For many Australians, retirement planning is a critical step toward securing their financial future. Australians often look to financial services professionals for support when forging a superannuation strategy that helps ensure they can retire with dignity and reap the benefits of a lifetime of hard work. Australians should be confident these professionals are exercising the […]
Author Archives: ETE
ASIC consults on updated guidance for carbon market participants
ASIC has today released a consultation paper on proposed updates to its regulatory guidance for participants in the carbon market in relation to Australian financial services (AFS) licensing requirements. The proposed updates address the implications of the safeguard mechanism reforms to the financial services and markets section of the Corporations Act 2001, as well as […]
ASIC and UK Financial Reporting Council sign agreement to recognise audit qualifications
ASIC and the Financial Reporting Council (FRC) in the United Kingdom (UK) have signed a Memorandum of Understanding (MoU) on Reciprocal Arrangements which sets out the recognition of audit qualifications. The MoU allows auditors who have obtained professional audit qualifications as a statutory auditor in either the Australia or the UK, to apply more easily […]
Henry Heng sentenced for failing to disclose interests as a company director
The founder of listed bottled water producer Eneco Refresh, Henry Eng Chye Heng, has been sentenced to a recognisance release order upon providing security of $10,000 to be of good behaviour for 12 months. In a hearing in the Perth Magistrates Court Mr Heng pleaded guilty and was convicted of nine counts of failing as […]
ASIC wins first court outcome regarding a non-cash payment facility involving crypto assets
The Federal Court has found BPS Financial Pty Ltd (BPS) engaged in unlicensed conduct when offering the ‘Qoin Wallet’, a non-cash payment facility which used a crypto-asset token called ‘Qoin.’ In delivering judgment for proceedings brought by ASIC, Justice Downes found that BPS, since January 2020 – and save for a 10-month period – contravened […]
Greenwashing: A view from the regulator
Check against delivery In 2002, the word ‘greenwashing’ was first added to the Oxford English dictionary.[1] This would suggest it’s a relatively recent development – but it’s not. Many trace the word back to the 1980s[2] – indeed the Oxford English dictionary itself cites its earliest appearance as being in 1987[3] – but it’s not […]
Scam alert: Scammers are changing the way they impersonate financial services businesses in sophisticated bond and term deposit scams
ASIC is warning consumers about an increase in the sophistication of fake bond and term deposit scams where scammers are impersonating little-known legitimate financial services businesses, often those without a website or digital footprint. Scammers are mirroring real businesses’ disclosure documents, addresses, International Securities Identification Numbers (ISINs), Australian business numbers (ABNs) and Australian financial services […]
Financial Services Licensee sentenced for failing to lodge annual financial reports
Australian Financial Services Licensee Odyssey Equity Finance Pty Ltd (Odyssey) of Keilor East, Victoria, was sentenced on 24 April 2024 in the Dandenong Magistrates’ Court for failing to lodge financial reports with ASIC for each of the financial years ending 30 June 2020, 2021 and 2022. Odyssey, an Australian financial services licensee, was charged with: […]
ASIC protects small business by disqualifying four directors for failures relating to the management of small proprietary companies
During the period 1 January to 31 March 2024, ASIC has banned four directors from managing corporations following their role in the collapse of multiple small proprietary companies leaving many creditors unpaid including the Australian Taxation Office (ATO), employees and other small business creditors. Some of the directors had also engaged in illegal phoenix activity […]
Improving superannuation member services — Dealing with death benefit claims
The way in which superannuation trustees approach their interactions with Australians can have a significant impact on people’s lives, especially in times of emotional and/or financial stress. As the conduct regulator of superannuation trustees, ASIC is focused on improving interactions that Australians have with their super funds. We have commenced a dedicated multi-year project continuing […]