ASIC cancels suspended Australian Financial Services licence for failing to lodge annual statements

From

ASIC has cancelled the Australian Financial Services (AFS) licence of Parramatta-based company Rural & General Insurance Broking Pty Limited (RGIB) for failing to comply with their legal obligations and licence conditions. In particular, ASIC has found that RGIB failed to lodge annual financial statements and auditor’s reports for the financial years ending 30 June 2014 […]

continue reading

ASIC establishes Financial Advisers Consultative Committee

From

ASIC yesterday announced the establishment of the Financial Advisers Consultative Committee, designed to improve industry engagement with its regulator, and revealed its initial membership. ‘ASIC has extensive engagement with participants in the financial advice sector as well as financial advice industry bodies and consumer organisations. We saw benefit in extending our interaction with this sector […]

continue reading

Global Money Week: ASIC offers practical tips and resources to teach kids about money

From

To mark Global Money Week (27 March – 2 April 2017), ASIC’s MoneySmart offers practical tips and resources for parents to help them teach children about money to establish good money habits for life. ‘The dynamic development of mobile banking and online shopping money reinforces the importance of teaching children and young people about money […]

continue reading

CommInsure notes ASIC report

From

CommInsure notes the Report on ASIC’s Investigation into The Colonial Mutual Life Assurance Society Limited released yesterday by the Australian Securities and Investments Commission (ASIC). The report established that various improvements have been made in the CommInsure business over the past year. We will be examining the findings closely as we always know we can […]

continue reading

ASIC reports on how large financial advice firms have dealt with poor advisers

From

ASIC has released the findings of its review of how Australia’s largest financial advice firms have dealt with past poor advice and non-compliant advisers, including how these firms have dealt with affected customers. The review—which forms part of ASIC’s broader Wealth Management Project—was focussed on the conduct of the financial advice arms of AMP, ANZ, […]

continue reading

ASIC consults on ‘sunsetting’ class order about licensing relief for trustees of wholesale equity schemes

From

ASIC yesterday released a consultation paper proposing to either remake or repeal ASIC Class Order [CO 07/74] Wholesale equity schemes: Licensing relief for trustees. This is due to expire (‘sunset’) on 1 October 2017. This instrument grants relief to trustees of wholesale equity schemes from the requirement to obtain an Australian financial services (AFS) licence […]

continue reading

ASIC’s Enforcement Report highlights key outcomes from the second half of 2016

From

ASIC yesterday released its enforcement report for the period 1 July 2016 to 31 December 2016. ASIC’s enforcement results over the six-month period include: The report also covers ASIC’s key priorities and long-term challenges going forward, including: aligning conduct in a market-based system with investor and consumer trust and confidence; digital disruption and cyber resilience […]

continue reading

ASIC updates its guidance on fee disclosure statements

From

ASIC has released an updated Regulatory Guide 245 Fee disclosure statements (RG 245) to reflect regulatory and legislative changes since the guide was first published, including revisions to the Future of Financial Advice (FOFA) reforms. The fee disclosure statement (FDS) obligations require advice providers who have an ongoing fee arrangement with a retail client to […]

continue reading

ASIC consults on ‘sunsetting’ class order about reporting requirements for Australian financial services licensees who are natural persons

From

ASIC has released a consultation paper proposing to remake ASIC Class Order [CO 03/748] Reporting requirements under s989B. This is due to expire (‘sunset’) on 1 October 2017. This instrument grants relief to Australian financial services licensees who are natural persons from the requirement to include in a profit and loss statement any revenues and expenses […]

continue reading

The Hon. Kelly O’Dwyer MP launches Financial Literacy Annual Highlights Report

From

The Minister for Revenue and Financial Services, the Hon. Kelly O’Dwyer MP yesterday launched the National Financial Literacy Strategy Annual Highlights Report 2015-16 at an event at Parliament House in Canberra. Speaking at the event, Minister O’Dwyer highlighted the Australian Government’s commitment to supporting Australians’ financial literacy skills. ‘Financial literacy helps not only with improving living standards […]

continue reading