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Regulatory

Terms of reference released for complaints system review

KERRIE SYDEE  |  MONDAY, 8 AUG 2016
The federal government has released the terms of reference for the independent review into the financial system's external dispute resolution and complaints framework.

ASIC compensation plummets despite surveillance success

ALEX BURKE  |  MONDAY, 8 AUG 2016
The amount of consumer compensation ASIC secured decreased by 91% in the six months to June 30, 2016, despite increased surveillance outcomes almost across the board.

ABA denies precedent for matching RBA cash rates

ALEX BURKE  |  FRIDAY, 5 AUG 2016
The Australian Bankers' Association has rejected calls from Parliament to justify its interest rate pricing based on the Reserve Bank's cash rate.

PMIIG licence cancelled

MARK SMITH  |  FRIDAY, 5 AUG 2016
ASIC has cancelled the Australian financial services licence of Pacific Millennium International Investment Group (PMIIG), with effect on 28 July, after it breached its obligations.

ATO on phoenix watch

DARREN SNYDER  |  MONDAY, 1 AUG 2016
The Australian Taxation Office is continuing its crackdown on illegal phoenix activity, including unpaid superannuation, following the recent execution of six search warrants on the Gold Coast.

Unlicensed product adviser receives four year ban

KERRIE SYDEE  |  THURSDAY, 28 JUL 2016
ASIC has banned a New South Wales man from providing financial services for four years after it was found he had unlawfully carried on an unlicensed financial services business.

ASIC hands down multiple bans

KERRIE SYDEE  |  WEDNESDAY, 27 JUL 2016
ASIC has permanently banned one adviser and handed temporary bans to two others, one of which was formerly employed by Australian and New Zealand Banking Group (ANZ).

Brexit won't impact Australia greatly: Treasurer

DARREN SNYDER  |  FRIDAY, 22 JUL 2016
The body representing Australia's top four financial authorities says the country is well placed to manage the economic and financial repercussions of Brexit.

Regulator issues new risk management guidance

DARREN SNYDER  |  FRIDAY, 22 JUL 2016
Responsible entities of managed funds are receiving further guidance around risk management as ASIC aims to ensure adaptability in changing market conditions.

ASIC needs to focus on prevention, not cure

ALEX BURKE  |  THURSDAY, 21 JUL 2016
ASIC needs to work directly with the advice industry and develop more proactive regulation, according to Affinia chair Steve Helmich.