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What changes will ASIC make from its affordability review? What changes will ASIC make from its affordability review? The corporate regulator has revealed details of how the industry responded to its most popular consultation to date, and what changes may be on the cards to simplify advice regulation. A A Addressing the Stockbrokers and Financial Advisers Association 2021 Conference, ASIC commissioner Danielle Press said the regulator had received almost 500 submissions over the course of its consultation on promoting access to affordable advice. “It was the most submissions ASIC has ever h...

ASIC’s hands tied on affordable advice ASIC’s hands tied on affordable advice ASIC commissioner Danielle Press has suggested a large number of the changes demanded by industry in the regulator’s affordable advice consultation were “above my pay grade”, indicating major action may not be taken to address advice accessibility until the government’s 2022 review. A A Addressing the Conference of Major Superannuation Funds on Wednesday, Danielle Press said the advice industry was “at a turning point” where significant legislative change may be necessary to ensure consumers continu...

The Australian Securities and Investments Commission has confirmed it is closely monitoring the delivery of financial advice by superannuation funds against the terms of the High Court BT case decision.

Print The Australian Securities and Investments Commission (ASIC) has sent a message to superannuation fund trustees to properly discern the difference between general and personal advice, pointing to the recent Full Court decision impacting BT Funds Management. ASIC commissioner, Danielle Press has used an address to the Conference of Major Superannuation Funds (CMSF) in Adelaide today to confirm that the regulator was currently examining a number of funds to ensure that they were adhering to the interpretation handed down by the full Federal Court. Press said that ASIC recognised that the p...

Date Time GoGetta Equipment Funding to pay $750,000 court penalty for unlicensed consumer leasing The Federal Court has ordered GoGetta Equipment Funding Pty Ltd (GoGetta) pay a $750,000 penalty for engaging in unlicensed consumer leasing following proceedings commenced by ASIC in August 2020. ASIC alleged, and GoGetta admitted, that between 30 April 2015 and 21 December 2016: GoGetta entered into rental agreements with ten consumers who hired motor vehicles wholly or predominantly for a personal, domestic or household purpose, in contravention of section 29 of the National Credit Act; and Go...