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Showing 441 - 450 of 3916 results for "Law"

AFSLs undertake more reviews, lack risk documentation

KARREN VERGARA  |  TUESDAY, 18 JUN 2024
... however, are less frequent as close to 20% of licensees do not commission any external reviews of their business operations. "The law is not prescriptive in how often a licensee should be reviewing its operations and there is no requirement to have an ...

ASIC appeals judge's call to not penalise Block Earner

JAMIE WILLIAMSON  |  TUESDAY, 18 JUN 2024
... degree as to demonstrate that no genuine attempt at all had been made to carry out the requirements of the Act or the general law." His reasons for this were that, among other things, Block Earner sought legal advice. The judge said that even if he hadn't ...

Will ASIC use AI for advice compliance monitoring?

ANDREW MCKEAN  |  MONDAY, 17 JUN 2024
The rapid expansion of artificial intelligence (AI) applications in the financial advice industry has led to a prediction that ASIC could soon incorporate AI into its compliance and audit checks of advisers. Financial technology firm Padua envisions ...

ASIC issues first stop order for crowd funding

ELIZA BAVIN  |  THURSDAY, 13 JUN 2024
... that is simpler for founders to manage," a VentureCrowd spokesperson said. "We consider that our actions are permitted under law and will be responding to ASIC on that basis. We will work transparently with ASIC to resolve this matter and ensure the ...

Super Members Council renews calls for anti-hawking extension

JAMIE WILLIAMSON  |  THURSDAY, 13 JUN 2024
... products, not financial advice services. "Anti-hawking laws should be tightened, and current consumer protections locked into law to stop dodgy financial advisers using click-bait social media posts, cold-calls and pressure sales tactics to move unsuspecting ...

Advice reforms draft laws consultation opens

KARREN VERGARA  |  WEDNESDAY, 12 JUN 2024
... benefits given by a retail client are not conflicted remuneration. "The new definition of conflicted remuneration clarifies the law to achieve the intended outcome of the conflicted remuneration provisions: to ban benefits given by a product issuer or ...

GST rebate changes worsens cost of advice: SMSFA

KARREN VERGARA  |  TUESDAY, 11 JUN 2024
... which in recent times has been crippled by the rising cost of sector-based levies, we are asking the government to amend the law to ensure the previous interpretation for the treatment of adviser fees is retained," Scotchbrook said. "This could be achieved ...

Advisers shoulder massive wealth transfer

KARREN VERGARA  |  FRIDAY, 7 JUN 2024
Financial advisers shoulder much of the responsibility in helping facilitate the massive intergenerational wealth transfer that has blown out to nearly $5 trillion, according to new estimates, as recipients are largely financial illiterate and ill-prepared ...

ASIC cancels AFSL of XTrade

ELIZA BAVIN  |  THURSDAY, 6 JUN 2024
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of retail over-the-counter (OTC) derivatives issuer XTrade. XTrade offered clients opportunities to trade in contracts for difference ...

Block Earner dodges massive fine

KARREN VERGARA  |  WEDNESDAY, 5 JUN 2024
... important protections. Simply because a product hinges on a crypto-asset, does not mean it falls outside financial services law." Block Earner is the trading name of Web3 Ventures. It was founded in 2021 by Charlie Karaboga and Jordan Momtazi and backed ...