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STAFF WRITER  |  TUESDAY, 22 APR 2014
... Financial Standard, we consider how the ongoing inquiry into the performance of the Australian Securities and Investments Commission might prove to be a wake-up call for the regulator. We also look at the Financial System Inquiry and what some of the ...

Wake-up call for watchdog after inquiry

LAURA MILLAN  |  TUESDAY, 22 APR 2014
The Economics Committee conducting the inquiry into the performance of the Australian Securities and Investments Commission (ASIC) will present the Senate with "a widespread report that will include the industries' black holes and dark corners." The ...

ASIC permanently bans 'tombstoning' adviser

LAURA MILLAN  |  WEDNESDAY, 16 APR 2014
The Australian Securities and Investments Commission (ASIC) has permanently banned financial adviser Pavan Vyas engaging in credit activities after he was convicted for dishonest conduct. Vyas was found guilty of 'tombstoning', a practice that involves ...

ASIC admits wrongdoing in Senate hearing

LAURA MILLAN  |  FRIDAY, 11 APR 2014
The Australian Securities and Investments Commission (ASIC)'s top officials admitted that the regulator could have done more to prevent poor advice and malpractices in a tense five-hour Senate hearing. The hearing focused on ASIC's performance in dealing ...

Synchron recruits admin staff to cope with adviser demand

LAURA MILLAN  |  FRIDAY, 11 APR 2014
... advisers to keep grandfathered commissions. Synchron lifted the hold after the Australian Securities and Investments Commission (ASIC) adopted a 'no-action' position regarding this provisions. "Both sides of politics have now acknowledged that the grandfathering ...

ASIC approves Managed Accounts IPO

JAMES FERNYHOUGH  |  FRIDAY, 11 APR 2014
... become listed on the ASX after it successfully lodged its prospectus with the Australian Securities and Investments Commission (ASIC) for an initial public offering (IPO). The company expects the IPO to raise between $2 million and $5 million based on ...

CBA promoted Nguyen to keep him away from clients

LAURA MILLAN  |  THURSDAY, 10 APR 2014
The Senate inquiry into the performance of the Australian Securities and Investments Commission (ASIC) has heard that the Commonwealth Bank (CBA) promoted financial planner Don Nguyen, despite allegations of fraud. Speaking at the inquiry Commonwealth ...

ASIC should regulate SMSFs as a financial product: PwC

LAURA MILLAN  |  WEDNESDAY, 9 APR 2014
... super funds (SMSF) should be treated as a financial product regulated by the Australian Securities and Investments Commission (ASIC). In a submission to the Financial System Inquiry (FSI), PwC alerted that account balances transferred into SMSFs are ...

ASIC eyes fee for service funding model

LAURA MILLAN  |  TUESDAY, 8 APR 2014
The Australian Securities and Investments Commission (ASIC) asked the Financial System Inquiry (FSI) to consider changing the regulator's funding model to one partly based on fee for service. In a submission to the Murray inquiry, ASIC proposed to charge ...

ASIC dictates seven-year ban for rogue CBA adviser

LAURA MILLAN  |  MONDAY, 7 APR 2014
The Australian Securities and Investments Commission (ASIC) has banned Commonwealth Financial Planning adviser Jade Zaicew for seven years. Zaicew's banning follows ASIC actions against former CBA advisers Don Nguyen, Ricky Gillespie, Simon Langton ...