A new information sheet provides guidance on ongoing fee arrangements, fee disclosure statements, and ongoing fee consents.
June 17, 2021Industry bodies broadly support the inclusion of administrative fees in the performance test, though an extra one million super accounts could fail the test as a result.
May 5, 2021In a statement, IOOF said that the advice file reviews highlighted by ASIC were already part of its existing remediation programmes of work.
May 3, 2021Rather than conducting two separate reviews, the quality of advice review will also consider the Life Insurance Framework as part of its wider mandate.
May 1, 2021The guidance will assist entities in complying with APRA's new standard on remuneration, which is expected to be finalised later this year.
May 1, 2021The draft regulatory guide provides clarification on what constitutes a reportable situation under the upcoming breach reporting reforms.
April 23, 2021The bill will expand the role of ASIC's Financial Services and Credit Panel so that it operates as the single disciplinary body for financial advisers.
April 21, 2021CBA was ordered to pay A$7mn for a systems error that resulted in over 1,500 customers being charged a higher interest rate on overdraft accounts.
April 10, 2021ASIC has introduced legislative instruments covering advice fee consents and lack of independence disclosure requirements.
March 30, 2021Whether or not responsible lending obligations are repealed, ASIC says it will enforce lending standards as part of its focus on consumer protection.
March 29, 2021