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Showing 91 - 100 of 114 results for "AFS Licensees"

Funding for the government's adviser register unclear

LAURA MILLAN  |  FRIDAY, 24 OCT 2014
... licensees by $5 to $44." However to achieve this figure ASIC would need to collect the extra $5 from about one million AFS licensees. That this will be the only source of funding seems unlikely given that there are currently around 5,000 AFS licensees ...

ASIC demands last resort compensation scheme

LAURA MILLAN  |  MONDAY, 20 OCT 2014
... resolution and the compensation framework in the financial services industry. "PI insurance is designed to protect AFS licensees against business risk, and not to provide compensation directly to investors and financial consumers," the regulator said. ...

ASIC reviews FoFA progress

JAMES FERNYHOUGH  |  THURSDAY, 18 SEP 2014
... Financial Advice (FoFA) reforms have had little effect on either adviser numbers or the type of financial advice AFS licensees provide, according to the Australian Securities and Investments Commission (ASIC). In its review on the implementation of FoFA ...

CBA, ASIC unveil details of new compensation scheme

LAURA MILLAN  |  FRIDAY, 8 AUG 2014
... planning businesses. As part of the new program, ASIC will appoint an external compliance expert to oversee the AFS licensees' compliance with the conditions. "The expert will also review whether the steps taken by the licensees to identify both the ...

ASIC cancels 8 AFSLs after review

LAURA MILLAN  |  TUESDAY, 22 JUL 2014
... This is the first time that ASIC has published the finding of its review and it looked at the conduct of a total 72 AFS licensees. As part of the review the regulator was also able to get 38 licensees to voluntarily comply and all have now lodged all ...

ASIC eyes fee for service funding model

LAURA MILLAN  |  TUESDAY, 8 APR 2014
... regulate Australian Financial Services licensees. However, ASIC collects only $3.7 million in registry fees from AFS licensees, approximately 3.5% of the cost of regulation. ASIC proposed a hybrid model based on a fee for service, but where "all costs ...

ASIC asks for public adviser register to track "bad apples"

LAURA MILLAN  |  FRIDAY, 1 NOV 2013
... and take action against bad apples in the financial services industry." "We have received reports from a number of AFS licensees indicating that they have not been able to conduct proper reference checks on prospective employees because the former licensee ...

ASIC warns consumers about NRAS property ads

MARK SMITH  |  TUESDAY, 22 OCT 2013
... person you are dealing with is licensed to provide financial product advice by searching ASIC's public register of AFS licensees or authorised representatives," said ASIC. "ASIC is focused on protecting consumers and where we see people recommending ...

ASIC raises bar on OTC derivatives

MELANIE TIMBRELL  |  WEDNESDAY, 1 AUG 2012
... (OTC) derivative issuers. ASIC commissioner Greg Tanzer said the new requirements had been developed to help ensure AFS licensees have adequate resources to effectively manage operational risks. "Considering the complex and risky nature of retail OTC ...

ASIC warns industry about misusing term independent

LINDA HAUSKEN  |  THURSDAY, 3 MAY 2012
... statements about the independence of the licensee or the services they provide in breach of the Corporations Act. AFS licensees are prohibited from using the terms, 'independent', 'unbiased' or 'impartial' if they receive commission or volume-based payments. ...