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Showing 11 - 20 of 81 results for "Australian Financial Services Licensee"

ASIC freezes out former Magnolia Capital director

ANDREW MCKEAN  |  WEDNESDAY, 22 NOV 2023
... corporate regulator determined that Atkins, previously an authorised representative of Australian financial services licensee Guildfords Fund Management, failed to act in good faith as a director by putting investor funds at risk. ASIC said Atkins demonstrated ...

ASIC cracks down on CFDs, OTC derivatives

KARREN VERGARA  |  WEDNESDAY, 6 SEP 2023
ASIC continues to crack down on providers of contracts for difference (CFD), options and other high-risk products that flout their target market determinations (TMD), and design and distribution obligations (DDO). The newly published Report 770 Design ...

AMP fined $24m for charging deceased customers

KARREN VERGARA  |  FRIDAY, 19 MAY 2023
The Federal Court found AMP guilty of charging deceased customers life insurance premiums and advice fees, ordering it to pay $24 million in penalties. Justice Hespe today determined that four AMP subsidiaries - AMP Life, AMP Financial Planning, AMP ...

ASIC case against Commonwealth Bank dismissed

CASSANDRA BALDINI  |  WEDNESDAY, 30 NOV 2022
... conduct, made false or misleading representations and contravened its obligations as an Australian financial services licensee by incorrectly charging monthly access fees to customers. The regulator alleged that, between June 2010 and September 2019 ...

ASIC issues warning over brokers' high-risk offers

JAMIE WILLIAMSON  |  WEDNESDAY, 31 AUG 2022
ASIC has told brokers to be careful about or to reconsider offering high-risk products and services to retail investors as an increasing number offer securities trading. ASIC said it has seen increased instances of brokers offering securities trading ...

ASIC releases estimate cost recovery levies for 2021/22

ANDREW MCKEAN  |  TUESDAY, 7 JUN 2022
ASIC has drafted its indicative levies for the 2021/22 financial year. In its latest cost recovery implementation statement, ASIC proposed a minimum levy of $1500 plus $1142 per adviser for licensees that provide personal advice to retail clients on ...

Breach reporting guidance released

KARREN VERGARA  |  WEDNESDAY, 8 SEP 2021
ASIC has released more details on how financial advisers providing advice to retail clients can comply with the upcoming breach reporting law. Information sheet 259 Complying with the notify, investigate and remediate obligations sets out further guidance ...

AMP sued for charging dead clients

JAMIE WILLIAMSON  |  THURSDAY, 27 MAY 2021
ASIC has taken Federal Court action against AMP for allegedly charging more than 2000 deceased clients insurance premiums and financial advice fees after being notified of their death. The action relates to five companies that are or were subsidiaries ...

Research reveals true value of advice

KARREN VERGARA  |  WEDNESDAY, 7 APR 2021
Unadvised Australians are open to receiving financial advice, according to an IOOF survey, which also highlighted the qualitative benefits that improve lifestyles and overall wellbeing. IOOF's The True Value of Advice report, which canvassed over ...

ASIC releases fee consent instrument

ELIZABETH MCARTHUR  |  THURSDAY, 25 MAR 2021
ASIC has released three legislative instruments to regulate advice fee consents and lack of independence disclosures, as part of the government's response to the Royal Commission. The first of the three sets the requirements that written consent from ...