ASIC extends temporary financial advice relief measure in COVID-19 instrument

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ASIC has announced that it will extend one of three temporary relief measures designed to help the financial advice industry provide consumers with affordable and timely advice during the COVID-19

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16 Apr 2021

ASIC warns time is fast running out for insurance claims handling AFS licence applications

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ASIC has called on insurance claims handling firms to lodge licence applications (new and varied) as soon as possible, and by no later than 7 May 2021. Since 1 January

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09 Apr 2021

ASIC issues information sheet on managing conduct risk during LIBOR transition

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ASIC has published Information Sheet 252: Managing conduct risk during LIBOR transition (INFO 252) on practical guidance that Australian entities can adopt to manage conduct risk during the London Interbank Offered

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01 Dec 2020

ASIC consults on promoting access to affordable advice for consumers

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ASIC has issued Consultation Paper 332 Promoting access to affordable advice for consumers (CP 332). CP 332 seeks input from industry participants and relevant stakeholders to help ASIC understand: the issues and

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19 Nov 2020

ASIC extends COVID-19 relief for certain capital raisings and financial advice

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ASIC is extending the temporary relief for capital raisings and financial advice due to the continuing uncertain impacts of COVID-19. ASIC is also extending the financial advice relief related to

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25 Sep 2020

ASIC tells fund managers to be ‘true to label’

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A recent ASIC surveillance has found that fund managers must do more to ensure their products are ‘true to label’ – that the product name aligns with the underlying assets.

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25 Sep 2020

ASIC grants industry-wide relief to help members of frozen funds make hardship withdrawals

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ASIC have announced new relief measures for operators of managed funds to facilitate withdrawals by members facing financial hardship (hardship relief) during the COVID-19 pandemic. The conditional relief is available

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28 Aug 2020

Superannuation trustees compensate members wrongly classified as ‘smokers’

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Superannuation trustees that were classifying new members as ‘smokers’ by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the

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10 Aug 2020

ASIC’s responsible lending appeal dismissed by the Full Federal Court

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On 10 September 2019, ASIC filed an appeal with the Federal Court of Australia against the decision of the Honourable Justice Perram regarding ASIC’s allegations against Westpac Banking Corporation (Westpac)

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30 Jun 2020

ASIC approves temporary COVID-19 changes to the Banking Code

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ASIC has approved a variation of the Banking Code of Practice (Code). The variation, as proposed by the Australian Banking Association (ABA), involves the insertion of a ‘Special Note’ into

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29 Jun 2020