ASIC proposes mortgage brokers be required to identify what interests they or their related parties have, and to not provide credit assistance where it is not possible to prioritise consumer interests.
February 22, 2020ASIC will be focused on conduct issues involving superannuation trustees, while APRA will be focused on prudential supervision of trustee activities.
February 17, 2020The adviser misrepresented the value of his client’s portfolio on 19 separate occasions, and engaged in trading without proper authority of the client.
February 17, 2020ASIC's review of communications material from 12 superannuation funds found that some trustees are not always sufficiently focused on their members’ needs.
February 14, 2020Under the amendments, firms will be able to test a wider range of new financial and credit products and services without a licence from ASIC, for a longer time.
February 12, 2020NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.
February 12, 2020The bills introduce a best-interests duty for mortgage brokers, ban unfair contract terms in insurance, and enable ASIC to more effectively enforce existing laws.
February 10, 2020Australia's new Financial Accountability Regime will subject accountable persons to penalties up to A$1.05mn per breach, or three times the benefit derived or detriment avoided, whichever is higher.
February 7, 2020A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.
February 6, 2020The draft legislation is aimed at enhancing protections for consumers and small businesses, and strengthening the role of ASIC and APRA.
February 3, 2020