The FCA has set out new rules to give retail investors and more defined contribution pension schemes access to Long Term Asset Funds (LTAF). The LTAF is a new type of open-ended authorised fund, which the FCA introduced in 2021, designed to invest efficiently in long-term, illiquid assets, such as venture capital, private equity and...
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ASIC obtains travel restraint against former Magnolia Capital director Mitchell Atkins
The Federal Court has extended interim travel restraint orders previously obtained by ASIC against Mitchell Atkins, an undischarged bankrupt and former director of private lending firm Magnolia Capital. The initial ex parte orders made by the Court on 19 June 2023 prohibited Mr Atkins from leaving Australia without the consent of the Court and required...
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ASIC warns super trustees to boost efforts to consolidate duplicate member accounts
ASIC is warning superannuation trustees to effectively consolidate duplicate member accounts after a recent review identified poor trustee practices resulting in consumer harm. The warning follows an ASIC review of nine trustees, covering both industry and retail funds. ASIC assessed how the trustees are meeting their obligation to annually identify and automatically consolidate duplicate member...
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ASIC issues 38 DDO stop orders for pet insurance products
ASIC has issued 38 interim stop orders that relate to 67 pet insurance products issued by The Hollard Insurance Company Pty Ltd and PetSure (Australia) Pty Ltd (the insurers) across different levels of cover. The stop orders relate to pet insurance products issued by the insurers via brands including Woolworths, RSPCA, Petbarn, Guide Dogs, Medibank,...
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One month to go for the Consumer Duty
The Consumer Duty comes into force on 31 July for new and existing products and services that are open for sale or renewal. Read more about how firms should be preparing. The Duty is a significant shift in our expectations, and we’ve been pleased to see many firms working hard to meet these new, higher...
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FCA bans Lee Morgan for British Steel Pension Scheme advice failings
The Financial Conduct Authority has banned Denis Lee Morgan of Pembrokeshire Mortgage Centre Limited (in liquidation) (PMC) from advising any customers on pension transfers and pension opt outs, and from holding any senior management function in a regulated firm. Mr Morgan demonstrated a lack of competence in his oversight of PMC’s Pension Transfer advice process...
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Industry funding: 2022-23 Cost Recovery Implementation Statement
ASIC today published its Cost Recovery Implementation Statement (CRIS) for 2022-23. The statement details ASIC’s estimated levies by industry subsector. Estimated levies are a guide only. Final levies will be based on ASIC’s actual cost of regulating each subsector and the business metrics submitted by entities. Final levies will be published in December 2023 and...
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Parliamentary Joint Committee Opening Statement, 27 June 2023
Opening statement by ASIC Chair Joe Longo at the Parliamentary Joint Committee on Corporations and Financial Services: Oversight of ASIC, the Takeovers Panel and the Corporations Legislation, 27 June 2023. Check against delivery I am pleased to appear before the Committee today. I am joined today by Deputy Chairs Sarah Court and Karen Chester, Commissioner...
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FCA welcomes launch of ISSB standards
Today, the FCA welcomes the International Sustainability Standards Board (ISSB) launch of its first sustainability-related reporting standards: the General Requirements for Disclosure of Sustainability-related financial information (IFRS S1), and the requirements for Climate-related Disclosures (IFRS S2). These standards answer the clear market demand for complete, consistent, comparable and reliable corporate sustainability disclosures. Including this information...
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Joint Regulatory Oversight Committee publishes commercial pricing principles for open banking
The Joint Regulatory Oversight Committee (JROC) has today published a joint paper setting out five high-level principles for banks and registered third parties to follow when agreeing a premium API (Application Programming Interface) commercial model. Premium APIs will allow new open banking products and services to be offered. These include variable recurring payments (VRPs), which...
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