ASIC

An apple on a pile of school books An apple on a pile of school books

Corporate regulator slams banks’ school marketing schemes as CHOICE calls on State and Territory Education Ministers to ditch Dollarmites. This is a CHOICE Media Release “CHOICE welcomes ASIC’s comprehensive review into school banking programs. This is the first time ever in over a century that these school-based marketing schemes have been reviewed,” says CHOICE CEO…

Read More “Nothing more than marketing schemes”: CHOICE on ASIC’s review of school marketing programs

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Consumer advocate CHOICE has released a statement in response to ASIC’s updated regulatory guide on time-sharing schemes, stating that ASIC has failed to clean up the harmful timeshare industry. The following is a CHOICE media release. “ASIC’s new rules for timeshare schemes have failed to protect consumers. ASIC has taken years to assess the regulations…

Read More “Failed to protect consumers”: CHOICE on ASIC’s timeshare regulations

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ASIC has commenced proceedings in the Federal Court against ACBF Funeral Plans Pty Ltd (ACBF Funeral Plans) and Youpla Group Pty Ltd (Youpla Group) for alleged contraventions of the ASIC Act. ACBF Funeral Plans, a wholly owned subsidiary of Youpla Group, offered, promoted and sold the Aboriginal Community Funeral Plan (ACF Plan), a funeral expenses…

Read More ASIC commences proceedings against ACBF Funeral Plans and Youpla Group concerning funeral expenses insurance

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The Australian Securities and Investments Commission, as one of the agencies responsible for the National Indigenous Consumer Strategy (NICS), urges Indigenous consumers to be wary of scams, including anyone calling them out of the blue asking for personal details or offering investment opportunities. As part of National Scams Awareness Week, which began on 17 August…

Read More ASIC warns Indigenous consumers about scams

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Superannuation trustees that were classifying new members as ‘smokers’ by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the extra premiums paid. Between 2017 to 2020, ASIC engaged with seven superannuation businesses, (comprising nine superannuation trustees) that had been, either at the time or…

Read More Superannuation trustees compensate members wrongly classified as ‘smokers’

A computer screen showing a line graphy depicting the share market prices A computer screen showing a line graphy depicting the share market prices

ASIC warns consumers about investment advertising that compares fixed-term investment products to bank term deposits. A surge in such marketing of fixed-term investment products in recent months has prompted ASIC to caution consumers to take care making investment decisions based on such advertising. ASIC is monitoring such advertising and the entities involved because of reports…

Read More ASIC warns consumers: Investment advertising is not always ‘true to label’

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ASIC has written a letter to the real estate institutes in each state outlining concerns about some real estate agents who are advising tenants to apply for early release of their superannuation. AISC warns that such conduct by real estate agents may be in contravention of the Corporations Act as it may may constitute unlicensed…

Read More ASIC warns of unlicensed financial advice by real estate agents to tenants

An up-close image of a skyscraper An up-close image of a skyscraper

ASIC has released an update on its work in the six-month period from September 2019 to February 2020, including its response to the referrals and recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). It follows previous updates on ASIC’s response to the Royal Commission’s recommendations…

Read More ASIC releases update on its enforcement and regulatory work

An open door with keys hanging in the lock An open door with keys hanging in the lock

ASIC has today started a four week consultation on draft guidance about the new best interests duty for mortgage brokers. The new obligations were legislated by the Parliament in response to Recommendation 1.2 of the Royal Commission. From 1 July, the obligations will require mortgage brokers to act in the best interests of consumers and to…

Read More ASIC consults on draft guidance on the new best interests duty for mortgage brokers

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ASIC has released the findings from its recent review of superannuation trustees’ communications with their members about changes introduced through the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP). The PYSP reforms were introduced to protect the superannuation savings of Australians from erosion due to inappropriate fees and insurance premiums as well as to reduce unintended…

Read More ASIC releases report reviewing trustees’ PYSP communications

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Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) say ASIC’s overhaul of its responsible lending guidance is a welcome announcement in the wake of the devastating consumer harm exposed during the Banking Royal Commission.  Too many lenders, including banks, finance companies, payday lenders, and consumer lease providers have not effectively complied with legal obligations to ensure they do not provide borrowers with unsuitable loans. ASIC’s updated responsible lending guidance make existing laws clearer, easier to enforce and will help to hold…

Read More ASIC’s overhaul of responsible lending guidance should focus lenders on the welfare of borrowers