ASIC cancels Premier Wealth Management’s AFS licence LeapRate

December 14, 2021 BY Steffy Bogdanova

ASIC cancels Premier Wealth Management’s AFS licence

According to the Aussie regulator, the company also failed to ensure its representatives were adequately trained and competent. The company’s AFS licence will remain in effect for another 12 months so that its membership of the Australian Financial Complaints Authority is maintained and its obligation to hold professional indemnity insurance cover. Earlier in September, ASIC…

November 30, 2021 BY Steffy Bogdanova

ASIC goes after Westpac with six lawsuits for compliance failures

The regulator also estimates that 25,000 customers were charged more than $5 million in fees that had not been disclosed adequately. ASIC Deputy Chair Sarah Court said: ASIC is disappointed to have to yet again commence legal proceedings, on this occasion no fewer than six times, against a major bank. The conduct and breaches alleged…

November 23, 2021 BY Steffy Bogdanova

ASIC obtains court order against Maliver

According to ASIC’s announcement, Caddick operated without an AFS licence between October 2012 and November 2020. This decision made by the court follows a three-day hearing held on 29 June 2021. There were criminal charges brought up in march against Caddick, however, they were withdrawn in order to enable civil proceedings in the Federal Court…

November 09, 2021 BY Steffy Bogdanova

ASIC warns companies against collaborations financial influencers

Only individuals or corporations who hold Australian Financial Services (AFS) licence can provide financial advice by law. Most finfluencers do not hold such licence and if they are found to be running a financial services business without being authorised representatives of an AFS licensee, they may be in breach of the Corporations Act 2001. And…

November 04, 2021 BY Steffy Bogdanova

ASIC moves to shut down unlicensed investment scheme A One Multi Services

According to the details provided by ASIC, Hala used over $5.7 million of A One Multi’s funds for his and Walters’ personal benefit by acquiring property and luxury vehicles. In order to protect investors, on 21 October 2021, ASIC ordered Hala to transfer crypto-assets in his name to the receivers. The regulator noted that it…

October 29, 2021 BY Steffy Bogdanova

ASIC announces regulatory guidance on crypto products

The new regulatory guidance follows ASIC’s public consultation on crypto-assets in June 2021. The new guidelines include good practices for market operators and information on admission and monitoring standards, custody of crypto-assets, pricing methodologies, disclosure and risk management. Armour added: The good practices we published provide practical examples of how these obligations may be met,…

October 18, 2021 BY Steffy Bogdanova

ASIC to extend CFD trading leverage restrictions to 2031

The Aussie watchdog noted that for the first three months since the order took effect, ASIC has seen significant improvements in key metrics of retail client losses from CFD trading. The regulator stated that retail clients’ net losses from CFD trading decreased 94% of the quarterly average of $372 million in the year prior to…

September 27, 2021 BY Steffy Bogdanova

ASIC cancels Pure Strategy’s AFS licence

The cancellation of Pure Strategy's licence will take effect in 12 months. During this period, the company will maintain its membership of the Australian Financial Complaints Authority and its obligation to hold professional indemnity insurance cover. Pure Strategy’s AFS licence was initially obtained in 2011. An external administrator has been appointed to the company this…

September 23, 2021 BY Steffy Bogdanova

ASIC announces ban on unsolicited sale of financial products

ASIC Deputy Chair Karen Chester commented: These changes put in place fairness protections, so consumers are not sold products they don’t want or don’t need. The restrictions mean consumer needs will be central to how firms offer products. Chester continued: The new hawking prohibition addresses long held concerns about poor consumer outcomes from unsolicited sales…

August 26, 2021 BY Steffy Bogdanova

Monitoring compliance for CFDs and binary options outlined as a priority for ASIC

Earlier this year, ASIC imposed restriction on CFD trading. In March, the regulator lowered the maximum leverage limit from 500:1 to 30:1. The Aussie watchdog also banned the sale of Binary Options to retail clients for 18 months in May this year, after which time it may be extended or made permanent. As a second…

Tag: ASIC