Regulation

Regulation

ASIC: ‘We’re never as quick as we’d like to be’

ASIC would like to move quicker on fraud but is beholden to due process and, in some cases, outdated regulation. UNSW's Pamela Hanrahan went into bat for the regulator and lobbied for it to have more say in policy formulation.

Tahn SharpeDecember 3, 2020

Regulation

Most advisers to be exempt from new claims handling AFSL rules

Confusion around new rules for claims handling – and misleading press coverage – has led many advisers to believe they need to apply for a new AFS licence. Association heads have confirmed Treasury is set to include an exemption for the "vast majority" of advisers.

Tahn SharpeDecember 1, 2020

Regulation

Outdated sophisticated investor rules increase ASIC’s load

As the corporate regulator fights to curb mislabelling of financial products, senior executive leader of investment managers Rhys Bollen highlights how 20-year old wholesale investor benchmarks are giving suspect product providers a broader base to work with.

Tahn SharpeNovember 25, 2020

Regulation

ASIC’s adviser reference check protocol put to industry

Hayne called it the ‘rolling bad apple phenomenon’; advisers hopping licensees without being subject to standardised reference checks. With a Bill dangling before parliament giving ASIC the right to determine new protocols, the regulator has asked stakeholders for their view.

Tahn SharpeNovember 19, 2020

Regulation

ASIC asks advisers: How do we fix scaled advice?

The corporate regulator’s consultation paper on scaled advice provision is an acknowledgement that the current regulatory framework for advice doesn’t work. But it’s also an indication that ASIC is more willing than ever to work with advisers to find a solution.

Tahn SharpeNovember 17, 2020

Regulation

ASIC gets flexible with licensees

The regulator highlighted a number of concessions it made to licensees affected by the pandemic in 2020, and said it "performed strongly" against its service charter despite a higher regulatory workload.

Tahn SharpeNovember 11, 2020

Regulation

Advisers face ESG legal risk as REST case settles

There is an “increasing risk” of actionable claims against advisers who don’t account for financial risk due to ESG factors, according to Mills Oakley lawyer Mark Bland. FASEA’s Standard 6 was a red flag, but the recent case against REST super has solidified the concern for advisers and licensees.

Tahn SharpeNovember 4, 2020

Regulation

Lack of industry consultation on super ‘crazy’: ALP’s Jones

The Labor MP expressed support for some kind of a performance benchmark to hold underperforming funds to account, but he said the government’s current proposal falls short during an interview on Monday.

Matthew SmithNovember 2, 2020

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