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Showing 71 - 80 of 111 results for "AFS licensees"

ASIC scolds banks over fee-for-no-service delays

HARRISON WORLEY  |  MONDAY, 11 MAR 2019
... 2017 ASIC Enforcement Review Taskforce Report, which includes a directions power. This would allow ASIC to direct AFS licensees to establish suitable customer review and compensation programs." ASIC said the delays boiled down to a variety of issues ...

Accountant banned for bad SMSF advice

HARRISON WORLEY  |  TUESDAY, 19 FEB 2019
... posed major hurdles for individuals and were not for everybody. "ASIC will continue to take action when advisers or AFS licensees don't comply with the law," she said. "Consumers need to know that managing your own super is a major commitment that can ...

ASIC cracks down on non-compliant AFSL

JAMIE WILLIAMSON  |  MONDAY, 21 JAN 2019
... now required to engage an independent expert to make recommendations on how to improve the practice's processes. "AFS licensees are responsible for the conduct of their representatives, and ASIC expects licensees to have effective monitoring and supervision ...

ASIC cans advice business AFSL

JAMIE WILLIAMSON  |  TUESDAY, 18 DEC 2018
... came into effect on 4 December 2018 and is part of ASIC's ongoing work to improve standards across the industry. "AFS licensees are responsible for making sure that their authorised representatives are aware of their obligations. This means that licensees ...

ASIC and Austplan agree to mutual breakup

DARREN SNYDER  |  FRIDAY, 26 OCT 2018
... representatives. ASIC is continuing to make enquiries in relation to the advice provided. ASIC deputy chair Peter Kell said: "AFS licensees have an obligation to ensure that their representatives are adequately trained and competent to provide financial ...

ASIC consults on advice code monitoring bodies

JAMIE WILLIAMSON  |  TUESDAY, 15 MAY 2018
... enforced by ASIC-approved compliance schemes. ASIC has proposed that the Corporations Act be reformed to require AFS licensees and authorised representatives to provide information to all code monitoring bodies to enable effective and proactive monitoring ...

ASIC puts corner-cutting advisers on notice

JAMIE WILLIAMSON  |  MONDAY, 22 JAN 2018
... and their staff who engage in these practices should consider this a final warning," ASIC chair Peter Kell said. "AFS licensees have ultimate responsibility for the conduct of their representatives and need to effectively monitor and supervise their ...

HLB Mann Judd revises AFSL

JAMIE WILLIAMSON  |  THURSDAY, 18 JAN 2018
... effective from 20 December 2017 and replaces an interim undertaking by HLB Mann Judd to cease IER engagements. "AFS licensees active in the provision of IERs have heightened responsibilities as financial system gatekeepers. We will continue to monitor ...

Small licensees are PI insurance compliant: ASIC

KARREN VERGARA  |  WEDNESDAY, 30 AUG 2017
... professional indemnity (PI) insurance obligations, according to an ASIC investigation. ASIC's review included 56 small AFS licensees with 20 or less authorised representatives and revenue of $2 million or less. It aimed to determine if the licensees ...

ASIC flags stronger adviser surveillance

KARREN VERGARA  |  WEDNESDAY, 23 AUG 2017
... clients who are paying fees to receive such services. ASIC said it will pay particular attention to instances where AFS licensees claim to provide general advice to retail clients when selling financial products (and therefore do not need to comply with ...