News : ASIC

ASIC, Compliance, financial advice

Ex-directors sanctioned for SMSF dishonesty

Mudasir Mohammed Naseeruddin Mark Andrew Cooper SMSF ASIC Banned

A former company director who persuaded investors to transfer their super into SMSFs to use the funds for his own benefit has been sentenced to jail, while another has been slapped with a ban.

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ASIC, FASEA, financial advice, Legislation

Adviser exam pushed back

ASIC Financial adviser exam

The first ASIC adviser exam of 2024 will be pushed back by more than a month as the regulator implements changes to its content and eligibility criteria.

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ASIC, SMSF

Receivers appointed to SMSF investment firm

ASIC Federal Court Brite Advisors Receivership

The Federal Court has made orders to appoint corporate receivers to the Australian arm of UK pension specialist and SMSF investment firm Brite Advisors.

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AAT, ASIC, Auditing

Auditor disqualification upheld

SMSF auditor Disqualification ASIC Independence standards

An SMSF auditor has failed to have her disqualification for breaching independence standards overturned by the AAT.

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ASIC, financial advice

Adviser levy tipped to be reduced

ASIC financial adviser levy FAAA Sarah Abood

The financial adviser levy imposed by ASIC is anticipated to be less than what was previously estimated for the 2023 financial year.

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ASIC, Education, financial advice, Tax

Education requirement dropped for tax advisers

financial adviser tax agents education ASIC

Financial advisers who are registered tax agents are no longer required to fulfil certain education requirements to offer advice on tax matters.

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ASIC, Compliance, Investments, Pensions

SMSF investment firm’s assets frozen

ASIC Brite advisors Asset freeze

ASIC has successfully applied to the Federal Court to freeze the assets of a company that provides SMSF investment services after it failed to provide financial statements and auditor reports.

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ASIC, ATO, Compliance

ASIC sanctions 11 SMSF auditors

ASIC disqualification SMSF auditors

ASIC has taken enforcement measures against 11 registered SMSF auditors, resulting in the disqualification of three practitioners during the September quarter.

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ASIC, Compliance, SMSF

Guidance change lifts anti-SMSF roadblock

A change to ASIC guidance regarding minimum balances for new SMSFs has removed a roadblock in the mind of advisers, who are only now returning to SMSF advice.

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ASIC, Compliance, Education

Pass rate climbs as candidates settle

ASIC adviser exam

The percentage of advisers passing the most recent ASIC exam has increased compared to recent sittings as the number of advisers taking the exam settles to a new lower figure.

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