ASIC extends relief for foreign financial services providers

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ASIC has extended to 31 March 2020 licensing relief for foreign financial services providers (FFSPs) to allow them to provide certain financial services to Australian wholesale clients without needing to

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17 Sep 2019

ASIC update on Royal Commission implementation

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ASIC has provided its second update on its actions in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). The Update

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16 Sep 2019

ASIC makes product intervention order banning short term lending model to protect consumers from predatory lending

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ASIC has used its product intervention power to ban a model of lending in the short term credit industry which has been found to cause significant consumer detriment. In its

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16 Sep 2019

ASIC commences court action against Select AFSL over phone sales of life insurance

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ASIC has commenced civil penalty proceedings in the Federal Court against Select AFSL Pty Ltd (Select), BlueInc Services Pty Ltd (BlueInc), Insurance Marketing Services Pty Ltd (IMS) and director Russell

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10 Sep 2019

ASIC research highlights the importance of reforms for mortgage brokers and home lending

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ASIC has released a report Looking for a mortgage: Consumer experiences and expectations in getting a home loan. As part of this research, ASIC followed over 300 consumers in the

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02 Sep 2019

Consumers see value in financial advice, but lack of trust remains an issue

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New ASIC consumer research released reveals the barriers faced by consumers when considering financial advice. ASIC’s Report 627, Financial advice: What consumers really think (REP 627) presents independent research into consumer experiences of,

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29 Aug 2019

ASIC to review industry transition towards ending grandfathered remuneration for financial advice

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ASIC is investigating the progress of transition away from grandfathered conflicted remuneration arrangements for financial advisers. The investigation, directed by the Treasurer following the Government’s commitment to end the practice

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23 Aug 2019

Details for public hearings on ASIC’s responsible lending guidance announced

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ASIC will hold public hearings in Sydney on the 12th of August and Melbourne on the 19th of August. The hearings are part of the wider public consultation on ASIC’s

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08 Aug 2019

ASIC has warned superannuation trustees about influencing employers’s choice of default fund through improper inducements

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ASIC has issued guidance to superannuation trustees, reminding them that using improper inducements to influence employers in their choice of default fund is illegal. The guidance set out in Infosheet

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02 Aug 2019

ASIC update on compensation by institutions for poor financial advice

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Australia’s five largest banking and financial services institutions have paid a total of $119.7 million in compensation as at 30 June 2019 to customers who suffered loss or detriment because

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02 Aug 2019