ASIC review of 30 June 2019 financial reports

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ASIC has announced the results from its review of the 30 June 2019 full-year financial reports of 200 entities. Arising from the review, ASIC has made inquiries of 47 entities on 80 matters. The largest number of inquiries continue to relate to impairment of non-financial assets and inappropriate accounting treatments. Directors and auditors should continue

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ASIC encourages fair and effective insurance claims handling for people affected by the bushfires

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ASIC is committed to helping Australians affected by the devastating bushfires to rebuild their lives. ASIC Deputy Chair Daniel Crennan QC said that ‘ASIC is working with insurers and other key stakeholders to ensure that claims are handled efficiently and fairly. We expect those involved in handling these insurance claims to act with the utmost

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ASIC updates responsible lending guidance

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ASIC has published updated guidance on the responsible lending obligations that are contained in the National Consumer Credit Protection Act 2019 (the National Credit Act). Following an extensive consultation, ASIC has updated Regulatory Guide 209 (RG 209) to provide greater clarity and support to lenders and brokers in meeting their obligations. Importantly, ASIC has maintained principles-based

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ASIC releases report on financial advice provided by superannuation funds

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ASIC has released Report 639 Financial advice by superannuation funds. This report examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds. In conducting the work, ASIC surveyed 25 superannuation funds about how they help members obtain financial advice (survey) and reviewed a sample

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ASIC reports on compliance with financial advice fee disclosure obligations

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A new report about fee disclosure obligations released by ASIC has found that consumers receiving financial advice could be at risk of receiving wrong information about advice fees, or in some cases, being charged fees after ongoing fee arrangements have terminated. Report 636 Compliance with the fee disclosure statement and renewal notice obligations (REP 636), reports on ASIC’s

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ASIC releases updated RG 97 on fees and cost disclosure

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ASIC has released updated guidance on fees and cost disclosure for issuers of superannuation and managed investment products. The updated version of Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic Statements (RG 97) explains how product issuers and platform operators should disclose fees and costs. ASIC Commissioner Danielle Press said, ‘Consistent and comparable disclosure helps

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ASIC fee relief for bushfire-affected customers

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ASIC is offering assistance for customers, including small businesses, who are affected by the current bushfires in New South Wales and Queensland by providing relief from various company-related fees that may be payable. ASIC Commissioner John Price said, ‘ASIC is committed to easing the burden and offering whatever assistance we can to support individuals and

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ASIC outlines approach to advice licensee obligations for the financial adviser code of ethics

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As announced on 14 November 2019, ASIC has taken action to provide certainty to Australian financial services (AFS) licensees that they will not be in breach of the law because their financial advisers were not able to register with an ASIC-approved compliance scheme by 1 January 2020, as originally required. ASIC’s action follows a Government

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The race is on to find $20.8 billion in super

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New Australian Taxation Office (ATO) data shows that there is over $20.8 billion in lost and unclaimed super across Australia. Today we published the amount of lost and unclaimed super by postcode to help people find their superannuation they have lost touch with. Assistant Commissioner Graham Whyte said that last year over 540,000 active, lost and unclaimed

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ASIC relief from financial adviser compliance scheme obligations takes effect

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ASIC has taken action to provide certainty to Australian financial services (AFS) licensees that they will not be in breach of the law because their financial advisers were not able to register with an ASIC-approved compliance scheme by 1 January 2020, as originally required. ASIC has granted a three-year exemption to all AFS licensees from

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