Royal commission response: Anti-hawking

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Currently insurers are not permitted to offer financial products for issue or sale to retail clients in the course of or because of an unsolicited meeting at all, or in... Read more continue reading

Some AFS licensees may be breaking overseas laws

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Australian financial service (AFS) licensees that offer OTC derivatives to retail investors located in some overseas jurisdictions may be providing unlicensed or unauthorised services in those jurisdictions. Retail OTC derivatives... Read more continue reading

ASIC surveys highlight continued growth in innovative funding platforms

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Recent surveys of market sectors supported through ASIC’s Innovation Hub shows fintech businesses are continuing to see growth in demand for alternative funding sources. ASIC’s Innovation Hub exists to foster innovation that... Read more continue reading

Do responsible managers need ASIC approval?

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There is no legal requirement for ASIC to “approve” Responsible Managers (RMs), but that’s exactly what’s happening in practice. It’s now creating problems for licensees and RMs. The letter of... Read more continue reading

UK Financial Conduct Authority and Australian Securities and Investments Commission agree to strengthen cooperation post-Brexit

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The UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) yesterday announced they have agreed two Memoranda of Understanding to ensure there is continuity once the... Read more continue reading

ASIC welcomes approval of new laws to protect financial service consumers

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ASIC has welcomed the passage of key financial services reforms contained in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) legislation introducing: a design and distribution obligations... Read more continue reading

How the federal budget super changes impact you

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Australians close to retirement will have the opportunity to contribute more money into their superannuation should several new measures announced in the Federal Budget become law. The government has revealed... Read more continue reading

APRA and ASIC publish world-leading life insurance data

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The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released a series of publications and an online tool allowing policyholders – for the first... Read more continue reading

‘Mind the gap’ – consumers confusing different types of financial advice

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ASIC has released new research revealing many consumers confuse ‘general’ and ‘personal’ advice exposing them to greater risk of poor financial decisions. The ASIC report, Financial advice: Mind the gap(REP 614),... Read more continue reading

Royal Commission Response – Claims as financial service

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The recommendation to regulate claims handling as a ‘financial service’ impacts both general insurance and life insurance, although this analysis is limited to general insurance. The change may be more far-reaching... Read more continue reading