ASIC updates information for businesses on ICOs and crypto-assets

From

ASIC has released new information to help businesses involved with initial coin offerings (ICOs) and crypto-assets to consider their legal obligations and satisfy themselves they are operating lawfully. ASIC has updated Information Sheet 225 Initial coin offerings and crypto-assets (INFO 225) based on our recent experiences with ICOs and crypto-assets, which indicate that ICOs and crypto-assets will often […]

continue reading

Royal Commission response: Design and distribution obligations

From

In the last sitting week of parliament, the first piece of legislation responding to the Hayne Report was passed. New product design and distribution obligations will apply to insurers (and underwriting agencies) from 5 April 2021 requiring them to develop and document a target market determination for each retail client product. New obligations will ensure that product […]

continue reading

Can’t get mandatory PI cover? Here’s what to do

From

Some financial services and credit licence applications are being delayed because licensees simply cannot buy professional indemnity (PI) insurance. We outline what to do if this is happening to you. The Royal Commission has made it more difficult for licensees to get PI insurance The insurance market has hardened following the Royal Commission. This is […]

continue reading

New credit card rules affect all lenders and brokers

From

This is the first post in a two part series on the new responsible lending rules for credit cards. Tighter new rules mean that credit card providers must assess credit card applications more strictly. While not mandatory, other lenders and brokers should apply the same rules to their loan applications. What has changed? In the […]

continue reading

ASIC Chair issues ‘fairness challenge’ at Annual Forum

From

The 24th ASIC Annual Forum in Sydney on 16-17 May 2019 saw more than 950 delegates attend 13 sessions on how financial market participants can meet community expectations when dealing with other people’s money. In his introductory comments, ASIC Chair James Shipton said the theme of this year’s forum, ‘Other people’s money’, was to remind […]

continue reading

Doing the right thing by your customers: ASIC consults on lifting standards and transparency of complaints handling

From

ASIC has initiated public consultation on new standards about how financial firms handle consumer and small business complaints. The proposed standards, which include new mandatory data reporting, will improve the way that consumer complaints are dealt with across the financial system and make firms’ complaints handling performance transparent. Financial firms will be required by ASIC […]

continue reading

Beleaguered wealth managers told to ‘think differently’ about leadership structures

From

Wealth managers and financial services organisations – such as ANZ, IOOF and NAB – that are working their way through the implications of the Royal Commission were told to start thinking differently regarding their leadership structures.  IOOF, which is seeking a new CEO, revealed just this week that it will require the approval of the […]

continue reading

Industry funding reminder for financial services licensees

From

ASIC has reminded Australian financial services and Australian credit licensees who have industry funding obligations to factor in the time it may take ASIC to assess applications to cancel or vary their licence, as part of any measures by licensees to reduce the industry levy they are charged for the 2019-20 financial year. ASIC Commissioner […]

continue reading

ASIC announces problem-solving regtech events for financial services industry

From

ASIC has launched three regulatory technology (regtech) events in conjunction with industry and other stakeholders to promote regtech adoption among Australian financial services organisations. These events are an opportunity for regtech startups, scaleups and financial services organisations’ in‑house development teams to demonstrate how their solutions can: Monitor, identify and analyse financial advertising promotions to determine […]

continue reading

Significant opportunity to professionalise financial advice in the post-Hayne era say CFA Societies Australia and CFA Institute

From

CFA Societies Australia and CFA Institute today released policy recommendations in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Australia. The report, entitled “Professionalising Financial Advice”, was developed following extensive consultation with CFA Societies Australia Advocacy Council and other investment management industry leaders in collaboration with the […]

continue reading