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Providing Financial Services Unlicensed? ASIC Steps Up Enforcement Action

Posted on May 7th, 2018 by Sophie Gerber in ACL ComplianceAFSL ComplianceASICLicensing
The Australian Securities and Investments Commission (ASIC) has stepped up enforcement against those involved in operating a financial services business without holding an Australian Financial Service ...

The Transition from FOS to the AFCA Commences 1 April 2018

Posted on March 28th, 2018 by Sophie Gerber in AFSL ComplianceDispute ResolutionFinance IndustryFOS
Is your business a member of the Financial Ombudsman Service (“FOS”)? If so, you should have received two important emails from FOS this month. One was sent in early March advising that the Gov ...

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 ...

ASIC’s Latest Enforcement Report: The key focus areas to be aware of

Posted on August 25th, 2017 by Sophie Gerber in AFSL ComplianceAML/CTFASIC
Digital disruption, cyber threats and inappropriate targeting of retail clients continue to guide ASIC’s approach to enforcement. During the period 1 January to 30 June 2017, ASIC: Commenced ...

The AAT Decisions: Can You Win Against ASIC?

Posted on May 25th, 2017 by Sophie Gerber in AFSL ComplianceASICLicensing
Each year the Australian Securities and Investment Commission (“ASIC”) makes countless decisions in their role as regulator of the financial services industry. These decisions cover a diverse rang ...

Data Breach Reporting Passed into Law

Posted on March 22nd, 2017 by Sophie Gerber in AFSL ComplianceAFSLsFinance Industry
Australian entities that hold personal information about individuals will soon be required to notify those individuals if that information is compromised. The Privacy Amendment (Notifiable Data B ...

Financial Services Sector to Remain in the Spotlight Throughout 2017

Posted on March 21st, 2017 by Sophie Gerber in ACL ComplianceAFSL ComplianceASIC
At the beginning of March 2017, ASIC released their enforcement report for the July - December 2016 period. Report 513 entitled “ASIC enforcement outcomes: July to December 2016” (Report 513) det ...

Limited AFS Licence Application Catch 22

Posted on February 20th, 2017 by Sophie Gerber in AFSL ComplianceAFSLsFinance Industry
Accountants Still Encouraged to Apply for Limited AFS Licences Despite Delays Limited Australian Financial Services Licence (limited AFSL) applicants are likely to face continued licensing delays. Th ...

Limited AFS Licences – Continued Delays Expected Now Funding Has Run Out

Posted on January 30th, 2017 by Sophie Gerber in AFSL ComplianceAFSLs
Limited Australian Financial Services Licence (Limited AFSL) applicants are likely to face continued delays. That is the message from ASIC’s latest report on licensing; Report 503 Overview of licens ...

Tidying Up the Financial and Credit Services Industries

Posted on January 30th, 2017 by Sophie Gerber in ACL ComplianceAFSL Compliance
ASIC Continues to Enforce Bans Against Inappropriate Activity Around the Financial and Credit Services Industry Following on from our blog article published in November 2016, the Australian Secu ...