Compliance order for planning business
04 May 2004
ASIC’s post-FSRA compliance audits are biting, with a Victorian financial advisory firm ordered to undergo four compliance audits in the next 18 months…
Regulatory & Government
HIH director bailed to June
27 April 2004
Charles Abbott, former Deputy Chairman of failed insurance giant HIH, appeared in a Sydney court last week charged with dishonestly misusing his position as a company director…
Conroy vows to change the FSRA
20 April 2004
Consumers can’t get the full benefits of the Financial Services Reform Act because it has been “captured by lawyers who are more interested in the legal safeguards”…
ASIC bids to boost youths’ financial literacy
20 April 2004
ASIC’s latest attempt to improve children’s understanding of the financial world is targeted at high school students…
Whitlam case closed
06 April 2004
The High Court has refused to grant the Australian Securities and Investments Commission special leave to appeal against a judgement of the NSW Court of Appeal…
ASIC bids to stop door-to-door sales
06 April 2004
ASIC has obtained orders in the Federal Court to stop the selling of two death benefit funds to indigenous communities…
Former Hobart planner admits to stealing $4.5 million
06 April 2004
Former Tasmanian financial planner Mervyn Mitchell has pleased guilty to 110 charges in relation to the theft of $4.5 million from his clients…
APRA says industry needs stronger rules
30 March 2004
No matter what ASIC and its former Chairman might think, APRA still thinks the insurance industry needs unique – and stricter – corporate governance and fitness…
ASIC takes a ‘practical approach’ to FSRA
30 March 2004
It’s true: ASIC is being more flexible when it comes to the initial stages of implementing the FSRA…
We’re good at what we do, says APRA
30 March 2004
This time last year the prudential regulator was nervously awaiting the release of the HIH Royal Commissioner’s report, but now APRA says it has recovered from the results…
ASIC grants lawyers temporary FSR relief
30 March 2004
The Federal Government’s inquiries into unauthorised foreign insurers and discretionary mutual funds has forced ASIC to grant temporary relief from the FSRA…
Tanzer preaches consumer protection
23 March 2004
The Australian Securities and Investments Commission’s new Executive Director of Consumer Protection and International Relations Greg Tanzer…
Trust money relief for brokers
23 March 2004
ASIC has issued a class order providing limited relief to insurance brokers regarding their ability to pay money into a trust account under section 981B of the Corporations Act…
Brad Cooper faces more charges
23 March 2004
Former FAI and HIH associate Brad Cooper has been charged on another three counts, bringing the total of charges to 13…
Brokers acquitted on ASIC charges
23 March 2004
Former Doncaster-based insurance brokers Stephen and Sharon Romp have been acquitted in the Melbourne Magistrates’ Court of charges arising from an ASIC investigation…
Permanent ban for Sydney planner
23 March 2004
ASIC has permanently banned Sydney-based financial planner Max Valentino – also known as Max Soud – from acting as a representative of a dealer or investment adviser…
Former adviser for trial
23 March 2004
Former Melbourne adviser Robert Street has been committed to stand trial in the County Court of Victoria in June on five counts of obtaining financial advantage by deception…
Knott lashes out at APRA proposal
16 March 2004
APRA’s proposal to impose a new set of corporate governance standards in the financial services industry is completely misguided, says former ASIC Chairman David Knott…
Keep it simple, says ASIC
16 March 2004
ASIC is advising financial advisers and product issuers to keep Statements of Advice (SOAs) as simple as possible…
ASIC appoints new consumer protection boss
09 March 2004
Greg Tanzer takes over this week as ASIC’s Consumer Protection executive, replacing Peter Kell, who quit to take on the top job at the Australian Consumers Association…