ASIC scrutinises marketing of managed fund performance and risks

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ASIC has commenced a surveillance into the marketing of managed funds, to identify the use of misleading performance and risk representations in promotional material. ASIC is scrutinising traditional and digital

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ASIC consults on consumer remediation draft guidance

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ASIC has released a draft updated and expanded regulatory guide to consult on the way licensees should conduct remediations to return money owed to consumers. The draft guidance is an

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ASIC publishes guidance on hawking reforms

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ASIC has published updated regulatory guidance on the prohibition of hawking financial products. ASIC’s updated regulatory guide (RG 38) reflects the reforms to the anti-hawking regime under the Financial Sector Reform

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ASIC publishes guidance on breach reporting

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ASIC has released regulatory guidance to help credit and Australian Financial Services (AFS) licensees to meet new breach reporting obligations. Set to commence on 1 October 2021, the breach reporting

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ASIC releases guidance and customer information requirements to implement the new add-on insurance deferred sales model

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ASIC has released a new regulatory guide and final customer information requirements as part of its work to implement the new deferred sales model for add-on insurance (RG 275). The

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ASIC review finds retail managed funds responded well to COVID-19 challenges in 2020

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An ASIC review of a targeted selection of retail managed funds found that they did not face serious investor liquidity challenges during the height of COVID-19 market disruption, and that

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ASIC warns time is fast running out for insurance claims handling AFS licence applications

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ASIC has called on insurance claims handling firms to lodge licence applications (new and varied) as soon as possible, and by no later than 7 May 2021. Since 1 January

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ASIC grants industry-wide relief to help members of frozen funds make hardship withdrawals

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ASIC have announced new relief measures for operators of managed funds to facilitate withdrawals by members facing financial hardship (hardship relief) during the COVID-19 pandemic. The conditional relief is available

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Investment funds told to correct advertising and disclosure

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ASIC has put responsible entities (REs) of all managed investment schemes (MISs) ‘on notice’ that they must ensure their investment fund advertising provides clear, balanced and accurate information. This follows

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ASIC secures over $160 million in remediation for junk consumer credit insurance

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ASIC announced the final tranche in over $160 million in remediation for consumers sold junk consumer credit insurance (CCI). This follows ASIC’s 2019 report (REP 622) on the sale of

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