ASIC

Licensees will need to ensure their advisers' Financial Adviser Register record states if they can provide tax (financial) advice by 1 February, 2023.

Licensees would need to update their advisers’ FAR record to state whether they can provide tax (financial) advice before 1 February, 2023. This included competition of specific tax and commercial courses and additional continuing professional development. The Financial Advisers Register will display whether a financial adviser can provide tax (financial) advice services from 1 February, 2023.

Older man with grey hair and a beard wearing glasses. Geoff Moodie claims he lost more than $140,000 with the company TradeFred. (ABC News: Chris Gillette).

"Where was the role of the regulator … to step in and put a stop on things that were happening?" "For me, the money meant an opportunity … "The links between TradeFred and Union Standard seem to run pretty deep. you to do in regards to trading," he said. 7.30 attempted to contact Alex Mishiev, the man who is listed on the Israel company documents for Capital Unit. I thought maybe the Bitcoin would come at a later date, so, you know, I was very naive at that stage," he said. Another director is Fred Done, the co-founder of gambling giant BetFred. and who is benefiting from this." This is the reason I still have a job." That, to me, hurts," he said. TradeFred was operating under a financial services license of Union Standard.

Deficiencies in its target market determination has seen interim stop orders placed on the Pivotal Diversified Fund offered by Vasco.

The managed fund invested in property development projects is subject to project financing, valuation and construction risks, and the private equity fund is illiquid and leveraged. This marks the 22nd interim stop order issued by ASIC to date. Get the Financial Standard Daily Newsletter. Vasco will have an opportunity to make submissions before a decision is made about a final stop order," ASIC said. The fund invests in various managed funds, including hedge funds, a fund invested in residential and commercial real estate developments and a private equity fund. "ASIC expects Vasco to consider the concerns raised regarding the TMD and take immediate steps to ensure compliance.

ASIC has issued an interim stop order preventing Vasco Responsible Entity Services Limited (Vasco) from offering or distributing the Pivotal.

Of the 22 DDO interim stop orders issued by ASIC to date, two remain in place. It is a mandatory public document that sets out the class of consumers a financial product is likely to be appropriate for (the target market) and matters relevant to the product’s distribution and review. DDO requires firms to design financial products that meet the needs of consumers, and to distribute those products in a more targeted manner. ASIC reminds financial product issuers that under DDO, they must define target markets for their products appropriately, having regard to the risks and features of their products. The managed fund invested in property development projects is subject to project financing, valuation and construction risks, and the private equity fund is illiquid and leveraged. ASIC made the interim order to protect retail investors from potentially investing in a fund that may not be suitable for their financial objectives, situation or needs.

Cash-strapped people will be pushed towards riskier payday loans, buy now, pay later and debt consolidation products, the head of the Australian Securities ...

Connect with John on [[email protected]](mailto:[email protected]) BNPL products are not regulated under the Credit Act because they fall under the exemptions available to certain types of credit and they are not subject to responsible lending standards, and providers do not need to hold an Australian Credit Licence. Mr Longo said ASIC would also call for “much stricter” regulation of buy now, pay later providers, in an upcoming submission to Treasury’s consultation that is reviewing the laws. “This latter group of (typically low-income, highly indebted) households would likely be forced to draw down on their stocks of saving in order to continue to meet their loan payments and essential living expenses,” the RBA’s Financial Stability Review said in October. “So people are more likely to be attracted to fringe providers of credit and be quite vulnerable.” The tougher financial conditions expected this year could make it harder for consumers to attain traditional bank loans and shift them to “fringe” credit providers, ASIC chairman Joe Longo said in an interview with The Australian Financial Review.