The regulator will consult with industry on what’s blocking the provision of limited advice, which it says consumers want more of. According to ASIC’s advice lead, Kate Metz, word on the street is that licensees are the ones getting in the way.
APRA has brought forward its suite of changes designed to save the insurance industry after seeing another $1.4B loss since December 2019. Capital penalties will now apply for income protection policies that don’t meet its new sustainability standards, which could force risk advisers to rethink their approach.
Financial advisers in the beleaguered state will have until December 7 to fulfil their FDS and renewal obligations after the corporate regulator announced a 'no action' stance due to difficulties associated with the severe lockdown.
The ALRC’s financial regulation review won’t follow the normal template, lawyers say, as the focus will be more on structure than policy. This may mean a swing back towards more prescriptive regulation for advisers, but don’t hold your breath for a quick result.
ASIC has cracked the whip on misleading fund managers after surveying 37 funds with a total of $21 billion under management. Being true-to-label is a "must have", not a "nice to have", said deputy chair Karen Chester.
In ASIC's largest ever civil action, MLC Nominees and Nulis Nominees have been lumped with a combined $57.5 million worth of penalties after they duped hundreds of thousands of superannuation members into paying for advice that wasn't provided.