ASIC’s Interim Corporate Plan for 2020-21

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ASIC has published its Interim Corporate Plan, which sets out five priorities to tackle the challenges presented by the COVID-19 pandemic: protecting consumers from harm at a time of heightened vulnerability maintaining financial system resilience and stability supporting Australian businesses to respond to the effects of COVID-19 continuing to identify, disrupt and take enforcement action

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ASIC sets expectations for maintaining equity market resilience

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ASIC has outlined its expectations for all market participants to act appropriately to ensure Australia’s equity markets remain resilient. In a letter published last week [14 May, 2020], all equity market participants are requested to take reasonable steps to ensure the number of trades matched from their orders: are capable of being handled by their internal processing and

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ASIC secures over $160 million in remediation for junk consumer credit insurance

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ASIC announced the final tranche in over $160 million in remediation for consumers sold junk consumer credit insurance (CCI). This follows ASIC’s 2019 report (REP 622) on the sale of CCI by 11 major banks and lenders across eight years, which found that the design and sale of CCI had consistently failed consumers. ASIC Deputy

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ASIC establishes a national expert group on young people and money

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This week, the Organisation for Economic Co-operation and Development (OECD) released the 2018 Programme for International Student Assessment (PISA) financial literacy results. The survey measures how well 15-year-olds understand commonly used financial concepts and how capable they are at solving routine problems in financial contexts. In 2018, Australian students performed above the OECD average and

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Retail investors at risk in volatile markets

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ASIC analysis of markets during the COVID-19 period has revealed a substantial increase in retail activity across the securities market, as well as greater exposure to risk. We found that some retail investors are engaging in short term trading strategies unsuccessfully attempting to time price trends. Trading frequency has increased rapidly, as has the number

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ASIC sends letters to general and life insurers about the current COVID-19 environment

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ASIC is committed to working constructively and pragmatically with general and life insurers to help Australians affected by the COVID Pandemic to recover, and to aid the general functioning of the economy. ASIC expects insurers to handle insurance claims with utmost good faith and to deal with complaints genuinely, promptly, fairly and consistently. Insurers should

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ASIC moves against SMSF auditor misconduct

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ASIC has acted to disqualify, suspend or add conditions to the registration of a number of auditors of self-managed superannuation funds (SMSFs). The actions followed ASIC concerns about failures to meet independence and auditing standards, failure to comply with Continuing Professional Development (CPD) requirements and otherwise not being a fit and proper person. SMSF auditors

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ASIC reports on corporate finance regulation – July to December 2019

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ASIC has released the final report on its oversight of corporate finance activity between July to December 2019. Following the release of Report 659 ASIC regulation of corporate finance: July to December 2019 (REP 659), ASIC will shift to providing corporate finance updates through quarterly newsletters. This will improve stakeholder engagement and allow for timely guidance on

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Details of changes to ASIC regulatory work and priorities in light of COVID-19

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ASIC has previously stated it would temporarily change its regulatory work and priorities to allow it and regulated entities to focus on the impact of COVID-19. This will include the deferral of some activities and redeployment of staff to address issues of immediate concern, including maintaining the integrity of markets and protecting vulnerable consumers. ASIC

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ASIC grants relief to industry to provide affordable and timely financial advice during the COVID-19 pandemic

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ASIC has announced three temporary relief measures that will assist industry in providing consumers with affordable and timely advice during the COVID-19 pandemic. Relief to facilitate advice about early access to superannuation As part of its COVID-19 economic response, the Government introduced measures to allow individuals facing particular financial hardship due to the COVID-19 pandemic

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