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In support of Scams Awareness Week, ASIC is warning consumers of the key signs of a crypto scam and advising what to do if you’ve been scammed. Crypto scams fall into three broad categories, including: scams where you think you’re investing in a genuine asset but it’s a fake crypto exchange, website or app; fake…
Read More ASIC’s top-10 ways to spot a crypto scam
The Australian Government has released a factsheet to provide information on what to do if your data has been compromised in the recent Medibank and AHM cyber incident. If you think you may be affected by the breach, contact Medibank Private on 13 23 31 or AHM on 13 42 46. If you are concerned…
Read More Guidance for consumers impacted by the Medibank Private and AHM cyber incident
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A recent ASIC surveillance found that some fund managers must do more to ensure the investment performance representations in their fund’s marketing materials are appropriate. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 8th September, 2022. Thirteen responsible entities or trustees of investment funds have voluntarily…
Read More Managed funds amend their marketing following ASIC surveillance
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The Australian Securities and Investment Commission (ASIC) has today published updated and revised remediation guidance for financial firms with the goal of treating wronged customers fairer and ensuring they repay losses companies have caused in a timelier fashion. This is a media release from Consumer Action Law Centre (CALC). It was originally published on 27th September, 2022. Consumer Action…
Read More People should get their money back quicker and more easily following new ASIC guidance, say consumer advocates
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ASIC has extended its product intervention order banning the issue and distribution of binary options to retail clients until 1 October 2031. Since it came into effect on 3 May 2021, ASIC’s ban has been fully effective in preventing retail clients from losing money trading binary options in Australia. ASIC’s extension of the product intervention…
Read More ASIC’s binary options ban extended until 2031
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ASIC’s review of nearly 4800 individual disability income insurance (IDII) claims received between 1 January and 30 June 2021 has found more work is needed by insurers to ensure that consumers are protected from unfair practices in non-disclosure investigations and physical surveillances. As a result of ASIC’s review, some life insurers have made improvements to…
Read More ASIC review finds room for improvement remains with life insurance claims handling
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Superannuation trustees are being urged to review their internal dispute resolution (IDR) arrangements after the first stage of an ASIC surveillance found indicators of significant compliance issues. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 10th August, 2022. ASIC’s surveillance examines trustees’ compliance with the new enforceable requirements…
Read More ASIC’s surveillance of internal dispute resolution in superannuation identifies concerns
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ASIC has released Report 735 Retail investor research (REP 735) capturing retail investor motivations, attitudes and behaviours in the period following the onset of the COVID-19 pandemic. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 11th August, 2022. The research surveyed 1,053 Australian retail investors aged 18 and over who…
Read More ASIC releases research about investment behaviour
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Cigno is exactly the sort of business the Australian Securities and Investments Commission had in mind when it asked for stronger powers to ban the sale of harmful financial products. This is a news item from The Conversation. It was originally published on 5th August, 2022. If you are experiencing financial hardship contact the National Debt Helpline on 1800…
Read More How ‘bad credit’ lender Cigno has dodged ASIC’s grasp
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ASIC has adopted a temporary no-action position to enable large banks (‘eligible licensees’) to withhold the reporting of certain credit information on consumer credit reports where reporting the information could lead to consumer harm, including where a consumer may be the victim of family violence. This is a media release from the Australian Securities & Investments Commission (ASIC).…
Read More ASIC helps credit providers protect victims of family violence
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Consumer groups and financial counsellors are urging the Australian Securities and Investments Commission (ASIC) to act now to put an end to the use of harmful lending models used to charge excessive fees on top of short-term loans. This is a media release from Consumer Action Law Centre (CALC). It was originally published on 24th January, 2022. For over…
Read More Time to finally end the harm done by Cigno loans
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The Federal Court has ordered four companies in the Mayfair 101 Group to pay a combined penalty of $30 million for misleading advertising. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 22nd December, 2021. In March 2021, the Court found Mayfair Wealth Partners Pty Ltd and Online Investments Pty…
Read More Mayfair 101 Group to pay $30 million penalty for misleading advertising
