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Regulators

AFCA's response to the Royal Commission Final Report

AFCA has released a media release regarding our statement on the Royal Commission Final Report. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry handed down its final report to the Governor-General on 1 February 2019. The final report has now been released. This substantial report marks an important milestone for financial services in Australia.

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ASIC cracks down on use of 'independent'

The corporate regulator has taken action against four firms for their misleading use of the restricted terms 'independent' and 'independently owned'. ASIC has forced Financial Spectrum, James Gerrard (authorised representative of Australian Financial Advisory Group), PWK Private Wealth Advisors (AR of Paragem) and Debbie Hudson Financial Services (trading as Wealth Fusion) to amend "false claims of independence".

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ASIC drags Westpac to court

ASIC has initiated civil penalty proceedings against Westpac in relation to a Perth financial planner whose poor advice has already seen the bank foot a $12 million bill to remediate clients. Sudhir Sinha provided financial advice in the Perth area as an employee of Westpac between 2001 and 2014 before the bank dismissed him. Westpac identified compliance concerns in Sinha's advice and in June 2017, ASIC banned Sinha from providing financial services for a period of five years as a result of his failure to meet his ongoing advice service obligations.

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