ASIC to launch new digital toolkit to help Australians navigate financial advice LeapRate

November 28, 2016 BY Valentina Kirilova

ASIC to launch new digital toolkit to help Australians navigate financial advice

A new online toolkit developed by ASIC's MoneySmart will enable Australians to better understand and navigate the financial advice process. ASIC's MoneySmart Financial Advice Toolkit is a free educational tool that breaks down the complexity around the financial advice process. It will assist consumers with their research and help them evaluate the financial advice they…

November 18, 2016 BY Valentina Kirilova

ASIC bans former AMP Financial Planning representative from providing financial services for eight years

ASIC has banned Mr James Edward McCarthy, a financial adviser from South Australia, from providing financial services until 14 November 2024. Mr McCarthy is the sole director of McCarthy Financial Solutions Pty Ltd and has been an authorised representative of AMP Financial Planning Pty Ltd from 16 December 2011 to 2 April 2015. ASIC has…

October 27, 2016 BY Valentina Kirilova

ASIC releases report on the charging of advice fees without providing advice by major financial institutions

The Australian Securities and Investments Commission (ASIC) has released Report 499 Financial advice: Fees for no service. The report provides an update on ASIC's work to address financial institutions' and advisers' systemic failures, over a number of years, to provide ongoing advice services to customers who paid fees to receive those services. The report summarises ASIC's…

October 27, 2016 BY Valentina Kirilova

ASIC refuses an application Clemente Group Holdings Pty Ltd for a derivatives/market maker licence

The Administrative Appeals Tribunal (AAT) has affirmed ASIC’s decision to refuse an application from Clemente Group Holdings Pty Ltd seeking an Australian Financial Services (AFS) licence to provide various financial services, including to make a market in derivatives. In her decision, the AAT’s Senior Member J F Toohey said: In my assessment of the evidence,…

July 12, 2016 BY Valentina Kirilova

Optus refunds overcharged customers $2.4 million after ASIC intervention

In response to ASIC's concerns about its compliance with Australian financial services laws, Optus Insurance Services Pty Ltd will refund approximately $2.4 million (including interest) to around 175,000 Optus mobile customers and will write to around 500,000 customers who may be affected. Optus has admitted it failed to provide some customers with a product disclosure…

Tag: Peter Kell