ASIC issues warnings over fees
28 February 2006
The Australian Securities and Investments Commission has issued a warning to superannuation funds to not offer misleading information about fees and costs…
Regulatory & Government
Common sense to prevail on regulation
21 February 2006
Common sense is needed for a simpler regulatory system and there should be an assessment of whether new rules are necessary before they are imposed, according to…
Industry codes don’t need ASIC approval
21 February 2006
Industry codes of practice are an efficient and flexible way to develop good practice, a leading expert told the ASIC summer school last week…
ASIC still keen on SOAs
21 February 2006
ASIC plans to create more model statements of advice to cover a range of different advice scenarios…
APRA gets tough with stage two reforms
14 February 2006
The Australian Prudential Regulation Authority has released three new rules as part of its general insurance stage two reforms based on the HIH Royal Commission recommendations…
ASIC and NZ join forces
14 February 2006
New Zealand’s financial services industry has moved a step closer to regulatory alignment with Australia…
HIH director faces committal hearing
14 February 2006
Former HIH finance director Dominic Fodera will face a committal hearing in June on charges of authorising a company prospectus without including required information…
ASIC charges dropped
14 February 2006
ASIC has dismissed charges laid against a former Tasmanian insurance agent who was acting as an insurance broker even though he was unlicensed following his fraud conviction…
Regulation not always the answer, says Pearce
07 February 2006
Government intervention doesn’t always result in a better outcome when it comes to business regulation, but it was important to introduce a regulatory regime to the…
ASIC guidance on FSR refinements
31 January 2006
The Australian Securities and Investments Commission won’t be providing formal guidance to financial service providers about complying with regulatory refinements…
ASIC drops the FSRA ball
31 January 2006
ASIC Chairman Jeff Lucy was talking tough in Perth last week about jailing corporate crims, but he must be smarting from a less than complimentary Australian National Audit Office…
ASIC offers simpler warnings for oral advice
06 December 2005
Providers of general financial product advice will be able to give a simple oral general advice warning under a new class order issued by ASIC…
… and warns about travel insurance
06 December 2005
ASIC has also encouraged Australians to check the fine print when shopping around for travel insurance this holiday season…
APRA’s proposed framework for IFRS
06 December 2005
General insurers are being issued with consultation packages in response to the International Financial Reporting Standards…
Panel to review medical indemnity
29 November 2005
The Federal Government has announced the formation of a review panel to examine the effectiveness of its medical indemnity measures package…
ASIC slashes licence application paperwork
29 November 2005
ASIC is halving the amount of paperwork needed for an Australian financial services licence application…
Wilkie faces new charges
29 November 2005
Former FAI COO Daniel Wilkie was back in court last week only a few days after being acquitted in the NSW Supreme Court of failing to act honestly in the exercise of his powers…
Relationship rules refined
22 November 2005
Regulations to further refine the meaning of “interdependency” for superannuation and related taxation law have been announced by Assistant Treasurer Mal Brough…
Mulcahy calls for regulatory model review
15 November 2005
Overlaps between ASIC, the Australian Prudential Regulation Authority and the Australian Stock Exchange (ASX) must raise questions about the viability of the “twin peaks”…
FAI trio walks free as ASIC case collapses
15 November 2005
ASIC Chairman Jeffery Lucy says the acquittal of three FAI company officers in the NSW Supreme Court yesterday highlights the difficulties of prosecuting complex financial cases…