In the media
Did advisers use super choice to protect
trails?
MEDIA – 22 March 2018 - The Australian Securities and
Investments Commission (ASIC) has confirmed that
it has investigated allegations that members of superannuation
funds may have been misled about transitioning to MySuper products
to protect adviser trailing commissions.
More...
'A slap in the face': Storm Financial clients
slam $140k fine after company loses $800 million
MEDIA – 22 March 2018 - Emmanuel and Julie Cassimatis, the
husband and wife founders of the collapsed firm — which left
more than 3,000 clients destitute — are facing fines of
$70,000 each under a Federal Court ruling.
More...
FPA calls for end to product manufacturer
exemption
22 March 2018 - The licensing exemption which allows financial
product manufacturers to give general advice about their products
should be removed because it distorts the market, according to the
Financial Planning Association (FPA).
More...
Directors of Storm Financial penalised for breach of
duties
22 March 2018 - The Federal Court has imposed civil penalties of
$70,000 each on the directors of Storm Financial, Emmanuel and
Julie Cassimatis, who were previously found by the Court to have
breached their duties as directors (refer: 16-277MR). They were
also disqualified from managing corporations for 7 years.
More...
AFA cautions FASEA on adviser exits
21 March 2018 - The final transition plan to the new Financial
Adviser Standards and Ethics Authority (FASEA)
regime needs to place just as much of a focus on retaining existing
advisers as it does on raising education standards, according to
the Association of Financial Advisers (AFA).
More...
New educational standards for financial advisers
released for comment
TREASURY – 20 March 2018 – The Turnbull Government
established the Financial Adviser Standards and Ethics Authority
(FASEA) – a body comprising industry,
consumer ethics and education experts – to raise the
education, training and ethical standards of financial advisers.
More...
Bribes, conflicts of interest and hidden fees: Banking
royal commission off to incredible start
MEDIA – 17 March 2018 - Revelations about a tailor pushing
$122m in home loans, gym owners assessing peoples' finances,
and paper envelopes filled with cash bribes — it has been an
astonishing first week of public hearings.
More...
Building and strengthening ASIC
TREASURY - 17 March 2018 – The Government has announced that
the Turnbull Government intends to create a new Deputy Chairperson
role at the Australian Securities and Investments Commission
(ASIC). The Minister for Revenue and Financial
Services, the Hon Kelly O'Dwyer MP said a second Deputy Chair
will give ASIC greater flexibility to manage the breadth of
ASIC's new powers and increased responsibilities resulting from
recent and upcoming law changes (19 March 2018).
More...
Super funds push for higher ethical
standards
MEDIA – 16 March 2018 - Australian Ethical has joined five
industry funds to urge asset managers to adopt the CFA
Institute's code of conduct.
More...
ISA backs ALP's proposed imputation
changes
ISA – 13 March 2018 - Industry Super Australia has backed
Federal Opposition leader, Bill Shorten's plans to change
dividend imputation arrangements, arguing that it will have little
or no impact on the super of most Australians.
More...
Removal of dividend imputation refunds will erode
retirement incomes
ASFA – 13 March 2018 - The Association of Superannuation
Funds of Australia (ASFA) today said the proposed
removal of refunds for dividend imputation credits could have a
significant impact on low-income retirees both inside and outside
the superannuation system. ASFA will undertake further analysis to
determine the potential impact of the proposal.
More...
ASIC prefers quicker, cheaper enforcement action: Ian Ramsay ASIC rarely punishes financial services wrongdoing through the courts, raising questions about whether the regular sent strong enough deterrence messages in the years leading up to the Royal Commission, University of Melbourne economics professor Ian Ramsay says (11 March 2018). More...
In practice and courts
AFSA: Want to get a PPSR registration removed or
amended
AFSA has developed a handy double-sided
visual guide about the steps involved that could assist you or
your staff. The PPSR information website pages about disputing a
registration have also been updated. There is also a new PPSR
industry
information section on the website and you can leave your
feedback and suggestions for improvement at the bottom of each
webpage (15 March 2018).
ASIC: Transition period for superannuation and
retirement calculators extended
ASIC has extended, to 1 July 2019, the time that providers of
retirement and superannuation calculators have to comply with the
requirement that generic financial calculators must account for
inflation (13 March 2018).
More...
ASIC consults on updated guidance for its oversight of
the Australian Financial Complaints Authority (AFCA)
ASIC has released draft updated Regulatory Guide 139, Oversight of
AFCA (updated RG139) for public consultation. The Bill to establish
AFCA passed on 14 February 2018, and Minister for Financial
Services, the Hon. Kelly O'Dwyer has announced that AFCA will
commence operations no later than 1 November 2018. Responses to the
consultation close on 6 April 2018 (05 March 2018).
More...
More...
Royal Commission into Misconduct in the Banking,
Superannuation and Financial Services Industry
The Commissioner, the Honourable Kenneth Madison Hayne AC QC, is
authorised to submit an interim report no later than 30 September
2018, and will provide a final report by 1 February 2019.
The next round of public hearings will commence on Tuesday 13
March 2018. More information is available on the
Transcripts and hearings page. Practice Guidelines are
available on the
Practice Guidelines page.
Legislation
Commonwealth
Anti-Money Laundering and Counter-Terrorism
Financing (Prescribed Foreign Countries) Regulations
2018
Tabled Senate 20/03/2018 - These regulations repeal the
Anti-Money Laundering and Counter-Terrorism Financing
(Prescribed Foreign Countries) Regulation 2016, which is due
to sunset on 1 April 2018, and continue to declare Iran and the
Democratic People's Republic of Korea (DPRK)
to be prescribed foreign countries for the purposes of the
Anti-Money Laundering and Counter-Terrorism Financing Act
2006. More...
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.