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Insurers are failing to identify one in six customer complaints, effectively denying those Australians critical protections available through the Internal Dispute Resolution (IDR) regime, an ASIC review has found. ASIC’s review of the IDR practices of 11 general insurers highlighted shortcomings in several areas, including the failure to identify complaints and systemic issues, as well …

ASIC puts insurers on notice for blind spots in complaints handling Read More »

ASIC has suspended the Australian financial services (AFS) licence of fund manager Edisons Global Pty Ltd (Edisons) for six months, from 31 October 2024 to 30 May 2025. ASIC suspended the licence after Edisons failed to comply with certain obligations required of AFS licensees. Since its AFS licence was granted in 2021, Edisons failed to …

ASIC suspends Edisons Global’s AFS licence following repeated compliance failures Read More »

ASIC today released Consultation paper 381 Updates to INFO 225: Digital Assets: Financial Products and Services (CP 381) outlining proposals to update Information Sheet 225 Crypto Assets (INFO 225). To provide greater clarity about the current law, ASIC has proposed a range of updates to INFO 225, including adding 13 practical examples of how the …

ASIC invites feedback on proposed updates to digital asset guidance Read More »

ASIC notes the outcome of the second creditors’ meeting of Keystone Asset Management Ltd (Receivers and Managers Appointed) (Administrators Appointed) (KAM) yesterday at which creditors resolved to wind up KAM and appoint Jason Tracy and Glen Kanevsky of Deloitte as joint and several liquidators. KAM is the responsible entity for the Shield Master Fund (Shield). …

Update for investors in the Shield Master Fund Read More »

ASIC has released its first publication of industry-wide data reported under the internal dispute resolution (IDR) data reporting framework. Under the IDR framework, most licensed financial firms are required to report IDR data to ASIC on a six-monthly basis. This inaugural industry-wide report is a key milestone in the implementation of the framework. Publishing IDR …

ASIC flags key observations from inaugural IDR data publication Read More »

The FCA is establishing a bond consolidated tape (CT) to ensure that data is accessible in a cost-effective way. A bond CT collates data on transactions, such as prices and volumes, bringing together data on trades executed on trading venues as well as those arranged over-the-counter. We are starting the process of appointing a bond …

The FCA sets out next steps for establishing a bond consolidated tape Read More »