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Regulatory

ASIC to crack down on superannuation misconduct

ANDREW MCKEAN  |  WEDNESDAY, 15 NOV 2023
ASIC has announced plans for strong, targeted enforcement action in the superannuation sector, focusing on member outcomes in 2024.

Decade-long ban reduced for former adviser

KARREN VERGARA  |  TUESDAY, 14 NOV 2023
A former financial adviser who was jailed for breaching COVID-19 border restrictions to attend the AFL Grand Final had his ASIC banning order reduced.

Wealth managers shirk cybersecurity priorities

KARREN VERGARA  |  MONDAY, 13 NOV 2023
An alarming number of small and large wealth managers are underprepared for cybersecurity breaches particularly when it comes to managing third-party providers, a new report from ASIC finds.

More than $17m paid in CFD-related remediation

JAMIE WILLIAMSON  |  THURSDAY, 9 NOV 2023
More than $17.4 million has been made in compensation payments to retail clients affected by legal breaches by eight retail OTC derivative issuers, $13 million of which was paid by Binance alone.

ASIC updates qualified tax relevant provider definition

KARREN VERGARA  |  TUESDAY, 7 NOV 2023
Financial advisers who are both a relevant provider and a registered tax agent now satisfy the definition of a "qualified tax relevant provider" without having to undertake specific courses, according to ASIC.

AFCA consults on advice, MIS compensation

KARREN VERGARA  |  TUESDAY, 7 NOV 2023
The Australian Financial Complaints Authority is seeking feedback on how it should determine compensation that involves financial advice and managed investment schemes (MIS).

Sterling Income Trust executives charged

CHLOE WALKER  |  MONDAY, 6 NOV 2023
Three directors connected to the Sterling Income Trust are facing criminal charges over the collapsed property investment and management group's schemes.

Link revises financial reports after ASIC review

ANDREW MCKEAN  |  FRIDAY, 3 NOV 2023
Link Group amended its FY23 financial report that was released in August, following an ASIC review that identified potential "material misstatements."

'Critical shortcomings' demand urgent action from trustees: APRA

ANDREW MCKEAN  |  TUESDAY, 31 OCT 2023
APRA deputy chair Margaret Cole has sounded the alarm on gaps in superannuation trustees' plans to assist the "tidal wave of fund members" heading toward retirement.

Financial services firms hit with criminal charges

CHLOE WALKER  |  TUESDAY, 31 OCT 2023
Two businesses tied to permanently banned Sydney director David Sutton have been charged in separate proceedings following an investigation by ASIC.