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
14 Sep 2016

Westpac refunds $20 million in credit card foreign transaction fees, as ASIC warns consumers on foreign transaction fees for Australian dollar transactions

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Westpac Banking Corporation (Westpac) has recently refunded approximately $20 million to around 820,000 customers for not clearly disclosing the types of credit card transactions that attract foreign transaction fees. Following... Read more continue reading
09 Sep 2016

ANZ to refund nearly $29 million to more than 390,000 accounts as a result of unclear fee disclosures

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Australia and New Zealand Banking Group Limited (ANZ) is refunding $28.8 million to 376,570 retail accounts, and 17,230 business accounts, after it failed to clearly disclose when certain periodical payment... Read more continue reading
06 Sep 2016

Robo advisers must reach beyond ASIC’s low minimum standards

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Australian robo advisers must reach beyond the limited scope of recently published ASIC RG255 guidance on digital advice. Regulatory Guide 255 about providing digital financial advice leaves many questions about... Read more continue reading
05 Sep 2016

ASIC releases guidance on regulating digital advice

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ASIC has released its guidance on providing digital financial product advice for retail investors: Providing digital financial product advice to retail clients (RG 255). The guide brings together some of... Read more continue reading
31 Aug 2016

Review of Australian equity market cleanliness

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A review by ASIC has found an overall improvement in the measures of cleanliness in the Australian listed equity market over the past decade. Report 487 Review of Australian equity... Read more continue reading
10 Aug 2016

ASIC consults on communicating audit findings to directors, audit committees or senior managers

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ASIC yesterday released a consultation paper about it directly communicating specific financial reporting and audit findings identified from ASIC reviews of external audit files to directors, audit committees or senior managers... Read more continue reading
26 Jul 2016

ASIC consults on proposed guidance on risk management

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ASIC yesterday released a consultation paper and proposed regulatory guidance on risk management practices for responsible entities in the managed funds sector. Consultation Paper 263 Risk management systems of responsible entities:... Read more continue reading
22 Jul 2016

ASIC reports on review of due diligence practices in IPOs

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An ASIC review of issuer due diligence in initial public offerings (IPO), has found a close correlation between defective disclosure in a prospectus and poor due diligence. REP 484 Due... Read more continue reading
15 Jul 2016

ASIC warns 185 SMSF auditors to lodge annual statements or their registration will be cancelled

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ASIC is sending a final warning to 185 approved SMSF auditors that their registration will be cancelled if their outstanding annual statements are not lodged with fees paid by 22... Read more continue reading
29 Jun 2016