Page 18 - Danielle Press News Today

A range of new regulations for the advice industry has commenced this week, and according to the CEO of a local group, it will have a major impact on the sector.

A Coalition MP has described the regulatory body’s consideration of small advice firms in its levy calculations as “disappointing” in a query put forward at the parliamentary joint committee on Friday.

ASIC has vowed to work with the advice industry on new regulations coming into effect in October. In what chair Joe Longo conceded is a complex transition, new reforms around information sharing,

Two Westpac investment businesses have copped a total $10.5 million civil penalty, for failing to act in clients’ best interests.

Date Time ASIC consults on draft guidance for hawking reforms ASIC is consulting on proposed updates to its guidance on the prohibition on the hawking of financial products. ASIC’s updated regulatory guide reflects the reforms to the anti-hawking regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, which is due to commence on 5 October 2021. These reforms flow from two recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Fi...

ASIC: Westpac To Remediate Customers For Failure To Pass On Important Corporate Action Information Date 02/07/2021 Westpac has committed to remediating customers whose financial advisers may have failed to notify them of corporate actions between 2005 and 2019. Westpac estimates approximately $87m will be paid in compensation to affected customers who are former clients of Westpac’s advice businesses and held ASX-listed securities through platforms. Corporate actions cover a range of act...

Association ‘not convinced’ on disciplinary panel Association ‘not convinced’ on disciplinary panel An industry body has pointed to a number of issues with the composition and resourcing of the government’s forthcoming adviser disciplinary panel, suggesting it is likely to lead to enforcement outcomes largely dictated by the corporate regulator. A A In its submission to the government’s consultation on the single disciplinary body, the AFA said provisions in the legislation allowed ...

PwC to overhaul ASIC’s structure Jun 9, 2021 – 10.34am Save Share The leaders of the Australian Securities and Investments Commission are braced for a restructure after new chairman Joe Longo tapped consultants PwC to review the regulator. Mr Longo, who formally took over from James Shipton at the start of this month, has also set up his own office of the chairman to help stamp his authority on the corporate watchdog. Appearing at a Senate Estimates committee last week, Joe Longo said...

The House economics committee has further questioned the prudential regulator around the legality of an industry super fund allegedly using member funds to pay off remediation costs as a result of fee

Former financial advisor Ross Andrew Hopkins has been sentenced to a maximum period of six years’ imprisonment, with a non-parole period of four years, after he was found to have misappropriate