On 12 June 2025, the Australian Securities and Investments Commission (ASIC) issued a press release stating that it had issued warning notices to 18 social media ‘finfluencers’ suspected of unlawfully promoting high-risk financial products and providing unlicenced financial advice.
Following the issuance of INFO Sheet 269 ‘Discussing financial products and services online’ in
With the Streamlining Regulations now disallowed, a key question for the financial services industry will be what the future holds for dealings between advisers and their clients (see our previous blog for the consequences).
In a statement issued by the Finance Minister, Senator Mathias Cormann, the Government has indicated an intention to return its proposed
With continued public scrutiny and increased pressure on the financial advice industry, the Senate yesterday passed a motion disallowing the latest Future of Financial Advice Regulations (Streamlining Regulations). As a result, the original Future of Financial Advice (FOFA) reforms as enacted by the former Labor Government came into effect immediately.
ASIC’s
ASIC has reminded AFS licensees of their obligation to report significant breaches to ASIC promptly and of the need to ensure that internal risk management systems are sufficiently robust to identify, assess and escalate breaches and report significant breaches to the regulator.
In an open letter to the Institute of Internal Auditors Australia, and a