ASIC

News and articles relating to the Australian Securities and Investments Commission (ASIC).

Almost $9 million in penalties for loans tied to financial advice

The Federal Court has imposed almost $9 million in penalties on a financial services and credit business. The firm, Financial Circle, was offering personal loans to consumers of up to $5,000 if they received and implemented financial advice. “The advice typically recommended purchasing personal insurance products and switching superannuation providers,”… Read More »Almost $9 million in penalties for loans tied to financial advice

ASIC plans to increase regulatory scrutiny on superannuation

ASIC plans to increase the intensity of its regulatory scrutiny on the superannuation sector, including more shadow shopping. ASIC Commissioner John Price told a recent conference that the regulator was strengthening its supervision of, and enforcement on, the superannuation sector. “Another new project we will be implementing is to deliver… Read More »ASIC plans to increase regulatory scrutiny on superannuation

ANZ & CBA accept Undertaking over distribution of super products in branches

The ANZ and CBA have reached an agreement with ASIC to change how they distribute some of their superannuation products. ASIC announced that it has accepted enforceable undertakings from the two banks, following an investigation. The regulator says it found the banks had a “common practice” of offering their superannuation… Read More »ANZ & CBA accept Undertaking over distribution of super products in branches

Over $7 million in penalties for ‘fast cash’ linked to super advice

The Federal Court has ordered three companies pay penalties totalling $7,150,000 in connection to “numerous contraventions of financial services and consumer protection laws”, involving offering ‘fast cash’ linked to superannuation and insurance advice, ASIC has announced. ASIC said the companies advertised ‘fast cash’ to consumers with poor credit histories and then… Read More »Over $7 million in penalties for ‘fast cash’ linked to super advice