ASIC’s approach to new laws reforming financial services sector

From

Six reforms arising out of recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission) and other inquiries will commence in October. The new laws include design and distribution obligations, restrictions on the unsolicited selling of financial products (hawking), a deferred sales model for add-on insurance products, reference

continue reading
13 Aug 2021

0 comments

ASIC releases guidance and customer information requirements to implement the new add-on insurance deferred sales model

From

ASIC has released a new regulatory guide and final customer information requirements as part of its work to implement the new deferred sales model for add-on insurance (RG 275). The deferred sales model introduces a mandatory four-day pause between the sale of a principal product or service and the sale of add-on insurance. The deferred

continue reading
29 Jul 2021

0 comments

ASIC review finds retail managed funds responded well to COVID-19 challenges in 2020

From

An ASIC review of a targeted selection of retail managed funds found that they did not face serious investor liquidity challenges during the height of COVID-19 market disruption, and that their liquidity frameworks were generally adequate. While there was a significant drop in net investor cashflow in the first half of 2020, responsible entities of

continue reading
03 May 2021

0 comments

ASIC Commission welcomes appointment of new Chair and Deputy Chair

From

“On behalf of the ASIC Commission and team I’d like to congratulate Joe Longo on his appointment as the next ASIC Chair and Sarah Court as an additional Deputy Chair”, siad ASIC Chair James Shipton. Joe is known to many at the agency from his time as National Director of Enforcement from 1996-2000 and subsequent

continue reading
03 May 2021

0 comments

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

From

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 pandemic. The original relief measures were announced on 14 April 2020 and are set out in ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355  (refer: 20-085MR). Instrument 2020/355 expires

continue reading
16 Apr 2021

0 comments

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

From

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 2021, claims handling and settling is a financial service which requires a licence by 1 January 2022. Deputy Chair, Karen Chester said ‘Time is running

continue reading
09 Apr 2021

0 comments

ASIC issues information sheet on managing conduct risk during LIBOR transition

From

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 Rate (LIBOR) transition. LIBOR is expected to cease after the end of 2021. Although entities in Australia have made substantial changes to date, additional effort

continue reading
01 Dec 2020

0 comments

ASIC consults on promoting access to affordable advice for consumers

From

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 impediments relating to the supply of good quality affordable personal advice; and the practical steps that can be taken by ASIC and industry to improve

continue reading
19 Nov 2020

0 comments

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

From

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 the COVID-19 early release of superannuation scheme in light of the extension of the scheme by the Government. The capital raisings relief aims to assist

continue reading
25 Sep 2020

0 comments

ASIC tells fund managers to be ‘true to label’

From

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. ASIC undertook a targeted surveillance of 37 managed funds operated by 20 responsible entities that collectively hold approximately $21 billion in assets. This followed ASIC

continue reading
25 Sep 2020

0 comments