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ASIC Media Release

From 30 September there will be significant changes to the way superannuation and managed investment funds disclose the fees and charges that affect consumers.

The new requirement follows the Australian Securities and Investments Commission (ASIC) identifying a significant amount of under-reporting of fees, as well as conside...

By Kwame Slusher

ASIC Media Release

ASIC has permanently banned former financial adviser Neil Bruce Trower from providing any financial services. 


Mr Trower is a former representative of Millennium 3 Financial Services Pty Ltd (M3), and a former employee of Lifestyle Financial Services (Qld) Pty Ltd a corporate representative of M3, who provided risk advice fro...

By Kwame Slusher

ASIC Media Release

Mr Gavin Keith Hyland has been permanently banned from engaging in credit activities or providing financial services.

Mr Hyland was banned following his recent conviction in the Brisbane District Court on two counts of dishonestly using his position to misappropriate $104,110 of investor funds. Mr Hyland is currently se...

By Kwame Slusher

Monday 21 August 2017



The key focus of the new international accounting standard IFRS 9 Financial Instruments is transparency of risks relating to expected losses in loan portfolios and how hedging practices mitigate financial risks. 

 “There is far more clarity under IFRS 9, much of which was driven by regulators saying they needed a better understanding of the im...

By Kwame Slusher




Legislation has been rolled out to ensure digital currencies are covered under the AML/CTF Act. The announcement was made on Thursday 17 August.

According to a statement released by the office of the Minister of Justice, the Bill will:

  • Cover the loss of regulatory gap by bringing digital currency exchange providers under the remit of...

By Kwame Slusher



On 3 August, Australian Transaction Reporting and Analysis Centre (AUSTRAC) announced that it had commenced civil penalty proceedings against CBA in respect of what it described as “serious and systemic non-compliance with the Anti-money Laundering & Counter-terrorism Financing Act 2006” (the AML/CTF Act). The action alleges that CBA failed to co...

By Kwame Slusher

OAIC Media Release

On 15 August 2017, the Acting Australian Information Commissioner opened an investigation into Flight Centre, examining an alleged data breach involving the release of the personal information of customers to third-party suppliers.

Flight Centre is cooperating with the Office of the Australian Information Commissioner’s ...

By Kwame Slusher

ASIC Media Release

ASIC has permanently banned Daniel Joseph Noonan, a former financial adviser based in Hobart, from the credit and financial services industries.

Mr Noonan was banned after pleading guilty and being convicted of 97 counts of fraud and 10 counts of stealing in the Supreme Court of Tasmania on 23 June 2017, following an investig...

By Kwame Slusher

Thursday 17 August 2017



The Australian Prudential and Regulation Authority (APRA) has released a discussion paper looking a new phased licensing system for ADIs.

The paper, Licensing: A phased approach to authorising new entrants to the banking industry, looks at some of the ways barrier entries can be lowered while still maintaining the confidence of consumers.

“...

By Kwame Slusher

ASIC Media Release

ASIC has successfully applied to the Federal Court to make Joshua Fuoco a fourth defendant in proceedings against Wealth and Risk Management (WRM) and its related companies Yes FP and Yes FS.

ASIC alleges the defendants breached various provisions of the Corporations Act 2001 and the Australian Securities and Investments Comm...

By Kwame Slusher