ASIC releases instrument setting the commission caps and clawback amounts as part of the life insurance advice reforms

From

ASIC has made ASIC Corporations (Life Insurance Commissions) Instrument 2017/510 (Life Insurance Commissions Instrument), as part of the life insurance reform package which was announced by the Government on 6... Read more continue reading

ASIC calls on preparers to focus on the quality of financial report information

From

ASIC has continued to call on companies to focus on giving information for users of financial reports that is useful and meaningful. Announcing its focus areas for 30 June 2017... Read more continue reading

ASIC consults on new example Statement of Advice for life insurance

From

ASIC has released a consultation paper on a new example Statement of Advice (SOA) for life insurance. Consultation Paper 284 Example Statement of Advice for life insurance: Update to RG... Read more continue reading

ASIC proposes next steps on regtech

From

ASIC will establish a new regtech industry liaison network, conduct a number of new technology trials using regtech applications and establish a ‘hackathon’ later this year to help identify roadblocks... Read more continue reading

ASIC provides guidance on common issues in registration of managed investment schemes

From

ASIC has published a new information sheet to explain the common issues we identify in the content of managed investment scheme (scheme) constitutions during the registration process, and how we... Read more continue reading

Compensation update: major financial advisory institutions continue refund programs for fees-for-no-service

From

AMP, ANZ, CBA, NAB and Westpac have so far repaid more than $60 million of an expected $200 million-plus total in refunds and interest for failing to provide general or... Read more continue reading

ASIC warns consumers about investment scams

From

During Consumer Fraud Week 2017, ASIC is reminding consumers to protect themselves against investment scams. ASIC Deputy Chairman Peter Kell said, ‘The Targeting Scams report published yesterday by the Australian Competition and... Read more continue reading

Acquiring property via a trust or company involving a foreign person has got more expensive

From

The NSW Office of State Revenue levies additional stamp duty on acquisitions of land by foreign persons and additional land tax in relation to foreign landholders. As trusts and companies... Read more continue reading

Consumers warned about investment scams promising to assist access to trust funds

From

ASIC urges the public to be wary of cold callers claiming that their investment proceeds have been stopped by ASIC and are being held for them in a trust. These... Read more continue reading

ASIC signs fintech Cooperation Agreement with OJK to promote innovation in financial services

From

The Australian Securities and Investments Commission (ASIC) and Indonesia’s Otoritas Jasa Keuangan (OJK) have entered a Cooperation Agreement to promote innovation in financial services in their respective markets. The agreement,... Read more continue reading