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Financial Planning, Digital Advice and Insurance


ASIC Corporate Plan for 2020-21

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has published an Interim Corporate Plan to communicate the changes in its priorities and planned activities resulting from COVID-19.  The Interim Plan sits within ASIC’s broader 4-year corporate plan, which covers the period from 2019 to 2023.  ASIC has specified that it will
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Update to ASIC timetable of ongoing work

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC published a revised timetable of upcoming work, in addition to its Interim Corporate Plan, which takes ASIC’s updated priorities and delays resulting from the pandemic into account.  The timetable sets out the regulatory guides, information sheets, consultations and surveys that ASIC
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New regulatory guidance on ASIC’s new product intervention power

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has released RG 272 to provide regulatory guidance on how it will administer its  product intervention power.  As with the draft version it released in June last year, the guidance does not stipulate when ASIC will and will not intervene but instead provides high level guidance which
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ASIC warning against misleading advertising: investment funds

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has warned responsible entities of managed investment schemes to ensure that advertising in relation to their investment funds is clear, balanced and accurate. ASIC reviewed a sample of advertising material, website disclosure and product disclosure statements published by responsible entiti
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Applications for relief granted by ASIC

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has published Report 664, which gives an overview of ASIC’s response to regulatory relief applications made between October 2019 and March 2020.  The report sets out examples of applications it has granted and those it has rejected, and provided reasons in each case.  During
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ASIC regulatory costs and the 2019-20 levy

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has published its draft Cost Recovery Implementation Statement.  The Statement sets out ASIC’s regulatory costs for the 2018-19 year and the estimated regulatory costs for 2019-20, including the indicative levies that ASIC will charge industry for the 2019-20 year.   AFS
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Increase in penalties

Written By: T-REX Contributor
Published: June 30th, 2020
Commonwealth penalty units, and therefore the cost of ‘getting it wrong’, are set to increase.  The value of 1 penalty unit will increase from $210 to $222 for offences committed on or after 1 July 2020. Penalty units determine the amount a person or company is fined.  Offen
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Expansion to the FinTech sandbox

Written By: T-REX Contributor
Published: June 30th, 2020
The AFSL FinTech Sandbox and ACL FinTech Sandbox will be expanded from 1 September 2020 to include an additional range of financial products and services. The extended sandbox may be useful for you if you would like to test a new product or service that you are not currently authorised to issue o
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Scam trends – ASIC and ACCC

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC and the ACCC have reported an increase in scams during the COVID-19 period. ASIC has seen a 20 per cent increase in investment scam reports and misconduct reports from investors compared to the same period last year. ASIC has reminded consumers that scams can take many forms, and listed the
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AFCA expels members for failure to pay membership fees

Written By: T-REX Contributor
Published: June 30th, 2020
AFCA has published a list of 680 members that failed to pay their AFCA membership levy.  AFCA attempted but failed to contact the members that had not paid. Members that have not paid their AFCA levy have been expelled from membership and must pay the outstanding fees to have their membershi
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COVID-19 relief to end

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has registered the ASIC Corporations (Amendment) Instrument 2020/565. The Instrument specifies the dates on which the following temporary COVID-19 relief measures introduced by ASIC will end:  capital raising relief, which increased the permissible total trading suspension days from 5 t
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FASEA updates

Written By: T-REX Contributor
Published: June 30th, 2020
Extension for education and training standards The time for existing financial advisers to comply with the education and training standards has been extended. Existing advisers now have: until 1 January 2022 to pass the exam (previously 1 January 2021) until 1 January 2026 to meet the Educatio
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Conditions added to Societe Generale AFSL for client money breach

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has added conditions to Societe Generale Securities Australia Pty Ltd’s (Societe Generale) AFSL after it breached the client money regulations, to ensure future compliance.  Client money obligations require client money to be paid into a separate client money account, which Societ
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Financial adviser charged for dishonest disclosure

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC investigated Sam Henderson after he was the subject of a “Bad Advice” case study during the Royal Commission. Mr Henderson was a senior financial adviser and director of Henderson Maxwell Pty Ltd.  ASIC found that Mr Henderson had been making representations that he had a Ma
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CBA and CFS sued for breach of conflicted remuneration provisions

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has commenced legal proceedings against the Commonwealth Bank of Australia (CBA) and Colonial First State Investments Limited (CFS) for alleged breaches of the conflicted remuneration provisions. The Corporations Act 2001 has prohibited financial service providers from paying or receiving re
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Adviser permanently banned

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC’s decision to permanently ban Anthony Wynd from providing financial services has been upheld by the Administrative Appeals Tribunal. Mr Wynd was the sole director and responsible manager of Financial Circle Pty Ltd, which operated a financial services and credit business. Financial Cir
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ASIC cancels CFDs licence

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has cancelled Forex Capital Trading Pty Ltd’s (Forex Capital) AFSL.  Forex Capital issues over the counter contracts-for-difference (CFDs) and margin foreign exchange contracts (FX contracts). ASIC investigated Forex Capital’s business model after it became aware of consumer
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FATF statements to guide AML/CTF procedures

Written By: T-REX Contributor
Published: June 30th, 2020
AUSTRAC has recommended that regulated entities: use FATF statements to help guide their AML/CTF risk assessment and compliance program and decisions about submitting suspicious matter reports to AUSTRAC be aware of countries that pose higher risk of ML/TF. TIP 1: See our February TREX edi
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AML/CTF changes to assist victims of violence

Written By: T-REX Contributor
Published: June 30th, 2020
AUSTRAC has changed the AML/CTF customer ID and verification rules to help people experiencing family and domestic violence satisfy reporting entities’ identification and verification process.   The change allows regulated entities to use alternative ways to verify a customer&rsqu
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Indicators of illegal wildlife trade

Written By: T-REX Contributor
Published: June 30th, 2020
FATF has published a report on the illegal wildlife trade (IWT). The report includes a number of indicators, such as: international trade companies, including import-export, freight forwarding, customs clearance, logistics, or similar types of companies PEPs and wealthy businessmen/women, parti
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