Author Archives: ETE

ASIC has granted temporary and narrow legislative relief for a funeral savings initiative developed to assist disadvantaged consumers. The legislative relief relates to certain licensing, disclosure, and design and distribution obligations. The relief is granted for a period of five years and will expire on 18 July 2028. The Funeral Saver Safety Net is an […]

ASIC has lodged civil penalty proceedings in the Federal Court against Vanguard Investments Australia, alleging misleading conduct in relation to claims about certain environmental, social and governance (ESG) exclusionary screens applied to investments in a Vanguard fund. ASIC alleges Vanguard made false and misleading statements and engaged in conduct liable to mislead the public in […]

We have removed permissions from Samsky Pay Ltd. This means it is no longer permitted to carry out regulated activities. The firm appears to have provided investment products or services, entering into written investment agreements and receiving deposits of funds from customers, without the required permissions. Any investments with Samsky Pay may not be protected, […]

Commenting on today’s announcement from the NatWest Board regarding recent allegations, Sheldon Mills, Executive Director, Consumers and Competition said: ‘We have raised concerns with NatWest Group and Coutts about the allegations relating to account closures and breach of customer confidentiality since these came to light. ‘We made clear our expectation that these issues should be […]

ASIC has acted against eight self-managed superannuation fund (SMSF) auditors for breaches of their obligations. This included breaches of auditing and assurance standards, independence requirements, registration conditions, or because ASIC was satisfied the individual was not a fit and proper person to remain registered. From 1 April 2023 to 30 June 2023, ASIC: disqualified five […]

In the past year, the FCA has reduced harm to consumers and businesses by stopping 627 firms, that failed to meet the minimum standards, from operating. This is up 30% from the previous year, illustrating the FCA’s determination to enforce high standards in the financial services sector. The figures come as the regulator has set […]

The FCA and Practitioner Panel 2022/23 survey was sent to a sample of regulated firms, to gather their feedback on how we are doing in regulating the industry. We have published the findings of the FCA and Practitioner Panel 2022/23 survey. We use the survey results to get a better understanding of the issues affecting […]

Following 2 successful pilots, our Digital Sandbox will be made available permanently on 1 August 2023, opening up the platform to an even broader range of innovative businesses, start-ups and data providers. The Digital Sandbox is a testing environment that enables us to support firms at the early stage of product development by enabling experimentation […]

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released key materials for consultation, to support the implementation of the Financial Accountability Regime (FAR) by the financial services industry. The FAR will impose a strengthened responsibility and accountability framework for APRA-regulated entities in the banking, insurance and superannuation industries […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, and national competent authorities (NCAs) completed an analysis of the cross-border provision of investment services during 2022. The increase in the cross-border provision of financial services has benefits for consumers and firms, as it fosters competition, expands the offer available to […]