ASIC releases report on financial advice provided by superannuation funds

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ASIC has released Report 639 Financial advice by superannuation funds. This report examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds. In conducting the work, ASIC surveyed 25 superannuation funds about how they help members obtain financial advice (survey) and reviewed a sample […]

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ASIC reports on compliance with financial advice fee disclosure obligations

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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 […]

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ASIC releases updated RG 97 on fees and cost disclosure

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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 […]

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ASIC fee relief for bushfire-affected customers

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ASIC is offering assistance for customers, including small businesses, who are affected by the current bushfires in New South Wales and Queensland by providing relief from various company-related fees that may be payable. ASIC Commissioner John Price said, ‘ASIC is committed to easing the burden and offering whatever assistance we can to support individuals and […]

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ASIC outlines approach to advice licensee obligations for the financial adviser code of ethics

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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 […]

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The race is on to find $20.8 billion in super

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New Australian Taxation Office (ATO) data shows that there is over $20.8 billion in lost and unclaimed super across Australia. Today we published the amount of lost and unclaimed super by postcode to help people find their superannuation they have lost touch with. Assistant Commissioner Graham Whyte said that last year over 540,000 active, lost and unclaimed […]

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ASIC relief from financial adviser compliance scheme obligations takes effect

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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 […]

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ASIC acts against SMSF auditor misconduct

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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 […]

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ASIC warns trustees on new rules for Putting Members’ Interests First

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ASIC has called on superannuation trustees to improve the standard of communication to fund members about important reforms impacting member insurance arrangements. As a result of the recent Putting Members’ Interests First (PMIF) reforms, by 1 December 2019 superannuation trustees are required to write to members with a balance of less than $6,000. These members […]

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European Securities and Markets Authority and ASIC to co-operate on benchmarks

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The European Securities and Markets Authority (ESMA) and the Australian Securities and Investments Commission (ASIC) are pleased to announce that they have signed a Memorandum of Understanding (MoU) setting out cooperation arrangements in respect of Australian benchmarks[1]. The EU Benchmarks Regulation (BMR) prescribes a European common framework to ensure the integrity and accuracy of benchmarks […]

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