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Alexander Samson

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Name: Alexander Samson
Date registered: 2 November 2015

Latest posts

  1. ASIC releases world-first fintech licensing exemption — 15 December 2016
  2. ASIC action results in Australia’s largest consumer credit remediation program — 6 December 2016
  3. Consultation open on proposed industry funding model for ASIC — 7 November 2016
  4. ASIC raises concerns about add-on insurance sold through car dealers — 12 September 2016
  5. ASIC releases regulatory guide on digital financial product advice — 31 August 2016

Author's posts listings

ASIC releases world-first fintech licensing exemption

The Australian Securities and Investments Commission (ASIC) has released class waivers which will allow eligible financial technology (fintech) businesses to test certain products and services without needing to obtain an Australian financial services licence or credit licence. ASIC has stated that this exemption is unique, with no other major jurisdiction having implemented a class waiver …

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ASIC action results in Australia’s largest consumer credit remediation program

Car financier BMW Australia Finance Limited (BMW Finance) has given the Australian Securities and Investments Commission (ASIC) an enforceable undertaking whereby BMW Finance will implement Australia’s largest consumer credit remediation program to compensate customers for its responsible lending failures. BMW Finance provides motor vehicle finance to consumers, both directly and through a network of motor …

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Consultation open on proposed industry funding model for ASIC

Earlier this year, the Government announced that it would introduce an industry funding model for the Australian Securities and Investments Commission (ASIC), commencing in the second half of 2017. The Government has now released two papers: a proposal paper which provides a high-level overview of how the industry funding framework could be applied and a …

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ASIC raises concerns about add-on insurance sold through car dealers

The Australian Securities and Investments Commission (ASIC) has released a report on add-on general insurance policies sold through car dealers. ASIC have concluded that the market is failing consumers and there are serious problems which need to be addressed immediately and comprehensively by insurers. This follows on from two reports released earlier this year about …

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ASIC releases regulatory guide on digital financial product advice

ASIC has released guidance on providing digital financial product advice to retail clients. Regulatory Guide 255 covers some of the issues that digital advice providers need to consider when operating in Australia, from the licensing stage through to the provision of the advice. Digital advice is the provision of automated financial product advice using algorithms …

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ASIC extends relief for group purchasing bodies

The Australian Securities & Investments Commission (ASIC) has once again extended the relief provided to group purchasing bodies under Class Order CO 08/1. The relief was due to expire on 30 June 2016, but ASIC has extended it until 30 June 2017. The class order gives eligible group purchasing bodies relief from the licensing and …

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Optus to refund customers over A$2 million due to compliance breaches

Optus Insurance Services Pty Ltd (Optus) will refund approximately $2.4 million to around 175,000 Optus mobile customers in response to The Australian Securities & Investments Commission’s (ASIC) concerns about its compliance with Australian financial services laws. These concerns arose after Optus, one of the largest telecommunications company in Australia, self-reported a breach regarding its failure …

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Federal Court of Australia decides Centrelink payments can still be used for funeral insurance

On 30 June 2016, the Federal Court of Australia blocked the Federal Government from stopping the use of Centrelink payments for funeral insurance. The Department of Human Services was due to stop making Centrepay payments (i.e. deductions from Centrelink payments) to Aboriginal Community Benefit Fund Pty Ltd (and its related companies) (ABCF) from 1 July …

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ASIC maintains relief provided by ‘financial product advice – exempt documents’ class order

The Australian Securities & Investments Commission (ASIC) has made a new legislative instrument to replace its class order on financial product advice – exempt documents. The class order was due to expire on 1 April 2017, but ASIC remade the class order (now called a ‘legislative instrument’) following public consultation and two submissions in support …

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ASIC finds Insurer used misleading small-print disclaimer

In response to Australian Securities & Investments Commission (ASIC) action and concerns, Allianz Australia Insurance Limited (Allianz) has compensated 740 Petplan insurance customers over $231,000, and its agent, Petplan Australasia Pty Ltd (Petplan) has corrected its Petplan advertising. Petplan insurance provides cover for veterinary expenses. Petplan’s website promoted the insurance with a headline statement that …

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