Financial firms yet to join Australian Financial Complaints Authority must act immediately

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More than 35,000 financial firms required to join the Australian Financial Complaints Authority (AFCA) have now joined the scheme. There are more than 300 licensed financial firms who are still to join, and most of these are credit licensees who were previously members of the Credit and Investments Ombudsman. A number of credit representatives who […]

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APRA and ASIC empower consumers with new reporting standard on life insurance claims

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Consumers will soon have access to high-quality, comparable data on life insurance claims and disputes after the Australian Prudential Regulation Authority (APRA) issued a new reporting standard to the industry. The release of APRA’s Life Insurance Reporting Standard LRS 750.0 Claims and Disputes will enhance the consistency and quality of life insurance data published through […]

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ASIC updates guidance as crowd-sourced funding regime extends to proprietary companies

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ASIC has released updated regulatory guides to coincide with the extension of the crowd-sourced funding (CSF) framework to eligible proprietary companies. This starts on 19 October 2018. ASIC has amended its guidance to include proprietary companies and updated requirements for public companies after consulting with those parties that made submissions to Consultation Paper 288 Crowd-sourced funding: […]

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ASIC announces review of school banking

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As the lead Australian Government agency for financial capability, ASIC has announced that it will commence a review of school banking programs in primary schools. Across the country young people are learning about money at school. Financial literacy education is embedded in the Australian Curriculum and teachers draw on a range of materials and programs […]

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ASIC action on compliance breaches with fees disclosure and renewal notices

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ASIC has announced a review of compliance with requirements for Fee Disclosure Statements and Renewal Notices in the financial advice sector. ASIC has received a number of breach reports from licensees which indicate they may have failed to comply with the Fee Disclosure Statement (FDS) and Renewal Notice requirements that were implemented as part of […]

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Financial adviser professional standards reforms – ASIC releases new instrument delaying reporting dates and making minor amendments

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ASIC has released a new legislative instrument relating to the professional standards reforms for financial advisers, as announced on 1 August 2018 (refer: 18-225MR). The instrument makes changes to the reporting dates for a number of disclosure obligations in the transition to the new financial adviser professional standards reforms. It also makes minor technical amendments to […]

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CFTC and ASIC sign fintech cooperation arrangement

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The US Commodity Futures Trading Commission (CFTC) and the Australian Securities and Investments Commission (ASIC) today signed an arrangement to cooperate and support innovation through each other’s financial technology (fintech) initiatives – CFTC’s LabCFTC and ASIC’s Innovation Hub. ‘The signing of this arrangement with ASIC advances our mutual interest in facilitating technological innovation and development to enhance our […]

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ASIC continues small business focus for 2018-19

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ASIC has released its Corporate Plan for 2018-19 to 2021-22 and small business continues to be an important stakeholder for ASIC, reflected in the plan’s action items for 2018-19. ASIC Commissioner John Price said, ‘As Australia’s regulator for companies, financial markets and providers of financial services and consumer credit, ASIC works to help small business succeed as […]

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ASIC releases guidance on code of ethics compliance schemes for financial advisers

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ASIC has released guidance on its proposed approach to approving and overseeing compliance schemes for financial advisers (RG 269). The financial advice professional standards reforms include obligations for financial advisers to, from 1 January 2020, comply with a code of ethics and be covered by an ASIC-approved compliance scheme under which their compliance with the […]

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ASIC extends employee redundancy funds legislative instrument

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ASIC has made a new legislative instrument which continues the effect of longstanding ASIC relief set out in ASIC Corporations (Employee redundancy funds relief) Instrument 2015/1150 until 1 October 2021. An employee redundancy fund pools contributions from employers for employee redundancy payments. ASIC Corporations (Amendment) Instrument 2018/825 ensures that the existing relief to employee redundancy funds relief from […]

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