ASIC has announced it will give financial firms, including superannuation trustees, transitional relief until 1 July 2019 to allow them time to update mandatory disclosure documents and periodic statements with the contact details of the Australian Financial Complaints Authority (AFCA). AFCA is the new single external dispute resolution (EDR) scheme for consumer and small business […]
ASIC has today released a consultation paper proposing a modified licensing regime for foreign financial service providers carrying on a financial services business in Australia with wholesale clients. These foreign providers are global investment banks or wholesale managed funds. This approach would provide ASIC with a broader range of tools to regulate the activities of […]
ASIC has completed a review designed to identify unlicensed accountants recommending clients set up self-managed superannuation funds (unlicensed SMSF advice). The review found no systemic concerns around the provision of unlicensed SMSF advice but did identify significant levels of inaccurate and out of date information on websites and in promotional material of accountants reviewed. Since […]
The Government has released draft legislation on the second phase of the ASIC industry funding model – the introduction of ASIC fees-for-service. The introduction of the ASIC industry funding model was a recommendation of the Murray Financial System Inquiry, intended to strengthen ASIC and better protect Australian consumers. Under the new fees-for-service regime, fees for […]
The Minister for Revenue and Financial Services has introduced the Corporations Amendment (Asia Region Funds Passport) Bill to parliament. The Funds Passport aims to provide Australian fund managers with access to high net worth individuals in the Asia region, by allowing them to offer their products into the region without having to go through duplicative […]
Ahead of issuing final industry funding invoices in January 2019, ASIC has today published estimates of what regulated sectors will pay. Industry funding arrangements became law on 1 July 2017. All organisations that are regulated by ASIC will contribute towards ASIC’s regulatory costs incurred in the previous financial year: some will pay a flat levy, […]
The Government is seeking submissions on a draft of the Asia Region Funds Passport (Passport) Bill and related explanatory material. The Passport is a common framework of coordinated regulatory oversight to facilitate cross border issuing of managed investment funds. Australia, Japan, Korea, New Zealand and Thailand are signatories to the Passport’s Memorandum of Cooperation (MoC), […]
ASIC has created a new section on its website to help financial advisers navigate the incoming professional standards requirements. The new requirements are aimed at lifting the education, training and ethical standards in the financial advice sector. ASIC’s website now provides an overview of the new requirements, as well as related information on: the scope […]
An Australian Securities and Investments Commission (ASIC) review of financial advice provided by the five biggest vertically integrated financial institutions has identified areas where improvements are needed to the management of conflicts of interest. The review looked at the products that ANZ, CBA, NAB, Westpac and AMP financial advice licensees were recommending and at the […]
The Government has today announced the key features of two reforms for consumers, to ensure Australians are treated fairly and ethically by financial product providers. The Design and Distribution Obligations and the Product Intervention Power will ensure that financial products are targeted and sold to the right consumers, and where products are inappropriately targeted or […]