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Regulatory

Throw out financial services law clutter: ALRC

ANDREW MCKEAN  |  WEDNESDAY, 5 OCT 2022
The Australian Law Reform Commission's (ALRC) second interim report to reduce complexity in financial services legislation proposes an alternative model that's more coherent and principled, and "embraces minimalism."

UK regulator to inspect advice and guidance rules

CASSANDRA BALDINI  |  TUESDAY, 4 OCT 2022
A review of the boundaries between advice and guidance will be carried out by the Financial Conduct Authority (FCA).

Industry funding model discussion commences

JAMIE WILLIAMSON  |  FRIDAY, 30 SEP 2022
The government has released a discussion paper on the ASIC industry funding model, consulting on opportunities to simplify its design, possibly through the creation of new sub-sector definitions to make the apportioning of costs fairer.

ASIC issues stop order on third property fund

CASSANDRA BALDINI  |  FRIDAY, 30 SEP 2022
ASIC has made its third interim stop order this month on another property fund after it failed to meet target market determination (TMD) requirements.

Court dismisses CBA, CFS conflicted remuneration case

JAMIE WILLIAMSON  |  THURSDAY, 29 SEP 2022
The Federal Court dismissed ASIC's case against Commonwealth Bank and Colonial First State in relation to the distribution of Essential Super.

ASIC updates remediation rules

CHLOE WALKER  |  TUESDAY, 27 SEP 2022
The corporate regular has refreshed guidance on remediation activities, as it reveals close to $2 billion in redress remains unpaid.

No surprise advice industry fears ASIC: Panel

CASSANDRA BALDINI  |  FRIDAY, 23 SEP 2022
Understanding and fixing regulatory uncertainty and licensee caution has been a subject discussed at length within the advice community in recent years, with AFCA saying it isn't surprised by the level of fear in the industry when it comes to ASIC.

AMP cops $14.5m penalty over fees for no service

JAMIE WILLIAMSON  |  TUESDAY, 20 SEP 2022
Five AMP companies will pay $14.5 million for charging close to 1500 superannuation members fees for no service over the course of about three years.

Former financial adviser pleads guilty

CASSANDRA BALDINI  |  TUESDAY, 20 SEP 2022
Former financial adviser John Wertheimer pleaded guilty to charges surrounding unauthorised client transactions in Perth Magistrates Court.

Dixon Advisory pays $7m for poor advice

JAMIE WILLIAMSON  |  TUESDAY, 20 SEP 2022
Dixon Advisory will pay $7.2 million for providing inappropriate advice and not meeting client best interests obligations.