ASIC Reports Findings from 2 Projects

ASIC has released a report (Report 529) of its findings from 2 projects examining experiences of superannuation members and the effectiveness of superannuation disclosures. ASIC’s findings and expectations have significant ramifications for the industry, whether or not you agree with them. The report contains some interesting conclusions relating to insurance disclosures and claims including: It…

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Fees and Costs Headache Continues

In our last blog on the fees and costs saga, we held the hope that more clarity would follow in relation to ASIC’s announcement of the deferral of the end of the transition period to implement updated fees and costs disclosure requirements in product disclosure statements (from 1 February 2017 to 30 September 2017). While…

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ASIC releases digital advice guidance

Today, ASIC released its guidance on ‘digital’ (or ‘robo’ or ‘automated’) advice in Regulatory Guide 255: Providing digital financial product advice to retail clients (RG 255). RG 255 does not differ greatly from the draft regulatory guide issued by ASIC in March 2016, with its Consultation Paper 254. RG 255 includes the following measures and…

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ASIC “clarifies” fees and costs

In late November, ASIC issued ASIC Corporations (Amendment and Repeal) Instrument 2015/876 (Instrument). This is ASIC’s latest attempt to clarify the fees and costs disclosure requirements under the Corporations Act 2001 (Act) for product disclosure statements and periodic statements issued by superannuation trustees (fee disclosure requirements), so that more accurate and consistent information about fees and costs…

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ASIC acts on “one size fits all” rollover advice

Reflecting ASIC’s increasing focus on the adequacy of financial advice, ASIC has issued a media release about the imposition of additional licence conditions on an AFSL holder in response to deficiencies in its superannuation rollover advice activities including: failure to act in clients’ best interests failure to prioritise clients’ interests. The deficiencies appear to stem…

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Digital disclosure regime brings big changes

In July ASIC released two instruments to provide greater flexibility for making disclosures to investors: ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647 ASIC Corporations (Removing Barriers to Electronic Disclosures) Instrument 2015/649 ASIC has also updated “RG 221: Facilitating digital financial services disclosures” to reflect the changes made by the new instruments.…

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BT pinged for misleading advertising

ASIC issued a Media Release today in relation to two Infringement Notices issued to BT Funds Management Ltd for misleading advertising that appeared on search results pages generated by Google. The first notice relates to the statement “BT Super has outperformed industry super funds over the last 5 years*”  The statement was untrue.  Yes, there…

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Damning report on CBA compensation program

ASIC has released a report prepared by KordaMentha Forensic on the actions of Commonwealth Financial Planning Limited and Financial Wisdom Limited in compensating clients. This report, the first of three, confirms deficiencies in the original compensation scheme that lead ASIC to impose licence conditions on Commonwealth Financial Planning Limited and Financial Wisdom Limited in 2014.…

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Investigation into charging of advice fees without providing advice

ASIC is investigating instances of licensees charging for advice that has not been provided. In most cases, the fees have been charged as part of a client’s service agreement with their adviser. It is probably not a coincidence that the ANZ Bank announced recently that it will be compensating around 8,500 advice clients who did…

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ASIC Report on Cyber Resilience

It sounds like something out of Star Wars, but ASIC wants regulated organisations to better prepare themselves for cyber attacks by developing “cyber resilience”.…

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