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Regulatory

AFSL pleads guilty to mishandling client money

KANIKA SOOD  |  THURSDAY, 7 MAY 2020
In the first case of its kind in Australia, an AFSL is facing criminal prosecution for mishandling client monies, and has pleaded guilty.

AFP investigates ERS scams

ELIZA BAVIN  |  THURSDAY, 7 MAY 2020
The Australian Federal Police are investigating a small number of scams in relation to the government's Early Release of Super scheme.

Frydenberg amends Corporations Act

ALLY SELBY  |  WEDNESDAY, 6 MAY 2020
Treasurer Josh Frydenberg has announced changes to the Corporations Act, in a bid to relieve Australia's public companies from financial stress over the coming months.

ASIC issues stark warning to retail investors

ELIZABETH MCARTHUR  |  WEDNESDAY, 6 MAY 2020
ASIC has issued a strongly worded warning to those trying to profit from the COVID-19 induced market volatility who are not investment professionals.

Former AFSL director banned

ELIZA BAVIN  |  TUESDAY, 5 MAY 2020
ASIC has cancelled the AFSL of Olive Financial Markets following concerns that it had not complied with its obligations as an AFS licensee and that it was likely to contravene its obligations in the future.

Former Spectrum Wealth, NAB advisers banned

ELIZA BAVIN  |  THURSDAY, 30 APR 2020
ASIC has permanently banned an ACT financial adviser over dodgy SMSF advice, and banned another from NSW for three years for failing to consider clients' best interests.

Adviser bans fall

ELIZA BAVIN  |  THURSDAY, 30 APR 2020
ASIC has revealed it adviser bans dropped by more than half in the second half of 2019, from 103 to 48.

Australian fund regulation below average: Morningstar

ALLY SELBY  |  TUESDAY, 28 APR 2020
Australia has received a below average grade from Morningstar for the regulatory and tax frameworks that its managed funds face.

ASIC urges insurance flexibility

ELIZA BAVIN  |  TUESDAY, 28 APR 2020
ASIC has called on insurers to introduce flexible options, such as premium deferrals or reductions, to assist consumers during the COVID-19 pandemic.

Curtains fall for two financial services companies

ALLY SELBY  |  MONDAY, 27 APR 2020
The Federal Court of Australia has ordered two financial services companies to be wound up, with McGrathNicol appointed as the liquidator of both firms.