Statement from the Independent Review Panel: Professor Ian Ramsay (Chair), Julie Abramson and Alan Kirkland The Government has released the report of the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Inquiry into small business loans, and as a result of this report has expanded the terms of reference for the review of the financial […]
As part of the Government’s response to the Financial System Inquiry (FSI), Improving Australia’s Financial System 2015, the Government accepted the FSI’s recommendations to introduce: design and distribution obligations for financial products to ensure that products are targeted at the right people (FSI recommendation 21); and a temporary product intervention power for the Australian Securities […]
The Turnbull Government has today introduced client money reforms to further protect retail investors and increase consumer confidence in the financial services sector. As announced by the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, on 8 November 2016, the Treasury Laws Amendment Bill 2016 is part of the Turnbull Government’s response […]
Interim Report The Review Panel’s Terms of Reference require it to examine whether changes to the current external dispute resolution (EDR) framework in the financial sector are needed to deliver effective outcomes for users in a rapidly changing and dynamic financial system. As the impact of financial disputes on the lives of individuals and their […]
ASIC has extended the transition period for trustees of superannuation funds and responsible entities of managed funds and other managed investment schemes (issuers) to comply with updated fee and cost disclosure requirements in relation to product disclosure statements (PDSs). The transition period will now end by 30 September 2017 for issuers that notify ASIC in […]
ASIC today released a consultation paper proposing to remake four class orders that are due to expire (‘sunset’) in 2017 and to incorporate two related class orders into one new instrument. Read more about sunsetting of legislative instruments The class orders proposed to be remade are: Class Order [CO 02/260] Product Disclosure Statements: Application forms […]
ASIC has today released a consultation paper proposing to repeal three class orders due to expire (‘sunset’) in 2017. These are: Class Order [CO 03/1110] Prime brokerage: Relief from holding client property on trust; Class Order [CO 03/1111] Prime brokerage: Relief from holding scheme property separately; and Class Order [CO 03/1112] Relief from obligation to […]
The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today introduced legislation into Parliament to mandate professional standards for financial advisers. The Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 includes: Compulsory education requirements for both new and existing financial advisers; Supervision requirements for new advisers; A code of ethics for […]
ASIC has clarified financial advisers’ record-keeping obligations by way of an amendment to Class Order [CO 14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice. The amendments to the record-keeping obligations: place beyond doubt that Australian financial services (AFS) licensees must have access to records for the period of time in which […]
Following public consultation, ASIC has continued the relief available to operators, promoters and developers of strata schemes and management rights schemes from certain managed investment, licensing, hawking and disclosure provisions. ASIC has also continued the relief available to real estate agents who are engaged by investors to let out their strata unit for residential or […]