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 outlines a number of measures across the organisation by which ASIC is implementing the seven priorities highlighted in its Corporate Plan 2019-23, one of which is […]
continue readingASIC 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 first deployment of this power ASIC targeted a particular business model where a short term credit provider and its associate charged fees under separate contracts. […]
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16
Sep
2019
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 Howden alleging breaches of the law arising from telephone sales of life and accidental injury insurance issued by St Andrew’s Life Insurance Pty Ltd under […]
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10
Sep
2019
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 process of taking out a home loan and surveyed another 2,000 consumers. This research examines consumer decision-making in relation to home loans to identify what […]
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02
Sep
2019
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, and attitudes towards, financial advice and the advice industry. The research focused on the overall use of financial advisers, motivators and barriers to seeking personal […]
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29
Aug
2019
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 by 1 January 2021, will review the steps taken by industry participants from 1 July 2019 until the 2021 deadline. ASIC will also investigate any […]
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23
Aug
2019
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 guidance on the responsible lending obligations. It will allow ASIC to test particular issues raised in submissions. More information about the consultation, including the current Regulatory […]
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08
Aug
2019
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 241, draws attention to the recently amended s68A of the Superannuation Industry (Supervision) Act 1993.It also illustrates how s68A applies in common scenarios to ensure that […]
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02
Aug
2019
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 of non-compliant advice given by financial advisers. This compensation has been paid under review and remediation programs initiated as a result of the ASIC review […]
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02
Aug
2019
A recent review by ASIC found Australian equity markets continue to operate with a high degree of integrity. Report 623 Review of Australian equity market cleanliness: 1 November 2015 to 31 October 2018 examines market cleanliness for the period, with a focus on insider trading and information leaks ahead of material market announcements. It extends our work […]
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01
Aug
2019
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