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SME CREDIT PROVIDERS NEXT IN LINE FOR ASIC SCRUTINY. 06 Jun 2018
Although recent ASIC enforcement action and the Royal Commission have predominantly focused on the lending practices of the major banks, it would be foolhardy to assume that non-bank lenders are not a focus. Patterns emerging teach us that they are the next focus. How do we know this? W ..
SME PLANNERS, ACCOUNTANTS & LIFE ADVISERS NEXT IN LINE FOR ASIC SCRUTINY. 28 May 2018
Although recent ASIC enforcement action and the Royal Commission have predominantly focused on the major banks and AMP, it would be foolhardy to assume that non-bank advice firms are not a focus. Patterns emerging teach us that you are the next focus. How do we know this? Well, ASIC’s mo ..
CHANGES TO ASIC LICENSING. 22 May 2018
At a liaison meeting between ASIC and professional licensing consultants in March this year, we were warned not to expect a return to the good ol’ days of 2 month turnarounds on AFS and credit licence applications – ever! It seems that ASIC considers 6 months to be an acceptable minimum. Here’s  ..
AVOID COMPLAINTS WITH GOOD QUALITY ADVICE. 07 May 2018
The Financial Ombudsman Service (FOS) resolves disputes between financial service providers and consumers. The best way to avoid or defend a dispute is to provide good quality advice. According to FOS, good quality advice means you have: Made reasonable enquiries to understand what your c ..
LEVERAGE INSURANCE TO NEGOTIATE FAIRER CONTRACTS. 30 Apr 2018
In November 2016, the Australian Consumer Law (ACL) introduced new protections for small business. These prevent (often larger) businesses from trying to rely on unfair contract terms. The Federal Court recently decided the first court case on this legislation. The case involved waste manag ..
THE FOLDTASTIC 4 COASTREKS FOR SIGHT. 20 Apr 2018
On 16 March, the Foldtastic 4 took on the challenge of Sydney Coastrek 2018 to raise money for the Fred Hollows Foundation. We walked 60 kms - from Manly to Bondi Beach. The Foldtastic 4 included Sonia Cruz, Jonathan So, Chris Deeble and myself. A special mention to Jessica Fraser who was bo ..
IT'S AML-CTF REVIEW TIME. 16 Apr 2018
AUSTRAC is serious about anti-money laundering and counter terrorism (AML-CTF). Just take a look at their recent actions against the Commonwealth Bank of Australia (http://www.austrac.gov.au/media/media-releases/austrac-expands-civil-penalty-case-against-cba). Any business that has an AML-CT ..
CRYPTOCURRENCY EXCHANGES ARE NOW REGULATED. 06 Apr 2018
This week new laws came into effect that require anyone who operates a digital currency exchange (DCE) to comply with anti-money laundering and counter-terrorism financing (AML-CTF) regulations. This includes anyone who allows traders to buy and sell Bitcoin, Ethereum and other digital and crypt ..
IT'S TIME TO PAY UP - ASIC'S NEW FUNDING SYSTEM. 03 Apr 2018
ASIC’s new fee and levy structure, introduced on 1 July 2017 means that users now pay for most of the regulator’s costs. As of June this year, you’ll need to start providing information to ASIC about your business so they can calculate your levy. Different payment methods and calculations w ..
ARE CHATBOTS PROVIDING FINANCIAL SERVICES? 19 Mar 2018
Many financial services businesses now use technology, such as algorithms and chatbots, to help attract and service their customers. While some organisations may create their own chatbot software, most use a third party technology provider. In these cases, generally the software is licensed ..
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