Time to act for all ASIC-regulated organisations required to submit information for industry funding

From

If you are an organisation regulated by ASIC you may be required to submit some information to ASIC on the operation of your business before 27 September 2018. This obligation for industry is part of new industry funding arrangements that became law in 2017, requiring organisations regulated by ASIC to contribute toward the associated regulatory […]

continue reading

The Hon Kelly O’Dwyer MP launches the 2018 National Financial Capability Strategy

From

The Minister for Revenue and Financial Services, The Hon. Kelly O’Dwyer MP, has launched the 2018 National Financial Capability Strategy at an event at Parliament House in Canberra. Speaking at the event, Minister O’Dwyer highlighted the Australian Government’s ongoing commitment to supporting Australians to be in control of their financial lives. ‘We want all Australians […]

continue reading

Banks to improve fraud protection systems following ASIC review

From

Following a review by ASIC, five Australian banks will improve their compliance measures and controls for deposit accounts that can be operated by a third party, such as a financial adviser. ASIC’s industry-wide review was prompted by concerns raised through an investigation of the conduct of persons involved in Sherwin Financial Planners Pty Ltd (in liquidation) and […]

continue reading

Why women need to talk about money

From

Women are participating in the workforce and gaining tertiary qualifications at a greater rate than ever before but many women lack confidence when it comes to money. Research by ASIC found: 46% of women find money decisions overwhelming and stressful [1] On average, women retire with half the super balance of men ($230,907 versus $454,221) [2], and […]

continue reading

Consultation on the proposed establishment of a Global Financial Innovation Network

From

The Australian Securities and Investments Commission (ASIC) is, in collaboration with 11 international financial regulators, and related organisations, consulting on the proposed creation of the Global Financial Innovation Network (GFIN). The proposed network will seek to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they […]

continue reading

Update on financial advice institutions’ fees for no service refund programs

From

AMP, ANZ, CBA, NAB and Westpac have now paid or offered customers $222.3 million in refunds and interest for failing to provide advice to customers while charging them ongoing advice fees. This represents a further $6.4m in payments and offers from these institutions since the last ASIC media release (17-438MR) on the fees for no […]

continue reading

Professional standards reforms for financial advisers – ASIC update

From

The Australian Securities and Investments Commission (ASIC) has announced changes to reporting dates for a number of required notifications in the transition to the new financial adviser professional standards reforms. The revised schedule is intended to simplify licensees’ disclosure obligations. ASIC is also clarifying the process for recognising advisers as ‘existing providers’.  Existing providers Financial […]

continue reading

ASIC’s review of exchange traded products identifies areas for improvement

From

ASIC has completed a review of the exchange traded products (ETP) market in Australia, including exchange traded funds, aimed at ensuring the market is delivering on promises to investors. The review found that the market is generally performing well, and ETPs are meeting the relatively low cost and liquidity expectations of investors.  However, the review […]

continue reading

ASIC updates guidance for funds management industry

From

ASIC has released a suite of seven new and updated regulatory guides to provide comprehensive guidance to the funds management industry. The guidance has been updated for changes arising from the Asia Region Funds Passport and brings all of ASIC’s funds management policies up to date to help promote industry-wide consistency. The updates are designed to […]

continue reading

ASIC approves the Banking Code of Practice

From

ASIC has approved the Australian Banking Association’s (ABA’s) new Banking Code of Practice (the Code). ASIC’s approval of the Code follows extensive engagement with the ABA, following a comprehensive independent review and extensive stakeholder consultation. The ABA made additional significant changes to the Code in order to satisfy ASIC that it met our criteria for […]

continue reading