Regulatory Updates

The current exemption from the responsible lending obligations when lending to small businesses was due to expire on 2 April …

ASIC has banned the sole director and four former employees of Forex Capital Trading Pty Ltd (Forex CT) …

The conditions and prohibitions in ASIC’s product intervention order (PIO) for the CFDs sector, ASIC Corporations (Product Intervention …

Early last year, ASIC suspended AxiCorp Financial Services Pty Ltd’s (AxiCorp) AFS licence.  ASIC made the decision based …

During 2020, ASIC undertook a review of how superannuation trustees were communicating to members about COVID-19 issues and providing intra-fund …

ASIC has published an article encouraging superannuation trustees to use member data to increase value for money, improve the design …

ASIC has commenced civil penalty proceedings against the trustee of the Statewide Superannuation Trust, Statement Superannuation Pty Ltd (Statewide …

The Federal Court has found in Australian Securities and Investments Commission v TAL Life Limited that TAL breached its duty …

ASIC alleges that between 11 November 2016 and 13 October 2017, Mr Ahmed Saad, who is a former financial adviser …

Mr Ezzat-Daniel Nesseim, who was permanently banned from providing financial advice in March 2018, and permanently banned from engaging in …

FASEA has announced that 67 per cent of candidates passed the January exam.  Attendance in January was lower with only …

The Federal Court has ordered accountant, Jenan Thorne, to comply with a previous court enforceable undertaking (CEU) after …

ASIC has banned Mr Nizi Bhandari from performing any function in relation to carrying out a financial services or credit …

ASIC commenced legal action against Dover Financial Advisers Pty Ltd (Dover) in September 2018, and in November 2019, …

ASIC has made a legislative instrument, ASIC Corporations (Consent to Deductions – Ongoing Fee Arrangements) Instrument 2021/124, detailing the …

In his final Royal Commission Report, Commissioner Hayne made a number of recommendations to address the various ‘fees for no …

The Parliamentary Joint Committee on Corporations and Financial Services has launched an inquiry into mobile payment and digital wallet financial …

The Australian Information Commissioner and Privacy Commissioner will tender for an independent review of the Privacy (Credit Reporting) Code 2014 …

The Federal Court has found that four companies within the Mayfair 101 group engaged in false, misleading or deceptive conduct …

ASIC has commenced proceedings in the Federal Court against Commonwealth Securities Limited (CommSec) for breaching sections 912A(1)(a) and …

ASIC’s deputy chair, Karen Chester, gave an address at an AFR Business Summit at the beginning of March.  Some of …

ASIC has published its annual cost recovery implementation statement, which provides information on how the costs of regulatory activities will …

With a year like no other, AFCA has seen a change in the types of complaints it received throughout 2020. …

AFCA has released its submission to the Independent Review currently being undertaken by Treasury into the first two years of …

ASIC has issued an Information Sheet, INFO 250, about its ability to share information with AFS and credit licensees …

ASIC Chair, James Shipton, has commented on the expense reimbursement issues that unfolded in October 2020.

For a quick recap, …

The role of the ACCC in the financial services sector has grown since the last time we explored its involvement …

Attachment 1 to CP 311: Draft updated RG 165 and Attachment 2 to CP 311: Draft data dictionary.  ASIC …

This year, the Corporations Act 2001 (Cth) is celebrating its 20th year of existence – the actual “birthday” is 15 …

AUSTRAC has published the proposed Phase 1.5 amendments to the AML/CTF rules.  These reforms include amendments to:

• make it clear …

Ding Yang, director of a former Melbourne-based mortgage brokerage company, Advanced Choice Finance Pty Ltd (ACF), has pleaded …

Parliament has agreed to the Government’s updated Mandatory Comprehensive Credit Reporting (CCR) regime, with the aim to increase …

Nikitins (Liquidator) v EncoreFX (Australia) Pty Ltd (in liq), in the matter of EncoreFX (Australia) Pty Ltd (in liq) (No …

ASIC has permanently banned former Sydney financial adviser, Daniel Stuart McSweeny, from providing financial services.

Mr McSweeny was an authorised …

ASIC has published the latest statistics on the amount of compensation paid or offered to customers by AMP, ANZ, CBA, …

ASIC has suspended the Investors Exchange Limited (IEL)’s AFS licence for six weeks because of its failure to …

APRA has published statistics on the uptake of the COVID-related early release of superannuation scheme from the Scheme’s inception to …

In an attempt to protect superannuation balances from excessive fees and poor earnings, the Government has introduced the Treasury Laws …

FASEA has announced that there will only be five more exam sittings this year.  Existing advisers who have not yet …

The Financial Sector Reform (Hayne Royal Commission Response No. 2) Bill 2020, which contains the proposed new law regarding …

The Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2020 has been passed by Parliament and will bring …

ASIC has published an article explaining ASIC’s expanded role in regulating trustees of superannuation funds as a ‘conduct’ regulator (as …

Have you ever considered where your licensee’s key data breach risk may come from?  After criminal and malicious actors, it …

ASIC has imposed additional conditions on the AFSL of Poynter Hargraves Financial Consultants Pty Ltd (Poynter Hargraves) after …

Allianz Australia Insurance Limited (Allianz) has been charged with seven counts, and AWP Australia Pty Ltd (AWP …

ASIC has issued ASIC Corporations (Amendment) Instrument 2021/116 to amend the sunset date of ASIC Corporations (Litigation Funding Schemes) Instrument …

ASIC has filed an application with the Federal Court alleging that NAB engaged in unconscionable conduct and misrepresentation over periodic …

In December 2020, ASIC commenced civil proceedings against the Commonwealth Bank of Australia (CBA) for charging interest on …

AFCA has recently published a determination that deals with ASIC’s notice of 11 April 2019, and the issue of whether …

ASIC has released an Immunity Policy for certain serious contraventions of the Corporations Act 2001, such as market manipulation, …