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Brokers Under Increased ASIC Scrutiny

Posted on November 20th, 2017 by Sophie Gerber in ACLsASICFinancial Services and Credit IndustriesLoans
The industry is under higher levels of scrutiny by the Australian Securities & Investments Commission (ASIC), according to one financial services consultancy firm. In a recent blog post, Sophie ...

Dispute Resolution Reform: Changes are Coming

Posted on November 13th, 2017 by Sophie Gerber in ASICDispute ResolutionFOS
A single scheme for external dispute resolution will replace the three existing schemes from 1 July 2018, following the Senate Economics Legislation Committee’s report recommending that the Treasury ...

ASIC’s Spotlight Remains on Interest-Only Loans and Responsible Lending Practices

Posted on November 6th, 2017 by Sophie Gerber in ACL ComplianceASICLoans
ASIC continues its focus on interest-only lending, in particular, interest-only home loans and has recently concluded the first stage of its targeted review into the practice. The first stage of th ...

ASIC’s Guidance for Initial Coin Offerings

Posted on October 24th, 2017 by Sophie Gerber in ASICFinance IndustryFintech
New startups seeking venture capital are increasingly looking to fintech options to build their business and raise the required funds. Blockchain technology has provided an alternative to achieve this ...

FOS Finds Room for Improvement by Financial Services Providers

Posted on September 26th, 2017 by Sophie Gerber in Compliance WorkFOS
The Financial Ombudsman Service Australia (FOS) has identified a number of failures by FSPs and details some concerns about industry behaviours in their latest Circular report. We outline these below. ...

Why Referencing the Regulator in Marketing Material is Risky Business

Posted on September 25th, 2017 by Sophie Gerber in ASICCompliance WorkFinancial Services and Credit Industries
Entities that operate in the financial services and credit industries will often reference the Australian Securities and Investments Commission ('ASIC') or use the ASIC logo in marketing material in a ...

Applications for Crowd Funding Licences Open on 29 September 2017

Posted on September 25th, 2017 by Sophie Gerber in AFSLsASICLicensing
Crowd-sourced funding (“CSF”) is a financial service that start-ups and small businesses use to raise funds, generally from a large number of investors that invest small amounts of money. Austr ...

PI Insurance: Are you appropriately covered? Insights from ASIC’s review

Posted on September 19th, 2017 by Sophie Gerber in AFSL ComplianceASIC
The Australian Securities and Investments Commission (‘ASIC’) has recently completed a targeted review of the Professional Indemnity (‘PI’) insurance held by small Australian Financial Service ...

Digital Currency will no Longer Fly Under the Radar – Proposed Reforms of the AML/CTF Regime

Posted on September 7th, 2017 by Sophie Gerber in AML/CTFAUSTRACFintech
The rise in the popularity of digital currency has caused worldwide concern as governments grapple with how it should be regulated.  The proposed regulation requires a balancing act to deter individu ...

Digital Adviser: How to Operate Under the Current Regulatory Regime?

Posted on September 4th, 2017 by Sophie Gerber in ASICFOS
Introduction Over the past decade, the Australian financial services industry has seen the emergence of digital advisers. There is now a strong digital advice presence in the Australian financial ser ...