Jurisdiction

Asia Pacific

ASIC enforcement priorities: greenwashing, fund product design and distribution

by Victoria Smith|19 February 2023|Our Thinking

summary The Australian Securities and Investments Commission (“ASIC”) outlined its enforcement priorities on 3 November 2021 and has increased its surveillance and enforcement focus on fund managers, superannuation trustees and responsible entities more recently, amongst its other priorities, on greenwashing and product design, and distribution obligations… next steps for firms Financial firms should review and […]

Our Sydney office celebrates it’s first anniversary!

by Victoria Smith|25 November 2022|Our News

Our Sydney office celebrates its first year of operation this month and what a journey we’ve had! As our new MD, Tanja Listar joins, we are very much looking forward to seeing what the next year brings and are excited to bring you further Sydney news over the coming months. Thank you to all our clients who […]

Tanja Listar joins our Sydney office as Managing Director, Asia Pacific

by Victoria Smith|21 November 2022|Our News

Today, we are delighted to officially welcome Tanja Listar to the Cleveland & Co team as our new Managing Director, Asia Pacific! Tanja brings with her over 20 years of experience in the financial services sector and has a passion for client service. Tanja joins us as the Sydney office reaches the milestone of its first year […]

Quality of Advice Review

by Victoria Smith|15 November 2022|Our Thinking

summary In August 2022, the Australian Treasury released the Quality of Advice Review Consultation paper (“Consultation Paper”) which provides proposals for reform relating to the quality of advice given by entities that provide financial product advice to clients. background Entities that provide financial product advice to clients must follow guidelines of personal advice and general […]

Australian regulators move to strengthen consumer and investor protections

by Victoria Smith|19 October 2022|Our Thinking

summary Several financial regulations have come in place over the last few months to increase accountability as well as enhance consumer and investor protection. Most notably, there is the introduction of the Financial Accountability Regime (“FAR”) which will impose greater accountability obligations. The introduction of the Compensation Scheme of Last Resort (“CSLR”) as well as […]

“Fees for no service”: A hefty fine imposed on AMP by the Federal Court

by Victoria Smith|10 October 2022|Our Thinking

summary In a judgement handed down on 20 September 2022, Moshinsky J of the Federal Court held in favour of the Australian Securities and Investments Commission (“ASIC”) against member companies of the AMP group in Australian Securities and Investments Commission v AMP Financial Planning Proprietary Limited [2022] FCA 1115 (“ASIC v AMP”). Notwithstanding that AMP […]

ASIC v MobiSuper: The Court’s reminder that fund promotions must be done lawfully

by Victoria Smith|28 September 2022|Our Thinking

On 26 August 2022, the Federal Court of Australia (the ‘‘Court’’) ordered ZIB Financial Pty Limited (“ZIB”) and its corporate authorised representative MobiSuper Pty Limited (“MobiSuper”) to pay combined penalties of $250,000 for breaching superannuation advice laws as a result of MobiSuper promoting the Tidswell Master Superannuation Plan, which is also known as the MobiSuper […]

LIBOR Transition update

by Leela|9 February 2022|Industry News

SUMMARY As of 4 January 2022, the phase out of the London Interbank Offered Rate (“LIBOR”) has culminated in the cessation of: all Euro (“EUR”) and Swiss Franc (“CHF”) LIBOR settings; the overnight / spot next, 1-week, 2-month and 12-month sterling and Japanese Yen (“YEN”) LIBOR settings; and the 1-week and 2-month US Dollar (“USD”) […]

Warren Mead joins Cleveland & Co as a Board Advisor

by Vicki McEwan|8 February 2022|Industry News

We are thrilled to announce the appointment of Warren Mead as Board Advisor to Cleveland & Co. Warren has over 25 years of in-depth experience in financial services, professional services and fintech and was previously the COO of KPMG’s advisory, tax and legal business. As an ExCo level leader, he has advised on and executed […]

Fund managers warned! Be “true to label”

by Emma Cleveland|6 February 2022|Industry News

RECENT COURT AND REGULATOR PRONOUNCEMENTS ARE A TIMELY REMINDER FOR FUND MANAGERS AND RESPONSIBLE ENTITIES TO USE CAUTION IN THEIR DISCLOSURE, AND MAKE SURE THEY ARE BEING TRUE TO LABEL In a recent decision by the Federal Court on 26 November 2021, Australian Securities and Investments Commission v La Trobe Financial Asset Management Ltd [2021] […]