ASIC consults on consumer remediation draft guidance

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ASIC has released a draft updated and expanded regulatory guide to consult on the way licensees should conduct remediations to return money owed to consumers. The draft guidance is an important step to improving remediation across the financial services industry. Proactive remediation upon discovery of misconduct or other failures is necessary for licensees to achieve

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ASIC releases guidance and examples on records of advice

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ASIC has released an information sheet on records of advice (ROA) and three ROA examples to provide clarity to financial advisers and advice licensees on their obligations when using ROAs to provide personal advice to retail clients. INFO 266 FAQs: Records of Advice answers frequently asked questions (FAQs) about ROAs, including questions about their usage, preparation and

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Appointment of Kirsten Fish as ATO Second Commissioner

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As announced by the Assistant Treasurer, the Hon Michael Sukkar MP, the Australian Taxation Office (ATO) is pleased to confirm the appointment of Ms Kirsten Fish as a Second Commissioner for the ATO for a seven-year period. Ms Fish has been acting as Second Commissioner leading the Law Design and Practice Group at the ATO

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Surveillance of investment switching by super fund executives identifies concerns with trustees’ conflicts arrangements

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An ASIC surveillance about personal investment switching by directors and senior executives of superannuation trustees has identified concerns with trustees’ management of conflicts of interest. ASIC looked at a sample of 23 trustees (including trustees of industry and retail funds), and focused on conduct during the time of increased market volatility arising from the COVID-19

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Report on competition in the Australian funds management industry released

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ASIC has released a report on the state of competition in Australia’s funds management industry. ASIC commissioned independent research by Deloitte Access Economics (Deloitte) to examine competition between fund managers with a focus on outcomes delivered to investors in retail managed investment products. Report 702 Competition in funds management contains Deloitte’s findings. Deloitte’s research found that: retail

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ASIC publishes guidance on hawking reforms

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ASIC has published updated regulatory guidance on the prohibition of hawking financial products. ASIC’s updated regulatory guide (RG 38) reflects the reforms to the anti-hawking regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, which commence on 5 October 2021. These reforms flow from recommendations of the Royal Commission into Misconduct in the

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Licensing and professional registration activities: 2021 update

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ASIC’s Licensing and professional registration activities: 2021 update (Report 700) outlines key issues, new and proposed changes to our licensing processes, and other work we have undertaken that affects licensees. Between July 2020 and June 2021, ASIC received 1,883 Australian financial services licence (AFSL) and Australian credit licence (ACL) applications (a significant increase from 1,346 the

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ASIC publishes guidance on breach reporting

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ASIC has released regulatory guidance to help credit and Australian Financial Services (AFS) licensees to meet new breach reporting obligations. Set to commence on 1 October 2021, the breach reporting reforms address long-standing concerns about breach reporting by making the reporting consistent, clearer and timely across the industry. ASIC Deputy Chair Karen Chester said, ‘The

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Check on superannuation trustee preparedness for new IDR requirements finds more work required

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A recent ASIC survey of registrable superannuation entities (trustees) about their preparedness for the new enforceable internal dispute resolution (IDR) obligations has identified some important areas requiring further work. Following the survey, ASIC engaged with individual trustees to understand in more detail the steps taken in their preparation. ASIC undertook this work to assist trustees

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ASIC publishes Corporate Plan 2021-25

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ASIC’s Corporate Plan 2021-25[1] outlines our priorities over the next four years to achieve a fair, strong and efficient financial system for all Australians. The Corporate Plan is consistent with ASIC’s new Statement of Intent[2] released last week in response to the Australian Government’s Statement of Expectations[3]. ASIC Chair Joe Longo said, ‘ASIC has an important

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