ASIC accepts another enforceable undertaking ASIC accepts another enforceable undertaking Editor: In 2012, in response to the growth in SMSFs, ASIC established the SMSF Taskforce, and the Taskforce continues to examine high-risk and emerging SMSF issues such as property spruiking to SMSFs, unlicensed conduct, and false and misleading advertising of SMSFs. ASIC has accepted an […]
From Float To Failure: The Ugly Story Of Dick Smith
From Float To Failure: The Ugly Story Of Dick Smith Early last month, the Senate announced an inquiry with terms of reference that cover the collapse of Dick Smith Electronics. There is a lot for senators to pore over in the float and failure of Dick Smith. From its float to its failure, the story […]
ASIC consults ‘robo-advice’
By Bottrell Group on April 29, 2016 in Hints & Tips, Interesting Articles, Motivation, Social Media, The Bottrell Office
ASIC consults on proposed guidance about ‘robo-advice’ ASIC today released a consultation paper and a draft Regulatory Guide on regulating digital financial product advice (also commonly known as robo-advice). ASIC Commissioner John Price said, ‘ASIC is keen to see a healthy and vibrant digital advice sector. We see digital advice as having the potential to […]
Case: PSI and the ‘results Test’
Case: PSI and the ‘results Test’ Gavin: It seems the ‘results test’ is a pretty hard barrier to get over. Here’s another example, with some lessons for the average punter. The facts During the 2011/12 income year, the taxpayer company (the company) entered into three agreements with BSI Contracting Pty Ltd (BSI) under which the […]
ASIC Fee Increases from 1 July 2015
ASIC Fee Increases from 1 July 2015 Source:- http://asic.gov.au ASIC fees under the corporations, credit, SMSF auditor and business name regulations will be increased on 1 July 2015 based on the Consumer Price Index (CPI) for the March quarter 2015. Here are examples of some common fees that will apply from 1 July 2015: Company […]
ASIC warning on buying property through an SMSF
ASIC warning on buying property through an SMSF ASIC is aware that there has been a sharp rise in promoters recommending investors either set up or use and existing SMSF to invest in property. S.911A of the Corporations Act 2001 (Corporations Act) requires any person carrying on financial services business in Australia to hold an […]
Macquarie Investment Management to refund clients
Macquarie Investment Management to refund clients Macquarie Investment Management Limited (Macquarie) is due to refund over $5.5 million to around 2,300 clients affected by system errors. The errors occurred between 2001 and 2014, on a number of products using the Macquarie Wrap Platform. ASIC has been working with Macquarie to resolve this matter in the […]
ASIC Reduces red tape for changes of auditors
ASIC Reduces red tape for changes of auditors ASIC today announced a fundamental change to its approach to consenting to the resignation, removal and replacement of auditors. ASIC will now generally consent to the resignation of an auditor at any time of the year, subject to some conditions. Previously, ASIC only consented to the resignation […]
Cold calling firm FXTS Guru cut off following ASIC concerns
A cold-calling operation promoting FX and binary option products to investors worldwide has agreed to stop contacting Australian investors following ASIC concerns. The outcome is part of ASIC’s ongoing work in the retail OTC derivative space. FXTS Guru claimed on its website (www.fxts.guru) it makes up to 3000 calls a day to investors across 40 […]
Port Macquarie man convicted and fined
Port Macquarie man convicted and fined Following an ASIC investigation, a Port Macquarie man has been convicted and fined for managing a company while he was a bankrupt. Grant John Hives pleaded guilty in the Port Macquarie Local Court to managing T H Tippers Pty Ltd, a civil excavation and haulage company, while he was […]
Decision in Mariner civil action
Decision in Mariner civil action ASIC notes the Federal Court’s decision in its legal action against Mariner Corporation Limited and its current and former directors. On 19 June 2015, the court found the company had not breached the law and its directors had not breached their duties when making a proposed takeover bid for financial […]
ASIC updates guidance on collective action by investors
ASIC updates guidance on collective action by investors ASIC today released updated regulatory guidance for investors to help them in taking collective action to improve the corporate governance of listed entities. The guidance, which follows ASIC consultation launched in February 2015 (refer: 15-027MR), is reflected in Regulatory Guide 128 Collective action by investors (RG 128). […]
ASIC takes civil action against Padbury Mining and two directors
ASIC has started civil penalty proceedings against Padbury Mining Limited (Padbury) and two of its directors regarding Padbury’s announcement last year of a multi-billion dollar funding deal for the Oakajee port and rail project, in Western Australia. ASIC’s civil action in the Federal Court of Australia is against Padbury, its managing director Gary Stokes and […]
Life insurance industry reform proposals
Life insurance industry reform proposals ASIC notes the announcement of a life insurance industry reform package by the Financial Services Council, the Association of Financial Advisers and the Financial Planning Association, following a sector-commissioned review chaired by John Trowbridge. The life insurance reforms presented to Government follow ASIC’s review of life insurance advice (refer: 14-263MR). […]
BT pays $20,400 penalty for misleading statements
BT pays $20,400 penalty for misleading statements BT Funds Management Ltd (BT) has paid $20,400 in penalties after ASIC issued two infringement notices for misleading statements contained in the online advertising of BT Super. The misleading statements were contained in two separate online advertising campaigns. Each infringement notice imposed a penalty of $10,200. The first […]
