ASIC

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

ASIC imposes fines for misleading lost super and survey representations

A company has paid $21,600 in fines after ASIC found it made misleading representations about superannuation. ASIC announced that Financial Choice Pty Ltd, an Australian financial services provider, had paid two ASIC infringement notice penalties, totalling $21,600. The first infringement notice was for a representation in a bulk email sent… Read More »ASIC imposes fines for misleading lost super and survey representations

21 super fund websites fail transparency requirements, ASIC intervenes

ASIC has intervened to improve information on super fund websites, after finding that 21 such sites were failing to meet transparency requirements. Large super funds are required by law to disclose ‘Transparency Information’ (TI) on their websites. This TI includes trustee directors’ remuneration, fund trust deeds and Product Disclosure Statements… Read More »21 super fund websites fail transparency requirements, ASIC intervenes

Adviser banned after helping clients access super using insurance

ASIC has banned a former financial adviser from providing financial services for seven years, after finding he assisted clients to access their super early using insurance policies. ASIC announced that it had banned Mr Robert Gunner, of Brisbane, Queensland, from providing financial services for seven years. Though the regulator notes that Mr… Read More »Adviser banned after helping clients access super using insurance