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 …
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 »
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of NSW Independent Insurance Brokers Pty Ltd after finding it has ceased to carry on a financial services business. NSW Independent Insurance Brokers’ AFS licence cancellation became effective on 19 July 2018. ASIC also found that NSW Independent Insurance Brokers …
ASIC cancels NSW Independent Insurance Brokers’ AFS licence Read More »
ASIC has obtained final orders in the Supreme Court of Queensland against Daniel Farook Ali, former director of DanFX Trade Pty Ltd (DanFX). ASIC commenced proceedings in 2017 alleging that Mr Ali, through DanFX, operated an unregistered managed investment scheme known as the Daniel Ali Scheme, which raised approximately $13 million from more than 200 …
ASIC obtains orders against investment scheme operator Daniel Ali Read More »
The former executive of Healthe Care Pty Limited Mr Gregory Campbell, of Bundall, Queensland, has been charged with three counts of insider trading. The filing hearing for Mr Campbell’s charges was listed at the Melbourne Magistrates’ Court on 20 July 2018. On 20 October 2016, Pulse Health Limited publicly announced that it had received a …
ASIC has banned Queensland financial adviser James Cribb from providing financial services for four years and suspended his Australian financial services (AFS) licence, held by Mode AFSL Pty Ltd (Mode), for 10 weeks. ASIC found that Mr Cribb failed to act in his clients’ best interests when providing advice on self managed superannuation funds (SMSF). …
ASIC bans SMSF financial adviser for four years and suspends licence Read More »
ASIC today announced the results from a review of the 31 December 2017 financial reports of 90 listed and other public interest entities. Arising from that review, ASIC has made enquiries of 17 entities on 20 matters, seeking explanations of accounting treatments. ASIC Commissioner John Price said, ‘The number of companies that quantified the impact …
Findings from 31 December 2017 financial reports Read More »
ASIC has today issued a consultation paper (CP 303) which proposes responsible lending assessments for credit cards be based on whether the consumer can afford to repay the credit limit within three years. This proposal follows recent reforms to the regulation of credit card lending. Under the revised responsible lending obligations, a credit card contract …
ASIC consults on credit card responsible lending assessments Read More »
We foster financial stability and confidence in the financial markets and enhance protection for customers, investors and the insured.