By Jim Bulling, Anabelle Weinberg and Oliver Herrmann
The Australian Government has released Michelle Levy’s Quality of Advice Review Final Report (Final Report) after a year-long consultation process that includes 22 recommendations across 13 areas to improve the regulatory framework of financial advice.
Read MoreBy Matthew Watts and Rebecca Mangos
The Australian Securities and Investments Commission (ASIC) has revealed its key enforcement priorities for 2023. This year, ASIC has signalled an expanded focus on enforcement activity targeting:
By Daniel Knight and Oliver Herrmann
New licensing requirements for crypto service providers are coming, following a series of consultations launched last week by Treasurer, Jim Chalmers. The Government approach focuses on strengthening enforcement, bolstering consumer protection and ultimately establishing a new licensing framework.
Read MoreBy Jim Bulling and Anabelle Weinberg
Earlier this week, the Australian Competition & Consumer Commission (ACCC) announced that they will be cracking down on misleading testimonials and endorsements by social media influencers. The ACCC is reviewing a range of social media platforms including Instagram, TikTok, Snapchat, YouTube and Facebook, and Twitch.
Read MoreBy Jim Bulling and Anabelle Weinberg
Australian Minister for Financial Services, Stephen Jones, has urged superannuation trustees to ‘step up to the mark’ on member engagement and satisfaction following a recent report from the Australian Securities and Investments Commission (ASIC).
Read MoreBy Jim Bulling and Anabelle Weinberg
ASIC has brought in the New Year with a focus on green-washing, issuing infringement notices against two different companies, one a superannuation fund trustee and the second being an energy company. The corporations have paid $13,320 and $39,960 respectively in compliance with the infringement notices, noting that payment of such infringement notices is not an admission of guilty or liability.
Read MoreBy Jim Bulling and Anabelle Weinberg
1. ASIC enforcement and regulatory update reveals areas of focus
ASIC has published their enforcement and regulatory update outlining the key actions taken between 1 July and 30 September 2022 (REP 753).
Read MoreBy Jim Bulling and Anabelle Weinberg
1. Australian Government consults on climate-related financial disclosure framework
The Australian Government has released a consultation paper seeking feedback on the design and implementation of their commitment to a standardised, internationally-aligned climate-related financial disclosure framework. The framework proposes a ‘phased’ approach where the increased disclosure obligations apply initially to large, listed entities and financial institutions, and be later expanded to smaller firms.
Read MoreBy Jim Bulling and Anabelle Weinberg
1. ASIC takes further action on greenwashing
ASIC has issued three infringement notices to investment manager Vanguard Investments Australia Ltd (Vanguard) in further action against alleged greenwashing.
ASIC was concerned that Product Disclosure Statements for the Vanguard International Shares Select Exclusions Index Funds may have misled the public by overstating an investment screen which claimed to prevent investment in companies involved in significant tobacco sales.
Read MoreBy Jim Bulling and Anabelle Weinberg
Earlier this year, ASIC put social media “finfluencers” on notice after warning that they could face imprisonment and hefty fines if they do not obtain an AFSL or do not stop promoting financial products online.
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