Read more continue reading

AMP enters into enforceable undertaking with APRA  

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AMP has confirmed its superannuation trustees have entered into an enforceable undertaking (EU) with the Australian Prudential Regulation Authority (APRA) in relation to a number of historical matters in its superannuation business. The Trustees – AMP Superannuation Limited and N.M. Superannuation Proprietary Limited – have acknowledged APRA’s concerns in relation to the matters, each of... Read more continue reading

ASIC releases guidance and examples on records of advice

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ASIC has released an information sheet on records of advice (ROA) and three ROA examples to provide clarity to financial advisers and advice licensees on their obligations when using ROAs to provide personal advice to retail clients. INFO 266 FAQs: Records of Advice answers frequently asked questions (FAQs) about ROAs, including questions about their usage, preparation and... Read more continue reading

Appointment of Kirsten Fish as ATO Second Commissioner

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As announced by the Assistant Treasurer, the Hon Michael Sukkar MP, the Australian Taxation Office (ATO) is pleased to confirm the appointment of Ms Kirsten Fish as a Second Commissioner for the ATO for a seven-year period. Ms Fish has been acting as Second Commissioner leading the Law Design and Practice Group at the ATO... Read more continue reading

Surveillance of investment switching by super fund executives identifies concerns with trustees’ conflicts arrangements

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An ASIC surveillance about personal investment switching by directors and senior executives of superannuation trustees has identified concerns with trustees’ management of conflicts of interest. ASIC looked at a sample of 23 trustees (including trustees of industry and retail funds), and focused on conduct during the time of increased market volatility arising from the COVID-19... Read more continue reading