News : ASIC

ASIC

Planner charged over SMSF fund transfers

A former Melbourne financial planner has been charged with 13 offences involving dishonesty relating to his clients’ SMSF assets while running a financial services business.

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Accounting, ASIC, Property

Industry echoes execution-only advice warning

SMSF industry experts have repeated warnings issued by the corporate regulator that there will be a clampdown on client-driven execution-only advice by unlicensed accountants establishing SMSFs for their clients.

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ASIC, Regulation

Firms reminded of AFCA membership

The Australian Securities and Investments Commission (ASIC) has reminded financial firms that are members of the Australian Financial Complaints Authority (AFCA) to notify the regulator of their AFCA membership by 30 November or face late fees.

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ASIC, Property, Retirement

Advisers failing SMSFs on property: panel

SMSF advisers are failing to discuss vital issues with clients when advising them on property investment, including contingency plans when they retire and liquidity issues.

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ASIC, Education, Financial Planning

ASIC releases responsible manager FASEA requirements

The Australian Securities and Investments Commission (ASIC) has begun consultation on increased competence requirements for advice licensees and their responsible managers to support the professional standards reforms in the financial advice industry. ASIC has proposed updates to “Regulatory Guide 105 Licensing: Organisational competence” (RG 105), including requiring responsible managers of advice licensees to pass the […]

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ASIC, ATO, Auditing

SMSF auditors practice statement updated

The ATO’s Practice Statement Law Administration (PA LA) in relation to determining whether matters concerning approved SMSF auditors should be referred to the Australian Securities and Investments Commission (ASIC) must be carefully read by super trustees and advisers.

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ASIC, LRBA, Regulation

Adviser banning blurs best interest duty

A red and white sign reading wrong way seen over shoulder of a man

The recent banning of SMSF adviser Jason Atkins has highlighted the dangers financial planners face in complying with the best interest duty requirements under the Future of Financial Advice reforms, a strategy specialist has said.

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ASIC, Regulation

Consistent advice must avoid checklist routine

The Australian Securities and Investments Commission (ASIC) has reaffirmed its position on how the financial advice industry should achieve consistent standards in light of the banking royal commission.

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ASIC, Auditing

ASIC disqualifies Victorian SMSF auditor

The Australian Securities and Investments Commission (ASIC) has disqualified Oscar Altavilla, of Victoria, from being an approved auditor of SMSFs for breaching independence and auditing standards, and otherwise not being a fit and proper person.

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ASIC, ATO, Education

ASIC, ATO to lift current SMSF trustee education

The Australian Securities and Investments Commission (ASIC) is working with the ATO to help consumers better understand the advantages and disadvantages of setting up and running an SMSF.

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