News : ASIC

ASIC, Financial Planning

ASIC project to clarify general advice

ASIC project general advice

The Australian Securities and Investments Commission is set to undertake a project examining what general financial advice means, an industry leader has said.

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ASIC, Superannuation

ASIC takes action over unlicensed SMSF scheme

ASIC unlicensed scheme

ASIC has taken action against a former Melbourne adviser over an unlicensed investment scheme that used SMSFs to secure funds.

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ASIC, Compliance

ASIC exposes fee disclosure issues

ASIC report financial advice

A new ASIC report has revealed consumers receiving financial advice could be in receipt of incomplete information about their fees and being charged fees even after the relevant arrangements have been cancelled.

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ASIC, FASEA

Associations welcome ASIC ethics approach

FASEA code of ethics

Two major industry bodies have supported the Australian Securities and Investments Commission’s enforcement attitude regarding the Financial Advisers Standards and Ethics Authority Code of Ethics.

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ASIC, FASEA

ASIC will not enforce FASEA Code of Ethics

ASIC FASEA code

ASIC will not enforce the FASEA Code of Ethics in the absence of a government approved compliance scheme citing it was not empowered to do so under law.

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ASIC

Adviser banned for best interests failure

ASIC SMSF adviser

ASIC has banned a financial adviser for six years for failing to prioritise his SMSF clients’ interests.

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ASIC

NALI implications in ASIC factsheet

ASIC factsheet NALI

ASIC’s estimation of the time trustees spend managing SMSFs may add a concerning dimension to the NALI rules relating to fund expenses.

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ASIC

Adviser banned for SMSF property advice

adviser banned SMSF property

An adviser who told many of his clients to invest in property via an SMSF has been banned after it was found he did not act in the best interests of clients.

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Accounting, ASIC

ASIC rejects return of accountants’ exemption

ASIC accountants’ exemption

ASIC has not backed the return of the accountants’ exemption, noting the quality of advice from accountants is not higher than that of financial planners.

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ASIC, Auditing

ASIC acts on SMSF auditor misconduct

ASIC SMSF auditors misconduct

ASIC has disqualified two SMSF auditors and added conditions to the registration of another following referrals from the ATO.

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