ASIC announces preparations for Brexit

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The United Kingdom (UK) is scheduled to leave the European Union (EU) on 29 March 2019 (‘Brexit’). The terms of the UK’s exit remain subject to ongoing negotiation between the UK and EU with a range of outcomes possible. ASIC is carefully monitoring developments in the UK and has been liaising closely with the UK Financial

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Statement from ASIC Chair James Shipton on the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

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ASIC has welcomed the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and acknowledged its important work. ASIC will consider the report carefully, particularly its recommendations on regulatory and enforcement practices. These recommendations, and the Government’s response, will inform ASIC’s priorities and strategic direction moving forward. The Royal

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Firms must notify ASIC of their AFCA membership by end of November before late fees apply

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Financial firms who are members of the Australian Financial Complaints Authority (AFCA) must notify ASIC of their AFCA membership by today, Friday 30 November 2018. Licensees who fail to do so will be in breach of their licence conditions and will face fees for late notification. More than half of AFCA’s 37,000 members are yet

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ASIC puts spotlight on the rapidly growing buy now pay later industry

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ASIC has released its first review of the rapidly growing buy now pay later industry. The review of this diverse and evolving market has found that buy now pay later arrangements are influencing the spending habits of consumers, especially younger consumers. A buy now pay later arrangement allows consumers to purchase and obtain goods and

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Financial advisers urged to ensure registration by 31 December 2018

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The Australian Securities and Investments Commission (ASIC) is reminding financial advisers, who are currently authorised, to make sure that they are on ASIC’s Financial Advisers Register no later than 31 December 2018, before new professional standards requirements take effect. Professional standards reforms for financial advisers were introduced in March 2017 to raise the education, training and ethical

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ASIC begins consultation on updated competence requirements for advice licensees

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The Australian Securities and Investments Commission (ASIC) is inviting input on proposed updates to our organisational competence requirements for advice licensees through the release of a consultation paper yesterday. ASIC has proposed updates to Regulatory Guide 105 Licensing: Organisational competence (RG 105) to support the professional standards reforms, which aim to lift the education, training and ethical

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Self-managed superannuation funds auditor enforcement actions

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ASIC has deregistered, suspended or imposed conditions on 101 self-managed superannuation funds (SMSF) auditors for audit quality and independence issues or on fit and proper person criteria since the registration of SMSF auditors began in 2013. To 30 June 2018 ASIC has considered the conduct of over 120 SMSF auditors, including 98 matters referred from

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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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