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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Date Time ASIC consults on draft guidance for hawking reforms ASIC is consulting on proposed updates to its guidance on the prohibition on the hawking of financial products.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 Financial Services Industry. In its final report, the Financial Services Royal Commission stated refor...