ASIC warns AFS licensees to meet financial reporting obligations on time

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ASIC is reminding all Australian Financial Services (AFS) licensees to lodge their annual financial statements and auditor reports by the due date as required under the Corporations Act 2001. ASIC expects all AFS licensees to comply with the financial reporting requirements within the specified timeframe. Body corporate AFS licensees that are not disclosing entities, and have a […]

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ASIC makes product intervention order banning short term lending model to protect consumers from predatory lending

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ASIC has used its product intervention power to ban a model of lending in the short term credit industry which has been found to cause significant consumer detriment. In its first deployment of this power ASIC targeted a particular business model where a short term credit provider and its associate charged fees under separate contracts. […]

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ASIC research highlights the importance of reforms for mortgage brokers and home lending

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ASIC has released a report Looking for a mortgage: Consumer experiences and expectations in getting a home loan. As part of this research, ASIC followed over 300 consumers in the process of taking out a home loan and surveyed another 2,000 consumers. This research examines consumer decision-making in relation to home loans to identify what […]

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Details for public hearings on ASIC’s responsible lending guidance announced

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ASIC will hold public hearings in Sydney on the 12th of August and Melbourne on the 19th of August. The hearings are part of the wider public consultation on ASIC’s guidance on the responsible lending obligations. It will allow ASIC to test particular issues raised in submissions. More information about the consultation, including the current Regulatory […]

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ASIC proposes to ban unsolicited telephone sales of life insurance and consumer credit insurance

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ASIC is inviting feedback on its proposal to ban unsolicited telephone sales of direct life insurance and consumer credit insurance (CCI). Such a ban would prevent the sale of complex insurance products which consumers do not need, want or understand. Before it makes a final decision, ASIC has today issued a consultation paper seeking views […]

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ASIC ensures licensees meet their AFCA membership obligations

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After commencing operations on 1 November 2018, the Australian Financial Complaints Authority (AFCA) advised ASIC that 58 financial services licensees and 217 credit licensees, who previously held external dispute membership with one of the previous schemes, had not obtained AFCA membership and may be in breach of their licence conduct obligations. Following ASIC’s intervention with these […]

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ASIC publishes submissions and announces public hearings on responsible lending guidance

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ASIC will hold public hearings as part of the wider public consultation on its guidance on the responsible lending obligations. This consultation commenced in February 2019, and ASIC has received 72 submissions. The hearings, which will be live streamed online, are aimed at testing the views of stakeholders and providing greater understanding of business operations. […]

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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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