Fund Product, Company and Regulatory Updates as at 23 May 2017

Product Updates

ANZ advisers now getting XPLAN direct insurance data feeds
ANZ Wealth's OneCare insurance quoting software users can now get direct data feeds from XPLAN. 

Company Updates

UniSuper to welcome new members with public offer status
UniSuper is now allowed to obtain new members with a variance to its registrable superannuation entity licence to public offer status. Up until now, the industry super fund was only allowed to take current and former higher education and research employees, however now it can expand to current members' spouses and other family members. UniSuper is not, however, opening itself up to the general public. 

NAB divests private wealth businesses in Singapore and Hong Kong
The Overseas-Chinese Banking Corporation is to acquire National Australia Bank's private wealth businesses in Singapore and Hong Kong. 

Regulatory Updates

Federal Court involved in application of criminal code for Corporations Act breaches
The Federal Court is to further consider the necessity to prove fault according to the Criminal Code in civil proceedings that relate to certain breaches of the Corporations Act. In particular, this is as it relates to ASIC v Whitebox Trading Pty Limited & Anor (NSD383/2016) to clarify the law after the Gore v ASIC decision in 2017. ASIC has previously acted to prove Criminal Code fault in criminal proceedings, not civil proceedings.

Yes FS operations limited
ASIC has moved to order Yes FS to change its dealings with clients until the trial is completed for alleged breaches of the Corporations Act and ASIC Act. Three Yes FS entities are involved: Wealth and Risk Management Pty Ltd (which has an AFSL), Jeca Holdings Pty Limited (trading as Yes FS, no AFSL), and Yes FP Pty Ltd (a representative of Wealth and Risk Management). The company is prohibited from making, offering or promoting cash payments to prospective clients in connection with the provision of financial advice in relation to superannuation or purchasing of insurance products. They additionally must not promote any such payments online, and Jeca Holdings is prohibited from carrying on a financial services business. The trial begins 2 October 2017. 

ASIC gets extra funding for dispute resolution
ASIC is getting an extra $4.3 million over four years for the setup and management of the Australian Financial Complaints Authority, and another $16 million over four years to promote financial literacy.