ASIC acts against SMSF auditor misconduct

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ASIC has acted to disqualify or add conditions to the registration of a number of auditors of self-managed superannuation funds (SMSFs). The actions arose following ASIC concerns about failures to meet requirements including auditor independence standards, auditing standards, minimum continuing professional development (CPD) hours, lodging annual statements, and fit and proper person criteria.  Most of […]

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ASIC proposes to ban unsolicited telephone sales of life insurance and consumer credit insurance

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ASIC is inviting feedback on its proposal to ban unsolicited telephone sales of direct life insurance and consumer credit insurance (CCI). Such a ban would prevent the sale of complex insurance products which consumers do not need, want or understand. Before it makes a final decision, ASIC has today issued a consultation paper seeking views […]

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ASIC ensures licensees meet their AFCA membership obligations

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After commencing operations on 1 November 2018, the Australian Financial Complaints Authority (AFCA) advised ASIC that 58 financial services licensees and 217 credit licensees, who previously held external dispute membership with one of the previous schemes, had not obtained AFCA membership and may be in breach of their licence conduct obligations. Following ASIC’s intervention with these […]

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ASIC consults on remaking class order on departed former temporary residents’ superannuation

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ASIC has released a consultation paper about whether it should remake a class order that provides conditional relief to superannuation trustees from obligations in the Corporations Act 2001 (Corporations Act) that require trustee to provide an exit statement and notice to departed former temporary resident members. The class order is [CO 09/437] Departed former temporary residents’ superannuation–Disclosure […]

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ASIC provides new guidance for certain AFS licence applications

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ASIC has released Information Sheet 240 AFS licensing – Requirements for certain applicants to provide further information (INFO 240) to provide guidance to applicants on recent changes to ASIC’s Australian financial services (AFS) licensing assessment procedures. These changes apply to: applicants that are a body corporate; applicants that are Australian Prudential Regulation Authority-regulated bodies; and applicants that are […]

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ASIC publishes submissions and announces public hearings on responsible lending guidance

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ASIC will hold public hearings as part of the wider public consultation on its guidance on the responsible lending obligations. This consultation commenced in February 2019, and ASIC has received 72 submissions. The hearings, which will be live streamed online, are aimed at testing the views of stakeholders and providing greater understanding of business operations. […]

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APRA and ASIC publish latest data on life insurance claims and disputes

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The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2018 to 31 December 2018. The data is the product of a world-leading joint project between APRA and the Australian Securities and Investments Commission (ASIC), aimed at making it easier to compare life insurers’ performance […]

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ASIC: Major financial reporting changes and other focuses

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Announcing its focus areas for 30 June 2019 financial reports of listed entities and other entities of public interest with many stakeholders, ASIC has called on companies to focus on new requirements that can materially affect reported assets, liabilities and profits. New accounting standards Major new accounting standards will have the greatest impact on financial […]

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ASIC approves AFCA Rules change for legacy complaints

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ASIC has approved changes to the Australian Financial Complaints Authority (AFCA) Rules which give effect to the AFCA authorisation condition introduced by Government on 19 February 2019. Under the Government’s additional condition, AFCA is required to give expanded access to the AFCA scheme for consumers and small businesses that were harmed by financial misconduct, dating […]

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ASIC releases market integrity report

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ASIC has released its latest report on market integrity for the period 1 July to 31 December 2018. The report highlights some of the activities undertaken to safeguard Australia’s financial markets, so investors can continue to participate with confidence. Key outcomes during the six-month period include:     The report looks at ASIC’s recent focus on […]

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