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Regulatory

Queensland bans Dollarmites

KARREN VERGARA  |  TUESDAY, 27 APR 2021
The Sunshine State is joining Victoria and the nation's capital in banning the Commonwealth Bank's school-banking program.

IOOF licensees to take remedial action

JAMIE WILLIAMSON  |  MONDAY, 26 APR 2021
IOOF will take remedial action after ASIC found a significant proportion of Bridges and RI Advice clients were at risk of financial detriment.

ASIC opens breach reporting consultation

ANNABELLE DICKSON  |  THURSDAY, 22 APR 2021
The corporate regulator is seeking stakeholder feedback on updates to draft guidance on breach reporting reforms that aim to reduce industry misconduct.

Former adviser pleads guilty over million-dollar super theft

ANNABELLE DICKSON  |  THURSDAY, 22 APR 2021
Victorian-based Ahmed Saad has pleaded guilty after previously being charged with dishonestly obtaining financial advantage by deception for his role in an illegal retail superannuation scheme.

Government merges advice reviews

KARREN VERGARA  |  WEDNESDAY, 21 APR 2021
The federal government will fold the 2022 Life Insurance Framework Review into the Quality of Advice Review, taking over the responsibilities from ASIC.

Government opens consultation on key advice reforms

JAMIE WILLIAMSON  |  MONDAY, 19 APR 2021
The federal government has released draft legislation outlining the function of ASIC's Financial Services and Credit Panel as the single disciplinary body for financial advisers.

Mawhinney banned for 20 years

ELIZABETH MCARTHUR  |  MONDAY, 19 APR 2021
The Federal Court has ruled that Mayfair 101 founder James Mawhinney cannot fundraise for or advertise financial products for 20 years.

Regulator frets over SPAC boom

ELIZABETH MCARTHUR  |  FRIDAY, 16 APR 2021
The US financial markets regulator has confirmed it has concerns around the rapid growth of Special Purpose Acquisition Companies (SPACs).

Business registration to be updated

ANNABELLE DICKSON  |  THURSDAY, 15 APR 2021
The government has moved forward with the Modernising Business Registers (MBR) program with a singular registry platform, eliminating seven registry interactions.

ASIC extends advice relief measure

KARREN VERGARA  |  THURSDAY, 15 APR 2021
ASIC is extending the relief measure that allows financial advisers to provide a Record of Advice (ROA) rather than a statement of advice (SOA) until October 15.