ASIC announces the launch of the reportable situations regime
The new regime will help firms identify and act on breaches a lot quicker than before.
Tag: ASIC
ASIC levy review targets adviser ‘time-lag’ issue
The review will consider “the consequences of time lags between regulatory action and cost allocation”, the terms of reference states.
Vanguard goes all-in on ‘lightly regulated’ advice pitch
The global ETF and would-be superannuation fund provider believes a scaled compliance model would better serve the domestic advice market.
Another step forward for the simplification of advice regulation
The Federal Government has quietly passed several previously flagged changes to the financial advice industry. The majority appear to be a positive step in the face of what is a...
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ASICs releases guidance on Ongoing Fee Arrangements
The Australian Securities and Investment Commission, regulator of the financial adviser industry, this week released their long-awaited guidance regarding Ongoing Fee Arrangement changes set to come into force on 1...
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FPA calls for ‘true’ professional regulation of financial advisers
As part of the government's commitment to ensure Australian's can access quality financial advice, a new disciplinary system for financial planners has been proposed that includes a raft of changes...
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ASX set for seventh month of straight gains
Mixed day but higher finish, new highs for stalwarts, Woolworths disappoints The ASX200 (ASX:XJO) managed another small gain, adding 0.3%, powered ahead by the technology sector; Afterpay (ASX"APT) and Zip Co (ASX:Z1P) adding 3.5% and 2.5%...
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The end is nigh for the SOA as we know it
As highlighted in our article recently covering the formation of the 'single disciplinary body' to govern and regulate individual financial advisers, the landscape continues to evolve on a near daily...
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New regulatory framework taking shape for advisers
April may well be remembered as the beginning of the next phase of financial advice in Australia. While the establishment of FASEA may have had far reaching implications, a triumvirate...
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Life Insurance Framework review moved to Treasury
Towards the end of last year, ASIC began preparations to request relevant documentation from major dealer groups around life insurance advice. This year is a vital year for the life...
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ASIC delivers certainty on consent and ‘lack of independence’ disclosure
The corporate regulator, ASIC, has continued its busy start to the year, releasing three legislative instruments this week stemming from the recommendations from the Hayne Royal Commission. The subject of...
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Advice regulator on the front foot to begin 2021
The financial services regulator ASIC has ramped-up its legislative activity in 2021, following a 2020 dominated by pandemic support and leniency. Commenting to media in recent weeks, ASIC's deputy chair...
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Industry unites against ASIC levy increase
This week the nation's financial advisers received news that their annual registration fees, or "adviser levies." would increase by the equivalent of 160% over the next two years. According to...
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Annual renewals bill passes both houses of Parliament
The Financial Sector Reform Bill (Hayne Royal Commission Response No. 2) Bill finally passed both houses of Parliament on Friday, as the professional standards expected of the financial advice industry...
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Performance benchmark a cloud on horizon for SMSFs
It may be a lull between storms but the SMSF Association has no major political battle to contend with at the moment, instead focusing on smaller issues to do with...
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Affordable advice review offers an opportunity for change
Financial advice industry bodies including the SMSF Association (SMSFA), Association of Financial Advisers (AFA), and Financial Planning Association (FPA) have jumped on ASIC's Affordable Advice review to call for an...
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Adviser losses not reflective of industry progress
The beginning of 2020 has been dominated by headlines of mass adviser departures from the industry, with the number of registered advisers having fallen to levels of five years ago....
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Good and bad news for IOOF
The good news for IOOF (ASX: IFL) following the battering it took from shareholders last month is that the Australian Competition and Consumer Commission (ACCC) has approved its MLC takeover....
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FASEA to be disbanded, exam still required
2021 may be shaping up as the 'Year of the Financial Adviser'. After what has been a tumultuous and stressful few years for the industry, promises of a more streamlined...
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TPB review highlights over-regulation of advisers
Whether it's due to the long delay on Parliamentary sittings or the realisation that financial advisers had become regulatory gymnasts, it seems the tide is starting to turn on financial...
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