ASIC accepts enforceable undertakings from Storm advisers

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ASIC has accepted enforceable undertakings (EUs) from three financial advisers formerly employed by Storm Financial Ltd. The three financial advisers are Ms Carey Fraser of North Ward, Queensland, Mr Trevor Alan Benson of Aspley, Queensland and Mr David Robert McCulloch of Mount Louisa, Queensland. The EUs were offered following ASIC’s concern and subsequent investigation that in […]

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ASIC suspends Equititrust AFS licence

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ASIC has suspended the Australian financial services (AFS) licence of Gold Coast-based Equititrust Limited ACN 061 383 944 (Equititrust) for 12 months, for failing to comply with a number of key obligations as a financial services licensee. Equititrust is the responsible entity of the Equititrust Income Fund (EIF) and the Equititrust Priority Class Income Fund […]

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ASIC’s plans for FoFA

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ASIC has released its plans for publishing regulatory guidance on the impact of the Future of Financial Advice (FoFA) reforms on financial advisers and other industry participants. The proposed commencement date of the FoFA reforms is 1 July 2012. This depends on the timing of the passage of the Corporations Amendment (Future of Financial Advice) […]

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ASIC reaches eighth Westpoint settlement

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ASIC has reached a settlement of its Federal Court proceeding against Queensland-based financial services firm, Strategic Joint Partners Pty Ltd (SJP). The settlement concerns a claim for compensation on behalf of SJP clients (Group Members) who invested in the failed Westpoint Group of companies and is one of eight obtained by ASIC. If approved by […]

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ASIC warns consumers about hybrid securities and notes

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ASIC today urged consumers to ensure they understand the conditions and risks of hybrid securities and unsecured notes before committing their money. With considerable volatility in equity markets, many investors are looking for alternative investments, including debt and fixed interest securities. However, some of these alternatives need close scrutiny before the decision to invest is […]

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MoneySmart says check your insurance cover

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ASIC’s consumer website, MoneySmart, is encouraging people to check they have appropriate insurance cover. The Bureau of Meteorology predicts a high risk of tropical cyclones this summer . The long-term average is twelve cyclones each season. There is also the ever-present risk of bushfires. ASIC’s Senior Executive Leader Financial Literacy, Delia Rickard said, ‘To check […]

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ASIC proposals for research houses

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ASIC has released a consultation paper proposing research report providers, including research houses, separate their business units as a strategy to manage conflicts of interest as part of moves to improve confidence in the independence and quality of research reports. This proposed segregation would involve strict and formal physical and electronic separation between ancillary business units […]

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MoneySmart named best government website

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ASIC has announced its MoneySmart website has been named the best government website at the Australian Web Awards on 12 November 2011. The Australian Web Awards evaluates websites on criteria including visual design, content, user experience, accessibility and technical compliance. ASIC Chairman Greg Medcraft said: ‘Over one million people have visited the MoneySmart website since it […]

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ASIC data shows rise in insolvency appointments

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Data released today by ASIC shows a strong overall rise in companies entering external administration (EXAD) in the three months to September 2011. Mr Adrian Brown, ASIC’s Senior Executive Leader of Insolvency Practitioners, said that each month of the September quarter saw a consistently high number of appointments, notwithstanding a decrease from August (1049) to […]

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ASIC releases new financial requirements for responsible entities

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ASIC has released new financial requirements for responsible entities (REs) of managed investment schemes (MISs). The changes, implemented through Class Order (CO 11/1140]) and outlined in updated versions of Regulatory Guide 166 Licensing: Financial requirements (RG 166) and Pro Forma 209 Australian financial services licence conditions (PF 209), aim to ensure REs have adequate resources to […]

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