ASIC

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It has been eighteen months since the Australian Securities and Investments Commission (ASIC) warned the Federal Government that so-called “debt management” firms are engaging in misleading and predatory conduct. The Consumer Action Law Centre wrote to the Federal Government shortly afterwards, calling for better regulation in the sector, but have yet to receive a response.…

Read More Federal Government Silent on Debt Vulture Warnings

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The Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce is conducting consultations on a number of proposed reforms to improve the enforcement powers of ASIC. The Taskforce  has just released a series of consultation papers. Recent media reports and Parliamentary inquiries have revealed the impact that poor financial services practices have on people’s lives, leading to intense regulatory scrutiny and reduced consumer confidence. One of the key…

Read More ASIC Taskforce Signals Shift from Self-Regulation in Finance Industry

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‘Independent’, ‘independently owned’, ‘non-aligned’ – financial advisers use a variety of terms to promise a lack of conflict of interest. But what do these terms mean? And what is required before an adviser can lawfully use them? ASIC has clarified its position on the use of restricted terms relating to the independence of financial advisers after seeking…

Read More ‘Independent’ Means Independent – ASIC Clarifies Financial Adviser Terms

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CFA members CHOICE, Consumer Action Law Centre and Financial Rights Legal Centre are calling on the federal government to act on conflicted remuneration in the mortgage market following an ASIC report that found widespread conflicts of interest for brokers and bank staff have led to an aggressive sales culture and poor outcomes for borrowers.[1] Quotes…

Read More Mortgage broker mayhem

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Consumers’ Federation of Australia has published its submission to the Commission’s Consumer Law Enforcement and Administration Draft Report. The submission calls for additional public funding for consumer advocacy. Furthermore, CFA encourages the Productivity Commission to develop mechanisms which found fund the necessary consumer advocacy and input, aside from a call on the Federal Budget. The…

Read More CFA publishes Submission to the Commission’s Consumer Law Enforcement and Administration Draft Report

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Consumers’ Federation of Australia is seeking a volunteer consumer representative for the Australian Securities & Investments Commission (ASIC) Consumer Advisory Panel. CAP was established in 1999. CAP advises ASIC on current issues faced by retail investors and consumers in the financial services and credit industries. CAP also informs ASIC’s surveillance, enforcement, policy and financial education…

Read More ASIC CAP Applications Open