ASIC welcomes industry funding consultation

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ASIC welcomes the Government’s continued support for the introduction of an ASIC industry funding model and the release yesterday of the Proposals paper issued by Treasury on the proposed model.... Read more continue reading

ASIC consults on four ‘sunsetting’ class orders on registered managed investment schemes

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ASIC has released a consultation paper proposing to remake four class orders on registered schemes, which are due to expire (‘sunset’) between 1 October 2017 and April 2018. The instruments that... Read more continue reading

ASIC issues industry review of life insurance claims

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ASIC yesterday released its review of the life insurance sector’s handling of claims. The review found that, while life insurers are paying the considerable majority of claims, there are significant shortcomings... Read more continue reading

Statement from Tal regarding Life Insurance Code of Practice

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TAL fully supports the Financial Services Council (FSC) in their development of a strong Life Insurance Code of Practice, which was released yesterday. This Code of Practice sets out substantial... Read more continue reading

ASIC warns AFS licensees to lodge financial statements and auditor’s reports on time

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ASIC has been pursuing Australian Financial Services (AFS) licensees that have failed to meet their obligation to lodge their annual financial statements and auditor’s reports with ASIC within the specified... Read more continue reading

Second tranche of draft super reforms released

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Treasury has released the second tranche of exposure draft legislation and regulatory amendments to implement their proposed budget measures. Here, IOOF Technical Services Manager, Josh Rundmann, explains the changes and... Read more continue reading

ASIC updates regulatory framework for charitable investment fundraisers

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ASIC has issued a revised policy and regulatory framework for charities that raise investment funds. The framework removes regulatory barriers to the issue of financial products while strengthening protection for... Read more continue reading

Confronting report warms advisers imminent regulatory changes will address the industry’s ‘sleeper’ issues.

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Listed managed discretionary account operator, Managed Accounts Holdings Limited (MGP) has released a detailed report on the potential impact of regulatory changes to the operation of managed accounts and how advisory firms... Read more continue reading

IOOF: Dropping the retrospective super cap creates new opportunities for clients

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This change will also remove the contentious provisions that would look back and take into account contributions made since 2007. Neither the Coalition backbench nor the ALP Opposition were ever... Read more continue reading

Westpac refunds $9.2 million after failing to waive bank account fees for eligible customers

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Westpac Banking Corporation (Westpac) has refunded approximately $9.2 million to 161,414 customers after it failed to waive fees on Westpac and St. George branded savings and transaction accounts over six... Read more continue reading