Author Archives: ETE

Today, the Joint Regulatory Oversight Committee (JROC), co-chaired by the FCA and the Payment Systems Regulator (PSR), has published its recommendations for the next phase of open banking in the UK. The JROC is playing a leading role in taking the next steps to realize the full potential of open banking, which currently has over […]

We welcome the British Steel Adviser Group’s (BSAG) decision to drop the legal challenge against our decision to set up a redress scheme for former British Steel Pension Scheme (BSPS) members. Our view all along has been that the challenge was without merit and that we would vigorously defend the scheme. This challenge has, in […]

Key points ASIC has released a new information sheet consolidating super trustee transparency and disclosure obligations into one webpage with links. Transparency and disclosure obligations support the public in better understanding how trustees manage their super funds. ASIC recommends that trustees use this information sheet as a resource to better comply with their obligations. Registrable […]

A recent ASIC review has identified good practices for overseeing whistleblower programs, which all directors are encouraged to consider, writes Commissioner Danielle Press. As a director, you know whistleblowers can come to you with their concerns. But what other responsibilities do you have for your company’s whistleblower program? In 2022, ASIC conducted a review of […]

Key points The Australian Government is aware of a cyber incident impacting Latitude Financial Services. If you think you may be affected by the breach, contact Latitude Financial Services on 1300 793 416. If you are concerned your identity has been compromised, contact your bank immediately and call IDCARE on 1800 595 160. On 15 […]

ASIC has released exam results from the 20th Financial Advisers Exam cycle, held in February 2023. The exam has been continuously conducted by the Australian Council for Educational Research (ACER) since its inception and follows a rigorous process to ensure all candidates in all cycles are held to the same standard. In this exam cycle: 192 […]

Speech by ASIC Commissioner Danielle Press at the Australian Institute of Superannuation Trustees Conference of Major Super Funds, 22 March 2023. Check against delivery Good morning and thank you to the Australian Institute of Superannuation Trustees for inviting me to speak today. In my opening remarks I would like to talk about ASIC’s insurance in […]

ASIC has provided conditional relief for life insurers from the design and distribution obligations (DDO) when reissuing life insurance policies in certain, limited circumstances. The relief is set out in ASIC Corporations (Design and Distribution Obligations—Reissued Life Policies Class Exemption) Instrument 2023/183. This relief will reduce the regulatory burden for life insurers so they can […]

Mark Francis McCabe, of Roseville, New South Wales has appeared in the Downing Centre Local Court on further fraud charges. Mr McCabe was charged with eight counts of dishonestly obtaining a financial advantage by deception under s192E of the Crimes Act (NSW). It is alleged between 1 January 2015 and 28 April 2021, Mr McCabe […]

ASIC has made interim stop orders preventing Advance Asset Management Limited (Advance) from offering or distributing three funds to retail investors because of non-compliant target market determinations (TMDs). The funds are: Advance Balanced Multi-Blend Fund (ARSN 087 296 375), with $1.7 billion in assets under management (AUM); Advance International Shares Multi-Blend Fund (ARSN 087 295 […]