All posts tagged "ASIC"
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190Australia & NZAustralia Proposes Broad Extension of Financial Accountability Regime
FAR will replace BEAR and apply to insurers, superannuation entities, financial holding companies and eventually ASIC licensees, with higher penalties for breaches.
January 24, 2020 -
197Australia & NZASIC to Audit Broker Sales of Listed Investment Funds
ASIC is reviewing whether sales commissions paid by fund managers to brokers or financial advisers to sell funds compromise the best interests of investors.
January 14, 2020 -
263Australia & NZ
ASIC Bans Ex-AMP, NAB Adviser for Four Years
An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.
January 9, 2020 -
366Australia & NZAustralia to Formalise ASIC-APRA Regulatory Cooperation
The legislation will oblige ASIC and APRA to cooperate, share information with each other, and notify each other if they have a reasonable belief that there has been a breach of the other’s legislation.
December 28, 2019 -
746Australia & NZ
ASIC Publishes Findings from 2019 Regtech Initiatives
Participants said the exponential growth in data volume means the financial services industry must consider implementing regtech as an 'imperative' to undertake risk management and compliance functions.
December 25, 2019 -
248Australia & NZ
ASIC, APRA Issue Updates on Governance, Accountability
The updates are a response to the Royal Commission, which called on both regulators to reform their internal accountability frameworks to reflect requirements prescribed by BEAR.
December 25, 2019 -
385Australia & NZASIC Launches Court Proceedings Against Volkswagen Financial Services
ASIC says Volkswagen contravened the responsible lending provisions of the National Credit Act in relation to 49,380 loan contracts.
December 24, 2019 -
501Australia & NZ
ASIC Issues Draft Guidance on Product Design Obligations
From April 2021, design and distribution obligations will require issuers to focus on meeting consumer needs when designing, marketing and distributing financial products.
December 21, 2019 -
304Australia & NZWestpac Ordered to Pay A$9.15m Penalty for Poor Advice
In addition to the A$9.15 million penalty, Westpac is required to pay ASIC’s legal costs, and A$12.7 million in compensation to clients that received bad advice from one of the bank's adviser.
December 20, 2019 -
208Australia & NZ
Cyber Resilience Practices at Financial Firms Improving: ASIC
Improvements have been seen at larger firms in response planning, mitigation action planning, and to ensure events that occur are contained, do not propagate, and neutralised as quickly as possible.
December 19, 2019
