The reforms aim to make financial advice more accessible, affordable and safe for consumers.
December 11, 2023In light of the upcoming review, the government will pause a planned extension of APRA's performance tests beyond MySuper products for 12 months.
July 13, 2022There are significant opportunities to reduce the cost and complexity of providing financial advice, the FSC says in new paper.
April 22, 2021Starting from 1 January 2021, ASIC will be closely monitoring conduct and outcomes to ensure mortgage brokers are effectively complying with the best interests duty.
June 25, 2020The changes extend the requirements imposed on approved trustees and managers to VCCs, VCC directors and VCC custodians, while also introducing a best interest duty.
March 17, 2020ASIC 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, 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, 2020In 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