Financial advisers urged to ensure registration by 31 December 2018

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The Australian Securities and Investments Commission (ASIC) is reminding financial advisers, who are currently authorised, to make sure that they are on ASIC’s Financial Advisers Register no later than 31 December 2018,... Read more continue reading

FASEA releases Code of Ethics legislative instrument

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FASEA has released its legislative instrument for the Code of Ethics standard for consultation. The legislative instrument was informed from consultation received through 37 formal submissions during FASEA’s consultation process... Read more continue reading

ASIC begins consultation on updated competence requirements for advice licensees

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The Australian Securities and Investments Commission (ASIC) is inviting input on proposed updates to our organisational competence requirements for advice licensees through the release of a consultation paper yesterday. ASIC... Read more continue reading

Impact of the GDPR on Australian businesses

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You may think you’re not affected by the European Union’s new General Data Protection Regulation because you don’t advise clients in the EU? Think again – especially if you use... Read more continue reading

AFCA open for business: time for licensees to update ASIC with their AFCA membership details

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ASIC has welcomed the achievement of a major milestone for Australian consumers and small business – the start of Australia’s new financial services dispute resolution scheme, the Australian Financial Complaints... Read more continue reading

Wealth industry unprepared for liability shift in new ‘Seller Beware’ rules

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New rules likely to soon pass Australia’s parliament will make financial advisers and product issuers directly liable for ensuring financial products are only sold to suitable customers — shifting responsibility from... Read more continue reading

FINSIA keeps pushing for professionalism in its submission to the Hayne Inquiry

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FINSIA, the Financial Services Institute of Australasia, keeps pushing for professionalisation by advocating for uniform standards of conduct and competence for individuals in its second submission to Commissioner Hayne’s inquiry.... Read more continue reading

Self-managed superannuation funds auditor enforcement actions

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ASIC has deregistered, suspended or imposed conditions on 101 self-managed superannuation funds (SMSF) auditors for audit quality and independence issues or on fit and proper person criteria since the registration... Read more continue reading

Financial firms yet to join Australian Financial Complaints Authority must act immediately

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More than 35,000 financial firms required to join the Australian Financial Complaints Authority (AFCA) have now joined the scheme. There are more than 300 licensed financial firms who are still... Read more continue reading

APRA and ASIC empower consumers with new reporting standard on life insurance claims

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Consumers will soon have access to high-quality, comparable data on life insurance claims and disputes after the Australian Prudential Regulation Authority (APRA) issued a new reporting standard to the industry.... Read more continue reading