Advisers have been given directions for when and how they can use a record of advice as part of ASIC’s effort to reduce the cost of advice.

ASIC has moved to shut down an unlicensed financial services business it claims misused funds from SMSFs for its own benefit.

Investment company Mayfair 101 Group has used a penalty hearing to challenge a $12 million fine issued to it after an ASIC investigation.

A former SMSF adviser, sentenced to six years’ jail, has also been permanently banned from providing financial services.

A former SMSF adviser based in Queensland has faced court for allegedly breaching a seven-year ban related to a best interest duty failure.

The licence of a Victorian-based SMSF financial adviser has been cancelled by ASIC after services to retail clients ceased.