Category: Financial Services Updates

Is the spotlight starting to shine on Responsible Managers?

February 9, 2017

Responsible Managers play a crucial role in any financial services business. They are the people nominated by the licensee who are directly responsible for significant day-to-day decisions about the ongoing provision of your financial services. However, unlike many professions which prescribe and regulate ongoing training requirements, RMs are left to ‘self regulate’ how they maintain … More Is the spotlight starting to shine on Responsible Managers?

What do mystery shopping and digital advice have in common? ASIC

September 13, 2016

Digital advice: ASIC provides guidance on AFSL compliance One of the biggest innovations in recent years within the Financial Services industry is the introduction of digital or ‘Robo’ advice – that is, the provision of automated financial product advice using algorithms and technology without the direct involvement of a human adviser. In response to queries … More What do mystery shopping and digital advice have in common? ASIC

Our top ten tips to keep your AML/CTF Program in shape: part one

September 1, 2016

This is a series on common issues identified during the completion of external AML/CTF independent reviews. In this series, James Cozens, Director, Commercial, and Brooke Benson, Senior Consultant at CompliSpace, will build upon the key issues typically identified during the completion of external independent reviews and commentary on common issues identified by AUSTRAC. As part of our … More Our top ten tips to keep your AML/CTF Program in shape: part one

It’s AML/CTF Independent Review Time

August 30, 2016

This is the first article in a three part series on common issues identified during the completion of external AML/CTF independent reviews.  In this series, James Cozens, Director, Commercial, and Brooke Benson, Senior Consultant at CompliSpace, will build upon the key issues typically identified during the completion of external independent reviews, as well as commentary … More It’s AML/CTF Independent Review Time

ASIC’s strategic outlook for 2016-17: culture is key

August 9, 2016

In this blog: ASIC’s strategic outlook for 2016-17: culture is key Financial Reporting – ASIC Sets 7 Focus Areas CompliSpace upcoming Sydney Workshop: 31 August   ASIC’s strategic outlook for 2016-17 ASIC has released an outline of its key regulatory priorities for 2016-17. These are: Cyber resilience and technology disruption; Firm culture and conduct; and … More ASIC’s strategic outlook for 2016-17: culture is key

ASIC focuses on Responsible Entity Risk Management again, along with Wholesale Fund Managers, IDPS and MDA Operators

August 2, 2016

Consultation Paper 263 In March 2013 ASIC published Consultation Paper 204 (CP 204) and draft Regulatory Guide seeking feedback on new proposals which would introduce more targeted requirements for the risk management systems of responsible entities (REs) not regulated by the Australian Prudential Regulation Authority (APRA). The proposals outlined in CP 204 were not implemented … More ASIC focuses on Responsible Entity Risk Management again, along with Wholesale Fund Managers, IDPS and MDA Operators

Conflicts of Interest in Practice – Part 2: Systems to identify, mitigate and review

July 5, 2016

This is the second article in a two-part series on conflicts of interest in financial services. In this series, Brooke Benson, Compliance Consultant at CompliSpace, will build upon the insights and concerns identified by ASIC and provide practical insights on the management of conflicts of interests in financial services businesses. Part Two will explore key business … More Conflicts of Interest in Practice – Part 2: Systems to identify, mitigate and review

Culture, Conduct and Responsible Managers

June 29, 2016

As a Responsible Manager, what does it mean to maintain your competency as required by s912A(1)(e) of the Corporations Act 2001 (Cth) (the Corporations Act? ASIC takes a far less rigorous approach than other regulatory bodies allowing licensees to self-regulate how they maintain the ongoing competence of their RMs rather than prescribing specific requirements such as mandatory training. … More Culture, Conduct and Responsible Managers

Second anniversary of ASX CGPRs: Report sets a baseline for compliance

June 23, 2016

In this edition: Second anniversary of ASX CGPRs: Report sets a baseline for compliance Loss of licence: ASIC gets serious   Second anniversary of ASX Corporate Governance Principles and Recommendations: Report sets a baseline for compliance Almost two years after the ASX Corporate Governance Principles and Recommendations (CGPRs) came into effect, the ASX has release … More Second anniversary of ASX CGPRs: Report sets a baseline for compliance

Financial Services Update: Conflicts of Interest in Practice – Part 1 identification and examples

June 20, 2016

This is the first article in a two part series on conflicts of interest in financial services. In this series, Brooke Benson, Compliance Consultant at CompliSpace, will build upon the insights and concerns identified by ASIC and provide practical insights on the management of conflicts of interests in financial services businesses. Part One will focus on the identification of conflicts of interest. Part Two will explore key business systems to enable you to effectively manage conflicts of interest. … More Financial Services Update: Conflicts of Interest in Practice – Part 1 identification and examples