Insurers are failing to identify one in six customer complaints, effectively denying those Australians critical protections available through the Internal Dispute Resolution (IDR) regime, an ASIC review has found. ASIC’s review of the IDR practices of 11 general insurers highlighted shortcomings in several areas, including the failure to identify complaints and systemic issues, as well […]
Author Archives: ETE
ASIC suspends Edisons Global’s AFS licence following repeated compliance failures
ASIC has suspended the Australian financial services (AFS) licence of fund manager Edisons Global Pty Ltd (Edisons) for six months, from 31 October 2024 to 30 May 2025. ASIC suspended the licence after Edisons failed to comply with certain obligations required of AFS licensees. Since its AFS licence was granted in 2021, Edisons failed to […]
ASIC invites feedback on proposed updates to digital asset guidance
ASIC today released Consultation paper 381 Updates to INFO 225: Digital Assets: Financial Products and Services (CP 381) outlining proposals to update Information Sheet 225 Crypto Assets (INFO 225). To provide greater clarity about the current law, ASIC has proposed a range of updates to INFO 225, including adding 13 practical examples of how the […]
Update for investors in the Shield Master Fund
ASIC notes the outcome of the second creditors’ meeting of Keystone Asset Management Ltd (Receivers and Managers Appointed) (Administrators Appointed) (KAM) yesterday at which creditors resolved to wind up KAM and appoint Jason Tracy and Glen Kanevsky of Deloitte as joint and several liquidators. KAM is the responsible entity for the Shield Master Fund (Shield). […]
ASIC flags key observations from inaugural IDR data publication
ASIC has released its first publication of industry-wide data reported under the internal dispute resolution (IDR) data reporting framework. Under the IDR framework, most licensed financial firms are required to report IDR data to ASIC on a six-monthly basis. This inaugural industry-wide report is a key milestone in the implementation of the framework. Publishing IDR […]
The FCA sets out next steps for establishing a bond consolidated tape
The FCA is establishing a bond consolidated tape (CT) to ensure that data is accessible in a cost-effective way. A bond CT collates data on transactions, such as prices and volumes, bringing together data on trades executed on trading venues as well as those arranged over-the-counter. We are starting the process of appointing a bond […]
FCA direction to modify the UK’s derivatives trading obligation
We’re updating the direction modifying the UK’s derivatives trading obligation (DTO) from 31 December 2024. This will replace the transitional direction which is expiring. The DTO is a G20 commitment to improve over-the-counter derivatives markets. The UK has implemented this commitment through Article 28 of the UK Markets in Financial Instruments Regulation (MiFIR). Under Article […]
ASIC orders stop to Centrepay credit arrangements offered by Northern Territory business
ASIC has made a final stop order preventing Indy-C-Fashion Accessories Pty Ltd (Indy-C) from offering Centrepay credit arrangements to consumers in its store in Katherine. An ASIC Delegate determined that Indy-C offered its credit arrangements without making a Target Market Determination (TMD) which is required to ensure suitable financial products are provided to consumers, having […]
ASIC cancels licence of RPD Group Advice Pty Ltd
ASIC has cancelled the Australian financial services (AFS) licence of RPD Group Advice Pty Ltd (RPD Group) following a payment of compensation by the Compensation Scheme of Last Resort (CSLR). On 12 July 2024, the Australian Financial Complaints Authority (AFCA) made a determination against RPD Group, which RPD Group failed to pay. Subsequently, on 13 November […]
ASIC action results in $1.25 million penalty against Sasha Hopkins for unlicensed conduct
The Federal Court has ordered Sasha Hopkins to pay $1.25 million and be disqualified for four years, in proceedings brought by ASIC. The Court also ordered that The A Team Property Group, five of the investment schemes and associated companies be wound up, and that receivers be appointed over the property of the schemes and […]