ASIC found Myers to lack adequate training and competence to provide financial services. SMSF may impact customers’ retirement savings and advisers must take the personal circumstances of their clients into account when recommending the establishment of SMSFs. ASIC also banned a New South Wales adviser Alexander Bruce Thomas for a period of three years. Thomas…
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MyPlanner Professional applied to the ATT for a review of ASIC’s decision on 12 February. The Tribunal granted a stay to ASIC’s decision on 15 April on a few conditions. MyPlanner Professional must not accept new financial services clients during the period in which the suspension is on hold. By 20 April the company must…
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The licence of Your Super Life Pty Ltd was also cancelled from 11 March as the company failed to submit its annual report for the financial years ending 2017, 2018 and 2019. AFS licences require annual submission of a financial report. These reports aim to prove that the companies have the resources to provide financial services.…
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The company collapsed in early 2009 and around 3,000 of its 14,000 clients were in negative equity positions, sustaining significant losses. The majority of investors in Strom Financial were retired or approaching and planning their retirement. They had limited income, few assets and little chance of rebuilding their financial position after the failed investments. ASIC…
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US markets started climbing today after nearly two weeks with a 4% plus move in either direction during every trading session. Tesla shuts down US production. The company sank heavily in after-hours trading following the announcement that it is suspending US car production due to the pandemic. All asset classes sold as Sterling lowest since…
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Until 13 March, Longhou has 18 representatives with authorization, providing financial services on the company's behalf. The suspension of Longhou 's AFS licence means that the representatives must immediately cease providing financial services Read More: ASIC releases new regulation for foreign financial services providers ASIC takes steps to ensure stability of Australian equity market ASIC cancels RVM Capital’s…
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The Australian Securities and Investment Commission (ASIC), has taken measures to ensure the resiliency of the Australian equity market as part of the Government’s response to Covid-19 outbreak. During the last two weeks, the Australian equity market has seen record trading volumes. ASIC and other Council of Financial Regulators agencies, have kept a close eye…
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Looking back at the most intriguing and popular Forex industry news from the past week at LeapRate. This Wednesday, the Bank of England cut interest rates by 50 basis points to 0.25% in a near unprecedented step, taking them back to a record low level not seen since the financial crisis. Reacting to the expected fallout…
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ASIC has released new regulation for foreign financial services providers (FFSPs) that service Australian wholesale clients. Cathie Armour, ASIC Commissioner, noted: Our new regulatory framework facilitates Australian wholesale access to foreign investment opportunities, preserves market integrity against misconduct in wholesale markets, and strengthens ASIC's ability to take effective regulatory and supervisory action. Our ability to…
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ASIC has cancelled the Australian financial services (AFS) licence of RVM Capital for not submitting its annual financial statements for three years in a row. RVM Capital held AFS licence number 457140 and it was cancelled from 21 January 2020. These measures are part of ASIC’s intention to raise and improve the requirements for…
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