News : ASIC

ASIC

ASIC cancels stagnant SMSF AFSL

ASIC cancelled licence

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

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ASIC, Financial Planning

Advice sector carrying compliance cost burden

financial advice costs

The financial advice sector is carrying a significant proportion of industry compliance costs when compared with its size and the level of complaints directed against it.

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ASIC

ASIC cancels SMSF firm’s licence

ASIC SMSF licence

ASIC has cancelled the licence of an SMSF advisory business, while BT will pay $3 million in penalties for fee-for-no-service breaches.

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ASIC

ASIC levy increase unsustainable

ASIC adviser levy

A $700 increase in the ASIC adviser levy is evidence the funding model is unrealistic and unsustainable and needs urgent review.

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ASIC

Civil penalty agreement for Dixon Advisory

civil penalty Dixon

Dixon Advisory and ASIC have entered into a heads of agreement to resolve the civil proceedings the regulator instigated against the financial services firm last year.

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ASIC, Financial Planning

Record response will direct ASIC advice action

ASIC financial advice

ASIC has committed to taking steps to make the provision of limited advice easier after receiving a high level of responses from practitioners on the issue.

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ASIC, Cryptocurrency

ASIC seeking best practice in crypto offerings

ASIC crypto-assets investors

ASIC has raised concerns about how ETPs and other investment products provide access to crypto-assets for retail investors.

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ASIC, Auditing

Auditor disqualified for independence breach

SMSF auditor disqualified

ASIC has disqualified the SMSF auditor registration of a Sydney-based practitioner who was found to be lacking independence and failed to obtain evidence when required to do so.

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ASIC, Financial Planning, Insurance

ASIC moves on AMP over deceased client fees

AMP fees deceased customers

ASIC has started legal action against five AMP companies in regards to claims they charged advice fees and insurance premiums to dead customers.

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ASIC, Financial Planning

“Stupid” adviser gets six years’ jail

SMSF adviser jail

An investigation by ASIC has found a former Sydney financial adviser used his clients’ SMSF money to fund his holidays and other personal loans for almost three years.

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