Reforms to mutuals a win for all consumers

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RACQ has applauded the Federal Government’s announcement it would level the playing field for customer-owned and mutual organisations in the financial services sector by allowing them greater freedom to access... Read more continue reading

Why ASIC is stopping ICOs

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ASIC has recently stopped a number of retail initial coin offerings and token generation events (ICOs), has taken action in respect of a completed ICO and has even issued a... Read more continue reading

ASIC updates guidance as crowd-sourced funding regime extends to proprietary companies

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ASIC has released updated regulatory guides to coincide with the extension of the crowd-sourced funding (CSF) framework to eligible proprietary companies. This starts on 19 October 2018. ASIC has amended... Read more continue reading

ASIC announces review of school banking

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As the lead Australian Government agency for financial capability, ASIC has announced that it will commence a review of school banking programs in primary schools. Across the country young people... Read more continue reading

ASIC action on compliance breaches with fees disclosure and renewal notices

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ASIC has announced a review of compliance with requirements for Fee Disclosure Statements and Renewal Notices in the financial advice sector. ASIC has received a number of breach reports from... Read more continue reading

FPA Conduct Review Commission hands down determination for Sam Henderson case

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The Financial Planning Association of Australia (FPA) independent disciplinary body, the Conduct Review Commission (CRC), has found Sam Henderson breached the FPA’s Code of Professional Practice (FPA Code). The CRC’s... Read more continue reading

CFTC and ASIC sign fintech cooperation arrangement

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The US Commodity Futures Trading Commission (CFTC) and the Australian Securities and Investments Commission (ASIC) today signed an arrangement to cooperate and support innovation through each other’s financial technology (fintech)... Read more continue reading

Historic reforms to spur real competition in banking

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Release yesterday of a draft bill to lower barriers to capital raising by mutual banks, credit unions and building societies is a significant step forward in promoting competition in banking.... Read more continue reading

ASIC continues small business focus for 2018-19

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ASIC has released its Corporate Plan for 2018-19 to 2021-22 and small business continues to be an important stakeholder for ASIC, reflected in the plan’s action items for 2018-19. ASIC Commissioner John... Read more continue reading

FOS / AFCA transition involves much work for AFL licensees

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By now, all credit and financial services licensees, and superannuation trustees must have joined AFCA. But don’t overlook the additional work required to effectively transition from your existing external dispute... Read more continue reading