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Showing 1 - 10 of 136 results for "AFS Licensee"

ASIC levy to slug advisers $48.4m

KARREN VERGARA  |  TUESDAY, 9 JUL 2024
ASIC's regulation activity for the 2024 financial year is expected to slug financial advisers $48.39 million collectively as the annual levy does not appear to be reducing. Licensees that provide personal advice to retail clients on relevant financial ...

ASIC calls out sloppy adviser data

KARREN VERGARA  |  MONDAY, 1 JUL 2024
ASIC is reprimanding AFS licensees (AFSL) for submitting inaccurate information about their financial advisers and will ramp up its enforcement from August. AFSLs are making numerous errors when it comes to providing data on the Financial Advisers Register ...

ASIC alerts licensees to experienced pathway deadlines

ANDREW MCKEAN  |  WEDNESDAY, 26 JUN 2024
ASIC has issued a reminder to the Australian Financial Services (AFS) licensees regarding the upcoming notification obligations related to the new experienced provider pathway. Starting from next week, AFS licensees must notify ASIC by lodging a notice ...

AFSLs undertake more reviews, lack risk documentation

KARREN VERGARA  |  TUESDAY, 18 JUN 2024
Most AFS Licensees (AFSLs) are undertaking more reviews of their systems and processes but still lack documentation when it comes to managing risk, according to a new compliance survey. Holley Nethercote's 2024 Compliance Trends Survey reveals AFSLs ...

ASIC cancels AFSL of XTrade

ELIZA BAVIN  |  THURSDAY, 6 JUN 2024
... investigation found that between June 2018 and September 2022, XTrade failed to comply with its general obligations as an AFS licensee and engaged in unconscionable conduct. ASIC said XTrade failed to take reasonable steps to ensure that its representatives ...

Former Life Plan FP adviser cops ban

KARREN VERGARA  |  FRIDAY, 24 MAY 2024
... provide advice that was appropriate to clients, did not prioritise the interest of clients above his own or that of his AFS Licensee. Nabi also gave clients a disclosure statement that contained misleading or deceptive statements. ASIC ultimately found ...

ASIC issues experienced pathway guidance

KARREN VERGARA  |  WEDNESDAY, 22 MAY 2024
ASIC has released new guidance for financial advisers who could potentially qualify as experienced providers and skip further education and training. The regulator today released Information Sheet 281 FAQS: Relevant providers - Accessing the experienced ...

ASIC cancels Everest Asset Management's AFSL

KARREN VERGARA  |  WEDNESDAY, 22 MAY 2024
... financial statements and audit reports. ASIC also believes that Everest will likely contravene its obligations as an AFS licensee in the future. Under the AFSL, Everest had authority to advise and deal in managed investment schemes. "Under the Corporations ...

ASIC cancels AFSL of JB Markets

ELIZA BAVIN  |  TUESDAY, 23 APR 2024
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services Licence (AFSL) of JB Markets effective from 12 April 2024. ASIC said JB Markets failed to comply with the financial requirements of its AFSL ...

Tranche one of advice reforms hits parliament

KARREN VERGARA  |  WEDNESDAY, 27 MAR 2024
... in the Corporations Act to explicitly provide that both monetary and non-monetary benefits given by a client to an AFS Licensee or a representative of a licensee are not conflicted remuneration. The final strand of the bill will implement standard consent ...
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