Inside ASIC

ASIC View Episode 16: Fees for no service report

Joanna Bird, Senior Executive Leader, Financial Advisers joins the podcast to discuss ASIC's recent Report 499 - Financial Advice: fees for no service.

The report provides an update on ASIC's work to address financial institutions' and advisers' systemic failures, over a number of years, to provide ongoing advice services to customers who paid fees to receive those services. The report summarises ASIC's work to ensure customers are fairly compensated. The report is part of ASIC's Wealth Management Project, which is focusing on the conduct of the largest financial advice firms, including the advice arms of AMP, ANZ, CBA, NAB and Westpac groups.

 

The report is available for download here, while you can read ASIC's media release on the topic here.

 

ASIC's MoneySmart website has updated information on how much financial advice costs and what to expect from a financial adviser. 

 

Read the transcript

ASIC View Episode 15: Macquarie, van Eyk and responsible entities

In August this year, The Supreme Court of New South Wales found that Macquarie Investment Management Ltd contravened the Corporations Act by failing to comply with its duties as a responsible entity of the van Eyk Blueprint International Shares Fund. The Court made declarations of contravention and ordered that MIML pay a civil pecuniary penalty of $400,000, as well as $200,000 for ASIC's legal costs.

ASIC Commissioner Greg Tanzer joins the podcast to talk about the case and why ASIC considers it such an important outcome.

You can read ASIC's media release on the outcome here

Please note the judge's comments that Greg quotes in the podcast are slightly abridged. The full comments are available via the link at the bottom of the media release.

ASIC View Episode 14: Add-on insurance report

ASIC has reviewed the sale of add-on general insurance policies through car dealers and found that the market is failing consumers. ASIC Deputy Chairman Peter Kell joins the podcast to discuss the report.

 

The report can be viewed here.

 

The media release can be viewed here.

 

More information on add-on insurance can be found at ASIC's MoneySmart website.

 

 

ASIC View Episode 13: Review of Australian equity market cleanliness

Greg Yanco, Senior Executive Leader, Market Supervision at the Australian Securities and Investments Commission, joins the podcast to talk about ASIC's recent review into Australian equity market cleanliness.

The report is available here, and the relevant media release is available here.

ASIC View Episode 12: Due diligence practices for Initial Public Offerings

ASIC Commissioner John Price joins the podcast to talk about ASIC's recent report examining the due diligence practices of issuers of securities under an initial public offering (IPO).

Read our media release

Read the report

ASIC View Episode 11: ASIC's Innovation Hub

This week, ASIC Commissioner John Price joins the podcast to discuss ASIC's Innovation Hub and how it's helping fintech startups.

You can find out more about ASIC's Innovation Hub by going to the webpage.

ASIC View Episode 10: ASIC's Indigenous Outreach Program

This week, ASIC View welcomes Michael Saadat, Senior Executive Leader, Deposit Takers, Credit and Insurers, and Nathan Boyle, an analyst with ASIC's Indigenous Outreach program to talk about ASIC's Indigenous Outreach Program and the work they are doing to help Aboriginal and Torres Strait Islander people with financial products and services. They discuss types of financial problems being reported to ASIC's Indigenous Help Line like lost key cards and problems with identification, issues with debt collectors, renting products and appliances, life insurance and debt management. Michael also talks about the work ASIC is doing to help superannuation funds better understand the needs of Indigenous consumers.

 

Find out more about ASIC's Indigenous Outreach Program.

 

ASIC's MoneySmart website has money tips for Indigenous consumers.  

 

Read the transcript

ASIC View Episode 9: Deputy Chair Peter Kell on investment scams

During Consumer Fraud Week 2016, the Australian Securities and Investments Commission is warning consumers and investors to 'Wise Up to Scams' and do some simple checks before they part with their money.

ASIC Deputy Chair Peter Kell joins the podcast to talk about how investment scams work, and how best to identify and avoid them.

Read ASIC's media release on Consumer Fraud Week 2016 and visit ASIC's MoneySmart website for more tips on avoiding investment scams.

Read the transcript

ASIC View Episode 8: Commissioner Cathie Armour on ASIC's insider trading work

On the latest episode of ASIC View, ASIC Commissioner Cathie Armour discusses ASIC's work in insider trading matters. Topics discussed include the damage done by insider trading, ASIC's surveillance and enforcement strategies and other related key areas of interest.

Media releases for matters mentioned during the podcast:

- Mr Xiao/Hanlong mining

- Kamay and Hill

ASIC View Episode 7: ASIC Forum robo-advice session

The following is an excerpt from a session at ASIC's 2016 Annual Forum on robo-advice. The session covers:

• How does robo-advice sit alongside traditional financial advice?
• Where does robo-advice cause the most disruption?
• How does the current regulatory framework apply to robo-advice?
• What are the issues that are unique to robo-advice?
• The podcast also discusses ASIC's Consultation Paper 254 Regulating digital financial advice (CP 254) and draft Regulatory Guide 000 Providing digital financial product advice to retail clients.

Speakers include ASIC's Joanna Bird and Louise Macaulay, Senior Executive Leaders of the Financial Advisers team as well as a panel discussion from:

Greg Miller, Executive General Manager, Wealth Advice, NAB

Chris Brycki, Founder and Chief Executive Officer, Stockspot

Kate Jackson-Maynes, Partner, King & Wood Mallesons

Dr June Smith, Lead Ombudsman, Investment and Advice, Financial Ombudsman Service Australia