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Showing 11 - 20 of 111 results for "AFS licensees"

Three AFS licensees pinged over compliance breaches

ANDREW MCKEAN  |  WEDNESDAY, 9 APR 2025
Three AFS licensees - Australian Advice Network, IA Advice, and Sherrin Partners Services - have copped infringement notices from ASIC after their financial advisers provided personal advice while unregistered. Each licensee paid a $31,300 penalty in ...

ASIC updates on SMSF advice review

ELIZA BAVIN  |  THURSDAY, 13 FEB 2025
... assess compliance with the best interest duty and related obligations. In addition, ASIC is observing the role of AFS licensees in monitoring and supervising representatives who are providing SMSF establishment advice. ASIC said this includes considering ...

Court finds CFD issuers engaged in 'unconscionable conduct'

ELIZA BAVIN  |  MONDAY, 23 DEC 2024
... financial services under an AFSL to customers outside of Australia. Justice Wigney held that the general obligations of AFS licensees are not limited to financial services provided to customers in Australia. ASIC warned CFD issuers in 2019 that it would ...

ASIC issues new guidance on DBFO reforms

KARREN VERGARA  |  FRIDAY, 22 NOV 2024
... FAQs: FSGs and website disclosure information includes references to ASIC's recently made instrument that allows AFS Licensees or their representatives dealing in a financial product for the purposes of implementing financial product advice to rely on ...

ASIC updates and reissues RG 121

ELIZA BAVIN  |  MONDAY, 23 SEP 2024
... the new guidance has updated descriptions of, or references to, financial products and services, obligations of AFS licensees, legislation administered by ASIC, other applicable rules and legislation, and ASIC's regulatory documents to reflect the current ...

ASIC cancels AFSL of foreign exchange contracts issuer

ELIZA BAVIN  |  THURSDAY, 5 SEP 2024
... breaches of its core obligations. The regulator said that by cancelling the licence it also aimed to deter other AFS licensees from failing to "comply with their obligations, promote the objects of fairness, honesty and professionalism by those who provide ...

ASIC launches new AFSL portal

ELIZA BAVIN  |  THURSDAY, 29 AUG 2024
... services licences (AFSL). The new AFSL portal was launched on August 12 for a limited, invitation-only group. All AFS licensees and applicants will transition to the new AFSL portal in the first quarter of 2025. ASIC said the portal aims to simplify ...

ASIC intends to extend legislative instruments

MATTHEW WAI  |  FRIDAY, 9 AUG 2024
... be consolidated into one instrument. [CO 14/923] was introduced to impose specific record-keeping obligations for AFS licensees or their representatives as they provide personal advice. It states that licensees must keep records for seven years after ...

AFSLs can lose licence on CSLR intervention

KARREN VERGARA  |  WEDNESDAY, 7 AUG 2024
AFS Licensees (AFSLs) and their professional indemnity insurers (PII) that fail to pay a determination will potentially see their licence revoked if the Compensation Scheme of Last Resort (CSLR) has to intervene. CSLR chief executive David Berry warned ...

ASIC bans 'incompetent' financial services directors

ANDREW MCKEAN  |  FRIDAY, 19 JUL 2024
... services business," the regulator said. It added that the bans are part of ongoing work to ensure that officers of AFS licensees maintain high standards of judgment, diligence, and professionalism in discharging their duties and responsibilities.