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Regulatory

ASIC delivered court win over Firstmac DDO failure

JAMIE WILLIAMSON  |  THURSDAY, 11 JUL 2024
ASIC won its first Federal Court action in relation to breaches of design and distribution provisions against non-bank lender and investment manager Firstmac over a cross-selling strategy for investment products.

Adviser permanently banned for faking qualifications

JAMIE WILLIAMSON  |  TUESDAY, 9 JUL 2024
A Western Australian financial adviser was permanently banned after he lied to his employer and clients about having passed the Financial Adviser Exam.

Stake to operate under its own AFSL

ANDREW MCKEAN  |  MONDAY, 8 JUL 2024
Investment platform Stake, which enables Australian investors to buy US stocks, has announced that it will operate under its own Australian Financial Services Licence (AFSL) come July 29.

Former director disqualified for breaching obligations

JAMIE WILLIAMSON  |  THURSDAY, 4 JUL 2024
Having been involved in three failed companies, ASIC has disqualified a former financial services industry director for five years.

Committee calls for 'sick agency' ASIC to be split in half

JAMIE WILLIAMSON  |  THURSDAY, 4 JUL 2024
The Senate committee tasked with assessing the capabilities of ASIC says the government should recognise the regulator has "comprehensively failed to fulfil its regulatory remit", calling for a complete overhaul of its structure, powers and how it's ...

APRA heightens expectations around trustees' spending

JAMIE WILLIAMSON  |  THURSDAY, 4 JUL 2024
APRA reissued guidance around strategic planning and member outcomes, placing a clearer focus on superannuation members' interests when it comes to fund expenditure.

ATO seeks submissions on defining an 'employee'

ELIZA BAVIN  |  WEDNESDAY, 3 JUL 2024
The ATO has released a draft consultation outlining proposed changes to update the definition of an employee for the purpose of paying super.

ASIC takes action against Guildfords FM, director

KARREN VERGARA  |  FRIDAY, 28 JUN 2024
ASIC has cancelled the licence of Guildfords Funds Management and banned its managing director Robert Payne for their involvement in the collapse of Magnolia Capital Group.

APRA: RSE licensees show 'common areas of weakness'

ELIZA BAVIN  |  FRIDAY, 28 JUN 2024
APRA has issued a letter to all RSE licensees sharing its observations from its targeted thematic review of the super industry's preparedness for CPS 190.

ASIC freezes assets of Melbourne based licensee

ELIZA BAVIN  |  THURSDAY, 27 JUN 2024
The regulator obtained interim order from the Federal Court to freeze the licensees' assets.