Tag: Asic

FinTech Australia have flagged their support for the Federal Government’s proposed legislative changes to the fintech regulatory sandbox but called for further improvements to make the sandbox more robust and fintech-friendly. Earlier this month, FinTech Australia’s chair Stuart Stoyan gave evidence to the Senate Economics Legislation Committee, which is inquiring into the provisions of the Treasury Laws […]

ANZ will refund $10.2 million to more than 52,000 business-held credit card accounts due to a failure to properly disclose fees and interest charges, according to financial services regulator ASIC. The bank reported to ASIC that it had failed to disclose – or had incorrectly disclosed – the following information to some of its ‘Business […]

Seven companies have become the nation’s first crowd-sourced funding (CSF) intermediaries after receiving Australian Financial Services (AFS) licenses from the Australian Securities and Investments Commission (ASIC). Under the CSF framework, which commenced in September 2017, Big Start, Billfolda, Birchal Financial Services, Equitise, Global Funding Partners, IQX Investment Services and On-Market Bookbuilds have been authorised to […]

Despite containing some positive initiatives for small business, the revised Banking Code of Practice hasn’t resolved issues with power imbalance and dispute resolution, according to Small Business and Family Enterprise Ombudsman, Kate Carnell. The Ombudsman was consulted on a draft version of the code, provided to ASIC this week for approval; however, she said she […]

Whether you plan on becoming the next Atlassian, or the next big thing in the share economy, many people, at some stage, will have their own new business dream. And in 2017, the startup space to be in is tech. Hundreds upon hundreds of adventurous and enthusiastic minds are venturing into the tech space with […]

Artificial Intelligence makes headlines every day: alternately promising to save the world, or destroy it completely.  There’s no doubt that it holds exciting potential for businesses. A new global study by Capgemini found that 83 percent of firms surveyed reported that AI generated new roles, with three-quarters seeing an uplift in sales related to AI […]

A survey of 1280 SME operators has found that nearly half (49.6%) had relied on unfair contract terms legislation, implemented last year, to negotiate fairer terms with big businesses during the past six months. Conducted by East & Partners, the SME Transaction Banking survey also showed that nearly four in five respondents (78.2%) were aware […]

The Australian Securities and Investments Commission (ASIC) and the China Securities Regulatory Commission (CSRC) have entered an agreement to promote innovation in financial services in their respective markets. The Information Sharing Co-operation Agreement provides a framework for information sharing between the CSRC and ASIC on emerging market trends and developments, as well as regulatory developments […]

The taskforce charged with reviewing ASIC’s enforcement powers, including penalties regime, has recommended nearly tripling penalties for corporate and financial sector misconduct.  In a position paper, published this week, The ASIC Enforcement Review Taskforce expressed concern that penalties available to address corporate and financial sector misconduct are inadequate, inconsistent or too low to act as a […]

Comments made by the incoming chair of Australian Securities and Investment Commission (ASIC) indicating financial institutions have forgotten whose money they are investing should prompt Federal Government to rethink its super fund governance reforms, argues the Industry Super Australia (ISA). This week, Financial Services Minister Kelly O’Dwyer recommended that James Shipton, a former Goldman Sachs […]