Simon Carrodus Archives - AdviserVoice AdviserVoice

“Have you tried turning it off and on again?” – A review of the decision in ASIC V Ri Ad

On 5 May 2021, the Federal Court handed down a landmark decision in Australian Securities and Investments Commission v RI Advice Group Pty Ltd (2022) FCA 496 by declaring that RI Advice Group Pty Ltd (RI Advice) had breached its obligation to: provide financial services efficiently, honestly, and fairly, and have in place adequate risk

25 May 2022

Who watches The Watchmen? We do – a review of the ASIC Enforcement Update

From The Fold Legal

On 28 March 2022 the Australian Securities and Investments Commission (ASIC) released Report 722 ‘ASIC Enforcement Update July to December 2021’ (Report 722). In this article, we: review the key data points in Report 722 and compare them against the previous update – ‘ASIC Enforcement Update January to June 2021’ (Report 699) provide you with

06 May 2022

Financial Services and Credit Panel – with great power comes great responsibility

From The Fold Legal

ASIC has released a consultation paper[1] on what matters should be heard by the Financial Services and Credit Panel and how it will assess an adviser as a fit and proper person. A new Sheriff in town… Last year, the government passed legislation to give the Financial Services and Credit Panel (FSCP) its own legislative functions and

23 Mar 2022

Who Would Be An AFSL? – The Court’s Review Of Section 961L

From The Fold Legal

On 2 August 2021, the Federal Court handed down its decision in the matter of Australian Securities and Investments Commission v RI Advice Group Pty Ltd (No 2) (2021) FCA 877. Background The Australian Securities and Investments Commission (ASIC) commenced proceedings against RI Advice Group Pty Ltd (RI Advice) for an alleged failure to comply with section

18 Mar 2022

A winter change is coming – fee consent and lack of independence

From The Fold Legal

Courtesy of the latest round of Royal Commission legislation[1], from 1 July 2021 financial advice firms need to update their Financial Services Guides (FSGs), Ongoing Service Agreements and Financial Disclosure Statements (FDSs). The key changes are: FSGs must include written disclosure that you are not “independent, impartial or unbiased” (assuming you are not independent within the meaning of

04 Jun 2021

Breach reporting is about to become more onerous

From The Fold Legal

A new breach reporting regime will commence on 1 October 2021 and it will be more onerous on licensees than ever before. One of the most notable changes is that credit licensees are now required to report significant breaches for the first time. In this blog, we outline the other key changes that you need

06 Apr 2021

History repeats – The risks of inadequate due diligence

From The Fold Legal

Exposure to historical non-compliance can be fatal for purchasers but many don’t include it in their due diligence. ASIC is on the warpath and you can be liable even if you weren’t operating the business at the time of the non-compliance. So before you purchase a business that holds an Australian Financial Services Licence or

24 Jul 2020

How Covid-19 has affected reforms to wealth businesses

From The Fold Legal

With the ongoing COVID-19 pandemic, it’s fair to say that regulators and businesses have shifted their priorities. Timelines for legislative reforms driven by the Hayne Royal Commission and licence applications for wealth businesses have changed. APRA and ASIC licences may be delayed APRA has announced that it will not issue any new insurance or banking licences for

28 May 2020

FASEA Code of Ethics – what you need to know

From The Fold Legal

We’re well into 2020 and the FASEA Code of Ethics (the Code) is currently in force. What should advisers and licensees be doing to make sure they comply with the Code? The Code came into effect on 1 January 2020. To make sure we’re all on the same page, I’ve answered some FAQs. I am an

24 Feb 2020

What’s next for the financial advice Safe Harbour provision?

From The Fold Legal

The Safe Harbour provision was supposed to provide financial advisers with more certainty in meeting their legal obligation to act in the best interests of their clients. But in the aftermath of the Hayne Royal Commission, the Safe Harbour provision’s days may be numbered. What is the Safe Harbour? More importantly, what isn’t the Safe

26 Sep 2019

FIRST 12 LAST

“Have you tried turning it off and on again?” – A review of the decision in ASIC V Ri Ad

Who watches The Watchmen? We do – a review of the ASIC Enforcement Update

Financial Services and Credit Panel – with great power comes great responsibility

Who Would Be An AFSL? – The Court’s Review Of Section 961L

A winter change is coming – fee consent and lack of independence

Breach reporting is about to become more onerous

History repeats – The risks of inadequate due diligence

How Covid-19 has affected reforms to wealth businesses

FASEA Code of Ethics – what you need to know

What’s next for the financial advice Safe Harbour provision?

Also on AdviserVoice

Earn CPD Points

All Articles tagged with 'Simon Carrodus'

Also on AdviserVoice

Earn CPD Points