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, 2019ASIC has clarified its expectations of AFS licensees and financial advisers for compliance with the FASEA code starting from 1 January.
November 28, 2019The relief is granted through a legislative instrument that state that the suspension of the compliance scheme framework applies until 31 October 2022.
November 20, 2019The start date is being delayed to coincide with the date new regulations needed for transitional licensing take effect.
October 28, 2019The bill to end the payment of grandfathered conflicted remuneration to financial advisers has now passed in the Senate, after passed in the House of Representatives last month.
October 19, 2019ASIC will grant a three-year exemption from the obligation to ensure that financial advisers are covered by a compliance scheme, and from the associated notification obligations.
October 16, 2019The plan undoes months of effort by industry associations to form an independent body to monitor and enforce compliance with a new code of ethics for financial advisors.
October 15, 2019The Association of Financial Advisers says thousands of clients will be worse off without grandfathered commissions, and that financial advisers need more time to adjust.
September 17, 2019AFCA ombudsman Shail Singh says legacy complaints will be assessed against laws, industry practices and applicable standards in force at the time of the misconduct.
September 12, 2019ASIC will investigate the steps licensed entities are taking to end grandfathered conflicted remuneration for financial advisers and whether the benefits are passed on to clients.
August 22, 2019