Regulatory Updates

The Senate has tasked the Legal and Constitutional Affairs References Committee with an inquiry into the adequacy and efficacy of …

ASIC has banned John Carlton Martin, a responsible manager (RM) and director of Union Standard International Group Pty …

Forex Capital Trading Pty Ltd (Forex CT) was ordered to pay a penalty of $20 million by the …

The Federal Court has dismissed ASIC’s application in relation to alleged breaches of consumer credit provisions by Cigno Pty Ltd …

Advanced Choice Finance Pty Ltd (Advanced Choice) was convicted and fined $4,000 for knowingly making a false statement …

ASIC has registered the ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541, which commenced 15 June 2021.

The Instrument prescribes …

The Government’s superannuation legislation package – which includes the Treasury Laws Amendment (Your Future, Your Super) Bill 2021, Treasury …

ASIC has banned Hobart-based financial adviser, Hannah Jennings, from providing financial services for four years.

Ms Jennings failed to act …

ASIC has banned former adviser, Nathan Smith, from providing financial services for three years.

Mr Smith started as a financial …

ASIC has permanently banned financial adviser, Gavin Fineff, from providing financial services, controlling a financial services business, or performing any …

In a joint press release on 24 June 2021, the Treasurer and Minister for Superannuation, Financial Services and the Digital …

FASEA appeared before the Senate Estimates Committee on 2 June 2021.  In its opening statement to the Committee, FASEA noted …

From 1 July, adviser providers must include a ‘lack of independence' disclosure in an FSG if:

• the authorised services provided …

There has been a flurry of activity in relation to the new ongoing fee arrangement regime, which commences on 1 …

ASIC has cancelled the AFS Licence of BBY Ltd as a result of the company being in liquidation.

BBY Ltd …

Life Trading Pty Ltd (Life Trading) has been fined $200,000 and is required to enter into an enforceable …

Societe Generale Securities Australia Pty Ltd (Societe Generale) has fulfilled the additional licence conditions imposed on its AFS …

New ASIC Chair, Joe Longo, made an opening statement to the Parliamentary Joint Committee on Corporations and Financial Services this …

ASIC, APRA and the Reserve Bank of Australia (RBA) have endorsed an expectation set by the Financial Stability …

ASIC has published a warning against scam websites displaying or linking to fake ASIC company registration certificates in order to …

On 25 June 2021, the Government released exposure draft legislation to assist companies and company officers in their use of …

Parliament passed the Financial Regulator Assessment Authority Bill 2021 on 23 June 2021, which establishes a new independent body to …

Please find our update on Open Banking below, along with details of recent developments and upcoming changes.

“Open Banking” is …

Financial Sector Reform (Hayne Royal Commission Response—A New Disciplinary System for Financial Advisers) Bill 2021.  Treasury is consulting on …

ASIC administrative action

ASIC has cancelled Robert Bayntun Starky’s Australian Financial Services Licence (AFSL) because he failed to pay an …

FATF has published the Mutual Evaluation Report (MER) for New Zealand (April 2021).  The MER assesses how effectively New Zealand …

AUSTRAC has issued a remedial direction to Australian Military Bank, directing it to review and improve its compliance with AML/CTF …

AUSTRAC has updated its guidance in relation to complying with suspicious matter reporting (SMR) obligations.  The updated guidance is designed …

ASIC has released an information sheet to provide guidance for providers of debt management services.  Debt managements services, which includes …

ASIC has made ASIC Corporations (Amendment) Instrument 2021/292 (New Instrument) to give temporary relief to litigation funding schemes …

ASIC has banned Robert Patrick Marie from providing financial services, and from controlling an entity that carries on a financial …

As part of a broader response to the financial market uncertainty caused by COVID-19, ASIC has conducted a targeted review …

ASIC has cancelled Master Wealth Control Pty Ltd’s (Master Wealth Control) ACL on the basis that it was …

ASIC has banned former financial adviser, Lisa Lee, from providing financial services for eight years.

Ms Lee was previously a …

On 26 May 2021, ASIC commenced civil penalty proceedings in the Federal Court against five entities in the AMP group …

On 14 May 2021, FASEA announced that it has approved the following two degrees:

• any bachelor with a major in …

FASEA has recently released the exam results from the March sitting of the Financial Advisers Exam.  2,234 advisers sat the …

In its second round of consultation, ASIC has published Consultation Paper 341 Review of the ePayments Code: Further consultation, …

ASIC has commenced proceedings in the Federal Court against Westpac for insider trading, unconscionable conduct and breaches of its general …

ASIC has issued a warning to consumers to be aware of scams following an increased number of reports from consumers …

In this year’s Federal Budget, the Office of the Australian Information Commissioner (OAIC) has been allocated additional funding for …

AFCA’s Board has announced that Professor John Pollaers OAM has replaced the Hon Helen Coonan as AFCA’s Independent Chair.

Professor …

Foreign financial services providers (FFSP) have been subject to a new regulatory regime since April 2020, with transitional …

Each year, the Federal Budget includes a statement for each portfolio, including ASIC.  The Statement includes a strategic direction statement, …

ASIC has published the ASIC quarterly update: January to March 2021, which provides an update of its work undertaken …

The Financial Regulator Assessment Authority Bill 2021 and the Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Bill 2021 …

The Australian Law Reform Commission (ALRC), which was tasked with reviewing the legislative framework for the financial services …

When new clients are looking to engage us for the first time, they sometimes ask us for recommendations on what …

Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2020 Measures)) Regulations 2021: breach reporting.  Treasury is seeking …

ASIC announces new Chair and Deputy Chair

ASIC has announced the appointment of Joe Longo as ASIC Chair, and Sarah …