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Fees for no service is on the regulator’s crosshairs again with the with Asgard Capital Management ordered to pay a $3 million penalty.
This ruling comes just short of a year since the securities and conduct regulator commenced what would be its fourth enforcement action as it pertains to fees for service.
The Australian Securities ...
By Kwame Slusher
New Zealand General insurers might be struggling when it comes to dealing with the conduct and conduct risk and are not going to be prepared for the Financial Markets (Conduct of Institutions) Amendment Bill.
The bill is currently at its second reading in New Zealand Parliament.
In official statement from New Zealand’s Financial Markets...
By Kwame Slusher
Recently, the Australian Prudential Risk Authority (APRA) has called on a number of general insurers to check their risk management frameworks.
The prudential regulator is calling on insurers to complete self-assessments on their risk management frameworks the by the 30 November.
This call from the regulator because of issues with busi...
By Kwame Slusher
The Australian Securities and Investments Commission (ASIC) this week released RG275 which provides guidance around customer information requirements for add-on insurance and the deferred sales model.
Deputy Chair Karen Chester said in an official statement this week, “This is a key Government reform aimed squarely at improving consumer ...
By Kwame Slusher
Two years since the Australian Securities and Investments Commission (ASIC) commenced proceedings against Tidswell, the federal court has found has failed to meet its obligations under s 912A(1)(a) of the Corporations Act 2001 (Cth).
According to the judgement from the Federal Court of Australia:
The court declares pursuant to s 21 of the ...
By Kwame Slusher
The Financial Markets Authority (FMA) and the Reserve Bank New Zealand (RBNZ) are consulting with industry about new legislation to protect the New Zealand’s financial system.
The two financial regulators are looking for feedback by 20 September.
This consultation is based on Financial Market Infrastructure Act which become law in May of t...
By Kwame Slusher
Consultation
The Australian Securities and Investment Commission (ASIC) is consulting on the hawking provisions.
Public comment will be open until the 17 August to provide feedback.
The changes focus on the recommendations form the royal commission into financial services to reform hawking the provisions to protect consumers.
ASIC...
By Kwame Slusher
Obligations
This week the securities regulator released protocols for the information sharing for financial advisers and mortgage brokers as well as assistance for these industries to comply with these protocols.
In an official statement the Australian Securities and Investments Commission (ASIC) said, “The reforms will promote bette...
By Kwame Slusher
Appeal Dismissed
The Queensland Court of Appeal has the dismissed an appeal by Kirrin Gore tried to appeal the November 2020 sentencing.
In an official statement from Australian Securities and Investments Commission (ASIC), “The Court of Appeal found it was open to the trial judge to convict on the six counts of fraud and that the evidence...
By Kwame Slusher
Next week will see the continuation of the modern slavery series but here are the first two to cath you up!
By Kwame Slusher
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