Search ResultsShowing 1 - 10 of 100+ results for "ASIC"
Government opens BEAR extension consultation
HARRISON WORLEY  |  THURSDAY, 23 JAN 2020
... industry to note key differences, such as that the regime will be co-administered by the two financial services regulators, ASIC and APRA. Treasurer Josh Frydenberg said the obligations of FAR would make senior financial services executives more accountable ...
Class action accuses NAB of super rip-off
ELIZABETH MCARTHUR  |  WEDNESDAY, 22 JAN 2020
... money on higher fees and unnecessary or unused services." MLC Nominees and NULIS are also facing a Federal Court action from ASIC alleging the trustees misled MasterKey super members. ASIC is alleging that NULIS and MLC deducted approximately $33 million ...
What people really think about life commissions
ELIZABETH MCARTHUR  |  TUESDAY, 21 JAN 2020
... consumers with life insurance said they were worried about whether their insurance company would actually pay out. But, ASIC data shows on life policies bought through financial advisers 96% of death claims are paid out, 95% of income protection claims ...
Cbus head of advice launches firm
KANIKA SOOD  |  FRIDAY, 17 JAN 2020
... members' money can't be used for advice other than intra-fund advice and it could be treated as fees for no service but ASIC hasn't held them to account for it so far," he said. He says the Cbus referral program was one way that superannuation funds ...
ASIC increases levy costs
ELIZA BAVIN  |  THURSDAY, 16 JAN 2020
... Commission has hiked the levies owed by superannuation trustees, up over 22% from what the regulator estimated in March 2019. ASIC had published the indicative levies for superannuation trustees as a minimum of $18,000 plus $7.35 for every $1 million ...
NAB revamps superannuation trustee board
KANIKA SOOD  |  TUESDAY, 14 JAN 2020
NULIS Nominees has added a former Vanguard Australia director and three other non-executive directors to its board, as ASIC chases it in Federal Court. NULIS, which oversees NAB's superannuation funds with $75 billion in assets under management ...
ASIC confirms SMSF negative returns
ELIZA BAVIN  |  TUESDAY, 14 JAN 2020
... Committee on Economics that SMSF's below $200,000 have a negative return on assets. Providing the most recent data from the ATO, ASIC answered the question which had been put on notice late last year. The parliament had asked ASIC commissioner Danielle ...
ASIC claims to support robo-advice
ELIZABETH MCARTHUR  |  FRIDAY, 10 JAN 2020
In a submission to the Select Committee on Financial Technology and Regulatory Technology, ASIC has claimed it is "supportive" of robo-advice, though harbours concerns around its ability to meet the best interests duty. The regulator said it has met ...
SMSFA slams limited licensing
HARRISON WORLEY  |  THURSDAY, 9 JAN 2020
... Maroney added. "Ironically, these individuals are generally not able to provide SMSF advice as they are not licensed with ASIC." There is a fundamental lack of information for SMSF advisers who need to provide timely advice based on myriad of complex ...
ASIC bans former Charter, NAB adviser
KANIKA SOOD  |  WEDNESDAY, 8 JAN 2020
... David O'Brien failed to consider his clients' circumstances and existing financial products while providing advice, ASIC said. In providing superannuation advice, O'Brien did not check costs, investment strategy or his clients' existing ...
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