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A new report about fee disclosure obligations released by ASIC has found that consumers receiving financial advice could be at risk of receiving wrong information about advice fees, or in some cases, being charged fees after ongoing fee arrangements have terminated. Report 636 Compliance with the fee disclosure statement and renewal notice obligations (REP 636), reports on ASIC’s […]

ASIC has released updated guidance on fees and cost disclosure for issuers of superannuation and managed investment products. The updated version of Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic Statements (RG 97) explains how product issuers and platform operators should disclose fees and costs. ASIC Commissioner Danielle Press said, ‘Consistent and comparable disclosure helps […]

As announced on 14 November 2019, ASIC has taken action to provide certainty to Australian financial services (AFS) licensees that they will not be in breach of the law because their financial advisers were not able to register with an ASIC-approved compliance scheme by 1 January 2020, as originally required. ASIC’s action follows a Government […]

ASIC has taken action to provide certainty to Australian financial services (AFS) licensees that they will not be in breach of the law because their financial advisers were not able to register with an ASIC-approved compliance scheme by 1 January 2020, as originally required. ASIC has granted a three-year exemption to all AFS licensees from […]

ASIC has moved to disqualify or add conditions to the registration of three auditors of self-managed superannuation funds (SMSFs). The actions arose following ASIC concerns about failures to meet requirements, including independence standards and auditing standards, or failing to comply with further conditions on the approved SMSF auditor’s registration. SMSF auditors disqualified ASIC disqualified the […]