ASIC has warned superannuation trustees about influencing employers’s choice of default fund through improper inducements

From

ASIC has issued guidance to superannuation trustees, reminding them that using improper inducements to influence employers in their choice of default fund is illegal. The guidance set out in Infosheet... Read more continue reading

ASIC update on compensation by institutions for poor financial advice

From

Australia’s five largest banking and financial services institutions have paid a total of $119.7 million in compensation as at 30 June 2019 to customers who suffered loss or detriment because... Read more continue reading

A recent study has upheld the Australian equity market’s record for cleanliness

From

A recent review by ASIC found Australian equity markets continue to operate with a high degree of integrity. Report 623 Review of Australian equity market cleanliness: 1 November 2015 to 31... Read more continue reading

ASIC acts against SMSF auditor misconduct

From

ASIC has acted to disqualify or add conditions to the registration of a number of auditors of self-managed superannuation funds (SMSFs). The actions arose following ASIC concerns about failures to... Read more continue reading

ASIC ensures licensees meet their AFCA membership obligations

From

After commencing operations on 1 November 2018, the Australian Financial Complaints Authority (AFCA) advised ASIC that 58 financial services licensees and 217 credit licensees, who previously held external dispute membership with... Read more continue reading

ASIC consults on remaking class order on departed former temporary residents’ superannuation

From

ASIC has released a consultation paper about whether it should remake a class order that provides conditional relief to superannuation trustees from obligations in the Corporations Act 2001 (Corporations Act) that... Read more continue reading

ASIC provides new guidance for certain AFS licence applications

From

ASIC has released Information Sheet 240 AFS licensing – Requirements for certain applicants to provide further information (INFO 240) to provide guidance to applicants on recent changes to ASIC’s Australian financial services (AFS)... Read more continue reading

Royal Commission response: Add-on insurance

From

Sale of so-called ‘add-on insurances’ has been widely criticised in Australia for some time. Here’s why: High pressure sales methods Poor value products, poorly understood Sometime a consumer is not... Read more continue reading

Five reasons ASIC will reject your licence application

From

ASIC rejects 30% of AFS licence applications and 24% of credit licence applications. In this article, we explain why it rejects applications and give you tips on how to avoid... Read more continue reading

ASIC publishes submissions and announces public hearings on responsible lending guidance

From

ASIC will hold public hearings as part of the wider public consultation on its guidance on the responsible lending obligations. This consultation commenced in February 2019, and ASIC has received... Read more continue reading