News : ASIC

ASIC, financial advice

Ex-adviser guilty of $6m fraud

ASIC Ben Jayaweera Growth Plus Financial Group SMSF fraud

A former Brisbane-based financial adviser has been convicted of defrauding investors out of nearly $6 million after convincing them to withdraw money from their SMSFs.

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ASIC, Superannuation

Super sector in ASIC’s sights

ASIC superannuation Corporate plan SMSF Establishment advice

The superannuation sector’s handling of retirement outcomes will be an area of focus for ASIC, which has also committed to review SMSF establishment advice.

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ASIC, Education, financial advice

ASIC issues qualification checking reminder

ASIC AFS licensees Adviser qualifications Approved degrees determination

ASIC has told advice licensees they must check the qualifications of all advisers under their banner even when they have previously worked for another organisation.

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ASIC, Compliance, Documentation

ASIC action highlights director ID necessity

SuperCentral director ID Director Identification Number self-managed superannuation SMSF ASIC

SMSF corporate trustees must hold a director identification number as recent ASIC action has shown no grace will be shown to those who have failed to meet this binding obligation.

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ASIC, Compliance, Regulation, Superannuation

Mercer hit with $11.3m greenwashing penalty

Federal court ASIC Greenwashing Mercer Superannuation

The Federal Court has ordered Mercer Superannuation to pay a multi-million-dollar penalty after misleading members over the nature of its sustainable investment options.

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ASIC, Compliance, financial advice, SMSF

Adviser cops ban over conflicted advice

ASIC UGC SMSF Self-managed superannuation Joel James Hewish Ban Conflicted personal advice United Global Capital Pty Ltd

A Victorian adviser who managed a firm that encouraged clients to roll their retirement savings into SMSFs to invest in his own interests has been banned for 10 years.

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ASIC, financial advice, Regulation

NSW adviser banned over conflicts of interest

ASIC Australian Securities and Investments Commission Trust SMSF Self-managed superannuation fund Australian financial services licence Christopher Edward Luff

A NSW adviser who offered an investment trust product to clients within an SMSF has been banned for not acting in their best interest and for providing inappropriate advice.

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ASIC, Regulation, SMSF

INFO 274 change having no impact

INFO 274 SMSF ASIC Self-managed superannuation Establishment Investment Trends

The significant amendment ASIC made to Information Sheet 274 has had almost no impact on SMSF establishments.

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ASIC, financial advice

Adviser levy to increase by $60

Financial adviser levy ASIC Cost Recovery Implementation Statement

The financial adviser levy will increase by around 2 per cent this year, its smallest rise since it was first introduced in the 2018 financial year.

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ASIC, Regulation, SMSF, Superannuation

Senate inquiry slams ASIC over Dixon response

ASIC Senate Dixon Advisory Self-managed superannuation SMSF Senate inquiry

A Senate committee has criticised ASIC for its response to the Dixon Advisory case as part of an inquiry into the regulator’s handling of corporate misconduct.

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