fraud prevention, scam, corruption-3188092.jpg
New data has revealed nearly 3,500 investment scam websites have been knocked out by ASIC’s scam website takedown capability since it was launched in July 2023, as ASIC sharpens its efforts to protect Australians from digitally enabled misconduct.
Read More ASIC Steps Up Surveillance and Website Takedowns to Shut Down Scams
hammer, libra, dish-802301.jpg
The Full Court has upheld ASIC’s appeal in its case against ACBF Funeral Plans Pty Ltd (ACBF) and Youpla Group Pty Ltd (Youpla), finding that funeral expenses insurance provider ACBF misrepresented to Aboriginal consumers that it was Aboriginal owned or managed when that was not the case.
[T]he Court found that, on the evidence, it is ‘abundantly clear … that the Aboriginal Ownership/Management Representation is false.’
Post thumbnail
ASIC’s review found that often there was insufficient emphasis on and a lack of transparency about Choice investment options that failed to meet performance expectations. There was little evidence of trustees communicating to members about investment option performance in a targeted manner, and financial advisers were not always addressing underperformance where relevant.
‘Members should be informed about their super investments – not left in the dark if their super investments are not performing as expected, and there may be better alternatives,’ Ms Constant said.
Read More ASIC Calls on Industry to Address Issues and Improve Oversight on Choice Super Performance
message, sms, text-150459.jpg
Funded in the 2023 Budget, the Government’s Registry works by creating a controlled list of numbers of registered brand names, and preventing text messages from being sent using registered brand names unless the originating number matches the approved phone number on the Registry.
Feedback from consumers, industry, charities and government services will inform Government decision-making about next steps, including funding models for the finalised scheme.
sad or distressed woman on floor
New research released by ASIC’s Moneysmart has shed light on the financial concerns of Australian Gen Z women, revealing that they are more likely than Gen Z men to feel stressed and overwhelmed by finances and money.
“These findings demonstrate the importance of empowering young women to move past girl math and take control of their finances. Countless studies have shown financially literate people are better at budgeting and saving, managing mortgages and debt, planning for retirement, and growing their wealth. These behaviours aren’t inherent – they can be learnt at any age. That’s why we need to change the equation on girl math in 2024,”
workshop, sign, signpost-745010.jpg
ASIC has published a summary document from a 30 November 2023 virtual workshop which focussed on building an understanding of identification verification challenges faced by First Nations consumers, and how industry can apply flexible approaches while meeting legislative requirements.
Read More ASIC Releases Summary for Indigenous Financial Services Framework Workshop
drive through, forbidden, stop-5036312.jpg
ASIC has extended its product intervention orders made in relation to short term credit and continuing credit contracts so that the orders remain in force until they are revoked or they sunset on 1 October 2032.
Since the orders came into effect on 15 July 2022, they have reinforced consumer protections by preventing the provision of short term credit and continuing credit contracts that involve unreasonably high fees. These fees exceeded the cost caps imposed by the National Credit Code.
magnifying glass, loupe, transparent-297822.jpg
ASIC Commissioner Simone Constant said, ‘ASIC has taken multiple actions to protect retail investors from high risk offers and business practices that may be unfair, inappropriate or result in poor outcomes. Our more proactive approach to identifying and disrupting emerging risks and harms is in response to the rapid pace of change we have observed in recent years. Today’s report and our recent consumer warning campaign are reflective of this.
Read More ASIC Report Released on Online Trading Providers and Increased Risk to Retail Investors
ASIC logo
Original media release by ASIC (20/11/2023). ASIC Chair Joe Longo has welcomed the commencement of new Commissioners Simone Constant and Alan Kirkland, who began their five-year terms today. In August the Treasurer announced the appointment of three new Commissioners to ASIC to serve alongside Mr Longo, Deputy Chair Sarah Court and Deputy Chair Karen Chester,…
Read More ASIC Welcomes New Commissioners
change, arrows, clouds-948024.jpg
Original media release ASIC (17/11/2023). Today ASIC opened its consultation on the Australian Banking Association’s (ABA) proposed changes to its Banking Code of Practice (the Code). The Code contains a set of contractually enforceable standards that customers and small business can expect subscribing banks to uphold. The ABA plans to apply for ASIC approval of…
Read More ABA Consults ASIC on Proposed Banking Code Changes
money, bills, calculator-256312.jpg
New research shows Gen Zs are feeling financially stressed, with high levels of debt including Buy Now Pay Later use.
Read More Gen Z and Finance – Stress, Debt, BNPL, and the Desire for Better Money Skills
fraud prevention, scam, corruption-3188092.jpg
ASIC has today strengthened its scam prevention tools to support consumers with the publication of a new investor alert list. Consumers can use this list to help inform themselves as to whether an entity they are considering investing in could be fraudulent, a scam or unlicensed.
Read More New Investor Alert List Replaces ‘Companies you should not deal with’
