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Showing 591 - 600 of 5207 results for "2015-16 ASIC"

Gap exists between licensees' AI use and governance processes: ASIC

MATTHEW WAI  |  TUESDAY, 29 OCT 2024
... found instances of artificial intelligence (AI) use that was at risk of being at odds with their regulatory obligations. ASIC reviewed more than 600 AI use cases across 23 licensees as at the end of 2023, which included operations in the financial advice ...

ASIC secures win against HCF Life

ELIZA BAVIN  |  TUESDAY, 29 OCT 2024
... was liable to mislead the public. The term was used in three contracts issued under HCF Life's 'Recover' range of products. ASIC alleged that the term could mislead the public as the term purported to allow HCF Life to deny coverage if a customer did ...

Queensland-based financial firm loses AFSL

MATTHEW WAI  |  FRIDAY, 25 OCT 2024
... business has lost its Australian financial service licence (AFSL) following its failure to comply with licensee obligation. ASIC revoked the AFSL of Next Generation Advice (in liquidation) (Next Gen) after the Queensland Supreme Court ordered the company ...

CSLR warns adviser levy will balloon

KARREN VERGARA  |  FRIDAY, 25 OCT 2024
The Compensation Scheme of Last Resort (CSLR) warned the advice sector should brace for an even bigger levy in the 2026 financial year, forecasting a total of $20 million. Financial advisers are set to cough up more than $20 million in FY26, which will ...

ASIC cans timeshare company AFSL

KARREN VERGARA  |  WEDNESDAY, 23 OCT 2024
ASIC cancelled the AFS Licence (AFSL) of timeshare company Ultiqa Lifestyle Promotions, which has been in trouble in the past for providing bad financial advice. Ultiqa's failure to pay an Australian Financial Complaints Authority (AFCA) determination ...

ASIC makes key appointments to executive team

ELIZA BAVIN  |  THURSDAY, 17 OCT 2024
... Investments Commission (ASIC) has made two appointments to its senior executive leadership team. Following an international search, ASIC chair Joe Longo announced the appointment of Peter Soros as executive director regulation and supervision, and Chris ...

Property fund management firm loses AFSL

MATTHEW WAI  |  TUESDAY, 15 OCT 2024
ASIC has stripped the Australian financial services licence (AFSL) of Aretean Ltd Pty, trading as Aretean Capital, following the fund manager's failure to comply with its obligations. Aretean Capital boasts assets under management of over $250 million ...

ASIC cancels fewer AFSLs in FY24

KARREN VERGARA  |  FRIDAY, 11 OCT 2024
ASIC cancelled or suspended 239 AFS licences (AFSLs) in the 2024 financial year, which is 9% lower than the prior period. Report 797 Licensing and professional registration activities, which tracks licensing and professional registration activities ...

ASIC seeks $27m penalty against AustralianSuper

ELIZA BAVIN  |  THURSDAY, 10 OCT 2024
ASIC is seeking a major $27 million penalty against AustralianSuper in the Federal Court. ASIC alleges that, for almost 10 years, AustralianSuper failed to have adequate policies and procedures to identify members who held multiple AustralianSuper accounts ...

ASIC bans adviser who misled TPB

JAMIE WILLIAMSON  |  WEDNESDAY, 9 OCT 2024
ASIC banned a financial adviser who was found to have lied to the Tax Practitioners Board (TPB) to remain registered and provided advice to clients despite being unable to manage his own tax affairs. John Hazell, formerly managing director of Richmond ...