Brokerage Author

In a report released today, ASIC has identified serious, unacceptable delays in the time taken to identify, report and correct significant breaches of the law among Australia’s most important financial institutions. The report REP 594 Review of selected financial services groups’ compliance with the breach reporting obligation examined the breach reporting processes of 12 financial …

ASIC review finds unacceptable delays by financial institutions in reporting, addressing and remediating significant breaches Read More »

ASIC has taken action to stop several proposed initial coin offerings or token-generation events (together, ICOs), targeting retail investors. As well, ASIC recently stopped the issue of a Product Disclosure Statement for a crypto-asset managed investment scheme. Consistent problems identified by ASIC are: the use of misleading or deceptive statements in sales and marketing materials; …

ASIC acts against misleading Initial Coin Offerings and crypto-asset funds targeted at retail investors Read More »

Unlicensed financial adviser, Mr Senen Pousa, has been permanently banned from providing financial services or engaging in credit activity. Mr Pousa, the former director of Investment Intelligence Corporation Pty Ltd (IIC) was banned after engaging in unlicensed financial advice. Through IIC, Mr Pousa had advised clients to invest in financial products via on-line webinars and …

ASIC permanently bans unlicensed financial adviser Read More »

The Australian Securities and Investments Commission (ASIC) has approved the Australian Financial Complaints Authority (AFCA) Complaint Resolution Scheme Rules and the Terms of Reference of the AFCA Independent Assessor (IA). ASIC is required to approve material changes to the AFCA scheme under the Corporations Act, 2001. This is a key part of ASIC’s role in …

ASIC approves Australian Financial Complaints Authority rules Read More »

ASIC has released Regulatory Guide 192 Licensing: Wholesale equity schemes (RG 192) following public consultation. The updates to the guidance reflect: the changes made to the relief provided in ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849 to trustees of wholesale equity schemes that are operated by a manager holding an Australian financial services (AFS) …

ASIC updates guidance for trustees of wholesale equity schemes Read More »

ASIC has commenced proceedings in the Federal Court of Australia in Brisbane against Rent 2 Own Cars Australia Pty Ltd (R2O Cars), Timothy Roberts (Mr Roberts) and Paul Green (Mr Green), directors of R2O Cars, for breaching key requirements under the National Credit Code. The alleged breaches caused customers of R2O Cars to be charged …

ASIC acts against used car financier Rent 2 Own Cars Australia and its directors Read More »

A review by ASIC has found that reverse mortgages are allowing older Australians to achieve their immediate financial goals – improving their lifestyles in retirement – but longer-term challenges exist. For older Australians who own their home with few other assets, a reverse mortgage can allow them to draw on the wealth locked up in …

ASIC publishes a review of reverse mortgage lending Read More »

Mr Darren James Lind, aged 47 of Brighton, South Australia, has been found guilty of two charges of insider trading in shares of ASX listed mining exploration company Minotaur Exploration Ltd (Minotaur). The verdict follows a two week trial before Judge Tracey in the District Court of South Australia. On 17 August 2018, a jury …

Former managing director of mining company found guilty of insider trading Read More »

ASIC has disqualified Keith Mar of NSW from being an approved self-managed superannuation fund (SMSF) auditor for breaching independence requirements. ASIC found that Mr Mar had breached the auditor independence requirements of APES 110 Code of Ethics for Professional Accountants in auditing his own fund, the fund of an immediate family member and a fund …

ASIC disqualifies NSW SMSF auditor Read More »

AMP, ANZ, CBA, NAB and Westpac have now paid or offered customers $222.3 million in refunds and interest for failing to provide advice to customers while charging them ongoing advice fees. This represents a further $6.4m in payments and offers from these institutions since the last ASIC media release (17-438MR) on the fees for no …

Update on financial advice institutions’ fees for no service refund programs Read More »