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Limited Licence (Accountants)


15 years of T-REX

Written By: T-REX Contributor
Published: June 28th, 2019
This edition marks 15 years since the first edition of T-REX went out to a modest list of subscribers in 2004. The AFS licensing regime was then in its infancy, the credit licensing regime had not yet arrived and anti-money laundering requirements were sparse.  The AML/CTF regime we know tod
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ASIC consultation on product intervention

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC has opened consultation in relation to proposed guidance on its product intervention powers. ASIC Consultation Paper 313 Product intervention power and the associated Draft Regulatory Guide set out ASIC’s proposed guidance in relation to the exercise of its powers. Other jurisdictio
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ASIC regulatory and market insights

Written By: T-REX Contributor
Published: June 28th, 2019
A recent speech by ASIC Commissioner Cathie Armour gives some insights into ASIC’s current thinking. She reiterated that ASIC sees professionalism and fairness as concepts central to the way our markets are run. She talked about the in-depth supervision of the big four banks and AMP.&nbs
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AFCA Rules and legacy complaints

Written By: T-REX Contributor
Published: June 28th, 2019
In February, the then Treasurer, Josh Frydenberg, made AFCA Scheme (Additional Condition) Amendment Authorisation 2019.  This required AFCA to accept legacy complaints dating back to 1 January 2008. Frydenberg explained that the Government was going beyond the recommendations made by the Roy
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Relief applications – the latest

Written By: T-REX Contributor
Published: June 28th, 2019
Every six months, licensees have the opportunity to learn what decisions ASIC has made in relation to relief applications. ASIC has now released Report 620 Overview of decisions on relief applications (October 2018 to March 2019).   There were disclosure relief decisions in relation
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AFSLs, AML/CTF and share fraud

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC has issued guidance for licensees in relation to share sale fraud.  The guidance touches on AML/CTF related issues, even though ASIC is not the regulator for those issues. ASIC has identified a rise in the instance of what it calls “share sale fraud”, where a person who i
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Key person failures bring down licence

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC has cancelled the licence of Guarded Pty Ltd for failure to comply with financial services laws. In particular, it failed to maintain competence to provide the financial services after its Responsible Manager resigned.  The Responsible Manager was a key person on the licence.  The
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Generic calculators – update

Written By: T-REX Contributor
Published: June 28th, 2019
We reported in May T-REX that ASIC relief in relation to generic financial calculators included a condition which was due to commence on 1 July 2019.  We flagged that ASIC might make changes before this condition came into effect and ASIC has done just that. ASIC has amended ASIC Corporation
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Other developments – in brief

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC chooses default fund ASIC has named Australian Super as the super fund it will use as a default fund for employees who join from 1 July 2019.  This coordinates with the introduction of a new employment regime for ASIC staff.  Previously, staff were employed under the Public Service A
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Consultation

Written By: T-REX Contributor
Published: June 28th, 2019
The following draft provisions and discussion papers were open for consultation in June. Revisions to Prudential Practice Guide APG 223 Residential Mortgage Lending (APG 223).  The proposed revisions are contained in a letter to all ADIs.  Comments are due by 18 June 2019. Exposure D
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T-REX Bites

Written By: T-REX Contributor
Published: June 28th, 2019
Mismanaging client data can cost you!  Lessons to be learned from Equifax. Late last year, UK based Equifax Ltd was issued with a penalty of 500,000GBP by the Information Commissioner (UK) (the Commissioner) in relation to a privacy breach.  The breach occurred under pre General Data Pr
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Financial services and the new ministry

Written By: T-REX Contributor
Published: May 31st, 2019
The new ministry following the election will include: Josh Frydenberg as Treasurer Michael Sukkar as Assistant Treasurer and Minister for Housing Jane Hume as Assistant Minister for Superannuation, Financial Services and Financial Technology. Michael Sukkar’s portfolio includes imp
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Notifiable data breaches

Written By: T-REX Contributor
Published: May 31st, 2019
The Office of the Australian Information Commissioner has released Notifiable Data Breaches Scheme 12-month Insights Report. The report gives statistics on causes and types of notifiable data breaches in various sectors.  The report also looks at the number of people impacted in each case an
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Takeaway from ASIC – be fair and do no harm

Written By: T-REX Contributor
Published: May 31st, 2019
ASIC had its annual forum in Sydney this month.  The theme of the forum was “Other People’s Money”.  ASIC Chair James Shipton said this was a reminder of the finance industry’s core function to serve people and its obligation to act efficiently, honestly and fairly.
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Industry funding and licence variations

Written By: T-REX Contributor
Published: May 31st, 2019
ASIC has reminded licensees seeking to vary or cancel their AFSL or ACL to reduce or avoid the industry levy for the 2019-20 financial year to factor in ASIC’s timeframes.  ASIC aims to assess 70 per cent of complete applications within 150 days of lodgment, and 90 per cent within 240 day
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Whistleblowing laws commence soon

Written By: T-REX Contributor
Published: May 31st, 2019
Licensees need to be ready for the new whistleblower laws commencing in a month. For all corporate licensees, this means being aware that, in certain circumstances, whistleblowers will be protected when making disclosures to eligible recipients. For some, this also means putting in place a whi
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AFSL suspended, ACL cancelled

Written By: T-REX Contributor
Published: May 31st, 2019
ASIC has taken administrative action against Australasia Wealth Services Management Pty Ltd for various breaches of the financial services and credit laws. The licensee’s AFSL was suspended from 27 March 2019 until 25 June 2019.  This was because it failed to comply with its financial
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Complaints handling standards

Written By: T-REX Contributor
Published: May 31st, 2019
ASIC has started public consultation on the proposed updates to its current IDR standards, which are described in draft RG 165 Licensing: Internal dispute resolution.  In addition to the updated standards, draft RG 165 also includes the proposed framework for new mandatory IDR data reporting by
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AFCA transition relief ends

Written By: T-REX Contributor
Published: May 31st, 2019
Relief allowing licensees and their representatives to continue to use disclosure documents with outdated external dispute resolution scheme details will end on 1 July 2019. This is relevant to those licensees and credit representatives which are required to be members of AFCA – generally,
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Misleading use of “independent”

Written By: T-REX Contributor
Published: May 31st, 2019
ASIC has issued a $12,600 Infringement Notice to HostPlus Pty Ltd for its use of the word “independent” in a telephone recording. From July 2016 to March 2018, HostPlus played a recorded telephone message on its main consumer telephone number, which said that HostPlus offered a free c
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