Regulation

Regulation

Court slaps $50M fine on MLC trustee

In ASIC's largest ever civil action, MLC Nominees and Nulis Nominees have been lumped with a combined $57.5 million worth of penalties after they duped hundreds of thousands of superannuation members into paying for advice that wasn't provided.

Tahn SharpeSeptember 14, 2020

Compliance

Structural rethink needed for advice industry

Advice regulation isn't particularly well-designed, but with some holistic thinking and a tweaked mandate for the Single Disciplinary Body the industry can reshape into something that is fit for purpose. Conrad Travers and Selin Ertac write for Professional Planner.

Conrad Travers and Selin ErtacSeptember 7, 2020

Regulation

Advice industry ‘in much worse shape than it was in 2010’: Cooper

The digitisation of financial services and advice could be an opportunity to rethink regulation and policy and address settings that were brought about in the 1990s, Jeremy Cooper said during a live broadcast on Thursday.

Matthew SmithSeptember 3, 2020

Regulation

Hume lashes licensees while extending their oversight

The senator chastised AFSL compliance teams for exacerbating red tape and paperwork, while also giving them a further year in charge of ethics monitoring so the government can work on its single disciplinary body plan.

Tahn SharpeAugust 28, 2020

Regulation

Lawyer challenges FASEA CEO on standards

“It’s easy to say ‘if you’ve done nothing wrong, you’ll be fine’, but unfortunately that tends to be not how lawyers look at things,” a financial services lawyer said to FASEA CEO Stephen Glenfield.

Tahn SharpeAugust 28, 2020

Compliance

ASIC fine with extra advice fee compliance doc

The regulator has confirmed it is aware super funds are sending letters out to licensees asking them to confirm that every member has received the advice they paid for before the fund will release the fees. But ASIC’s blessing came with a warning.

Tahn SharpeAugust 19, 2020

Regulation

ASIC reveals grandfathered commissions review agenda

The regulator submitted a response to question from the PJC in October last year that sheds light on the parameters for its review into grandfathered commissions, which ASIC has prioritised during the pandemic.

Tahn SharpeAugust 14, 2020

Regulation

Class action to take remediation out of banks’ hands

A lawyer leading the case against AMP, Westpac and CBA explains the nature of the class action’s investigation and points out the problem with asking institutions to run their own remediation programs.

Tahn SharpeAugust 11, 2020

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