All posts tagged "ASIC"
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292Australia & NZASIC Offers Clarity on Responsible Lending Obligations
ASIC has clarified when a licensee might undertake more or less detailed inquiries and verification steps based on different consumer circumstances and the type of credit being sought.
December 10, 2019 -
223Australia & NZAustralia Reintroduces Mandatory Comprehensive Credit Reporting Bill
The revised Bill introduces a new category of credit reporting information, enabling hardship information to be reported alongside repayment history.
December 9, 2019 -
276Australia & NZ
ASIC Urges Better Conduct from Lead Managers in Mining IPOs
Among ASIC's concerns is the prevalence of conflicts of interest, whereby lead managers act for both the company and investing clients while holding direct interests and board seats in the company.
December 6, 2019 -
134Australia & NZASIC Files Criminal Charges Against Ex-APRA Manager for False Documents
The former APRA senior manager has been criminally charged for providing false documents to the regulator while serving as CEO of a credit union.
December 6, 2019 -
264Australia & NZASIC Bans Cold Call Selling of Life Insurance, CCI Products
The ban on unsolicited cold-call sales of direct life and consumer credit insurance follows a A$700,000 penalty against CBA's CommInsure for hawking offences.
December 5, 2019 -
167Australia & NZ
ASIC Takes Legal Action Against Unregistered SMSF Scheme Operators
Investors were encouraged to roll superannuation monies into a self-managed super fund to invest - by way of a loan - in an unregistered scheme operated a former AMP adviser.
December 5, 2019 -
169Australia & NZ
Superannuation Advice to Members ‘Generally Appropriate’: ASIC
ASIC’s survey of 25 superannuation funds found that close to half of them followed best interest duty rules in the provision of financial advice to members.
December 4, 2019 -
656AML / KYCCiti Sent 99pc of Westpac Transfers That Breached AUSTRAC Requirements
Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.
December 4, 2019 -
174Australia & NZ
ASIC Reports Widespread Fee Disclosure Failures at AFS Licensees
ASIC's review found widespread non-compliance with fee disclosure obligations across a sample of AFS licensees and their representatives, suggesting an industry-wide problem.
December 3, 2019 -
180Australia & NZ
ASIC, APRA Ink Updated MoU to Enhance Collaboration
The updated MoU was a royal commission recommendation to enable more proactive engagement between the two regulators.
December 2, 2019
