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Regulatory

Expert hopeful ASIC understands MDA benefits

HARRISON WORLEY  |  THURSDAY, 12 SEP 2019
The future of managed discretionary accounts and the role of ASIC in shaping that future emerged as a point of discussion during a panel session at Financial Standard's recent Managed Account Forum.

ASIC prepares to be primary super conduct regulator

ELIZABETH MCARTHUR  |  THURSDAY, 12 SEP 2019
ASIC commissioner Sean Hughes has made it clear the regulator is already positioning itself to be the primary conduct regulator in superannuation.

Senate creates committee on fintech, regtech

KRISTI CHENG  |  THURSDAY, 12 SEP 2019
Parliament has passed a motion to form a dedicated Senate Select Committee on Financial Technology and Regulatory Technology.

Consultation opens on new ASIC powers

ELIZABETH MCARTHUR  |  WEDNESDAY, 11 SEP 2019
Treasury has released draft legislation on enhancing ASIC's powers, including allowing the regulator to tap the phones of those under investigation.

Calls to give ASIC power to repair reputations

ELIZA BAVIN  |  WEDNESDAY, 11 SEP 2019
A prominent lawyer has argued ASIC should be given the power to issue "no action letters" to those not under formal investigation for wrongdoing following the Royal Commission.

The end of grandfathered commissions

ELIZABETH MCARTHUR  |  WEDNESDAY, 11 SEP 2019
The Ending Grandfathered Conflicted Remuneration Bill 2019 was passed in the House of Representatives yesterday but the industry believes the timeline for doing so will leave Australians worse off.

Queensland-based AFSL suspended

ELIZABETH MCARTHUR  |  TUESDAY, 10 SEP 2019
ASIC has suspended the AFS licence of a Queensland-based financial advice practice over concerns it was not meeting its obligations as a licensee.

AFCA ombudsman addresses adviser concerns

KRISTI CHENG  |  TUESDAY, 10 SEP 2019
AFCA ombudsman Shail Singh has addressed common adviser concerns regarding the authority's introduction of legacy complaints.

Adviser cops 262 month jail sentence

JAMIE WILLIAMSON  |  FRIDAY, 6 SEP 2019
A financial adviser in the US will spend the next 22 years in prison after he defrauded his own family out of millions.

BT faces fees for no service class action

ELIZABETH MCARTHUR  |  FRIDAY, 6 SEP 2019
Westpac confirmed it has received a class action filed against BT Funds Management and Westpac Life Insurance Services in relation to BT's Super for Life cash investment option.