In this episode we discuss crypto-assets for first time investors with Hema Raman, Crypto-Asset Coordinator at ASIC.  If you're thinking about investing in crypto-assets, hear from ASIC on what to think about and look out for before you invest. 

In this episode we discuss crypto-assets for first time investors with Hema Raman, Crypto-Asset Coordinator at ASIC.  If you're thinking about investing in crypto-assets, hear from ASIC on what to think about and look out for before you invest.

Episode 65: Crypto-assets for first time investors

In this episode, we discuss the work of ASIC’s Markets Enforcement team. We are joined by ASIC Senior Executive Leader, Molly Choucair, to discuss recent Court action against AGM Markets and Antares Energy as well as ASIC’s Immunity Policy.

In this episode, we discuss the work of ASIC’s Markets Enforcement team. We are joined by ASIC Senior Executive Leader, Molly Choucair, to discuss recent Court action against AGM Markets and Antares Energy as well as ASIC’s Immunity Policy.

Episode 64: Markets enforcement outcomes

In this episode, we discuss ASIC’s Enforcement Update for July to December 2020. We are joined by ASIC Commissioner Sean Hughes who takes us through ASIC’s response to the COVID-19 pandemic and its major enforcement outcomes in 2020.  For more information, download the enforcement report and read the media release. 

In this episode, we discuss ASIC’s Enforcement Update for July to December 2020. We are joined by ASIC Commissioner Sean Hughes who takes us through ASIC’s response to the COVID-19 pandemic and its major enforcement outcomes in 2020.  For more information, download the <a href="https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-688-asic-enforcement-update-july-to-december-2020/" rel="nofollow" target="_blank">enforcement report</a> and read the <a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-074mr-asic-enforcement-update-july-to-december-2020/" rel="nofollow" target="_blank">media release</a>.

Episode 63: ASIC enforcement update July to December 2020

In this episode, we discuss the work of ASIC’s Corporations and Corporate Governance Enforcement team. We explore ASIC’s cases against former Kleenmaid director Mr Andrew Eric Young, former Executive Chairman and Chief Executive Officer of Healthzone Limited, Mr Peter David Roach and former liquidator David Leigh.

In this episode, we discuss the work of ASIC’s Corporations and Corporate Governance Enforcement team. We explore ASIC’s cases against former Kleenmaid director Mr Andrew Eric Young, former Executive Chairman and Chief Executive Officer of Healthzone Limited, Mr Peter David Roach and former liquidator David Leigh.

Episode 62: Corporate governance enforcement outcomes

Investing in land and property is certainly not a revolutionary idea. Australians have been investing in bricks, mortar and land for decades, but unfortunately not all property investment schemes are the same. 'Land banking' can produce returns for investors but comes with significant red flags. It is often unregulated, leaving investors without protection if things go wrong. In this episode, we explore some of the land banking schemes shut down by ASIC.

Investing in land and property is certainly not a revolutionary idea. Australians have been investing in bricks, mortar and land for decades, but unfortunately not all property investment schemes are the same. 'Land banking' can produce returns for investors but comes with significant red flags. It is often unregulated, leaving investors without protection if things go wrong. In this episode, we explore some of the land banking schemes shut down by ASIC.

Episode 61: Risky business: land banking property investment schemes

In this episode we discuss the findings and recommendations from ASIC’s thematic review of total and permanent disability (TPD) insurance in Australia including what ASIC expects insurers and superannuation trustees to do to address the poor consumer outcomes. We are joined by the Senior Executive Leader of ASIC's Insurers team, Emma Curtis, and the Senior Executive Leader of the Superannuation team, Jane Eccleston.  For more information about the review, download ASIC Report 633 Holes in the safety net: a review of TPD insurance claims and read ASIC media release 19-281MR ASIC calls on insurers and trustees to take action to improve consumer outcomes from total and permanent disability insurance.

In this episode we discuss the findings and recommendations from ASIC’s thematic review of total and permanent disability (TPD) insurance in Australia including what ASIC expects insurers and superannuation trustees to do to address the poor consumer outcomes. We are joined by the Senior Executive Leader of ASIC's Insurers team, Emma Curtis, and the Senior Executive Leader of the Superannuation team, Jane Eccleston.  For more information about the review, download <a href="https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-633-holes-in-the-safety-net-a-review-of-tpd-insurance-claims/" rel="nofollow" target="_blank">ASIC Report 633 Holes in the safety net: a review of TPD insurance claims</a> and read <a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-281mr-asic-calls-on-insurers-and-trustees-to-take-action-to-improve-consumer-outcomes-from-total-and-permanent-disability-insurance/" rel="nofollow" target="_blank">ASIC media release 19-281MR</a> ASIC calls on insurers and trustees to take action to improve consumer outcomes from total and permanent disability insurance.

Episode 60: Holes in the safety net: A review of TPD insurance claims

In this episode, we discuss the first report from ASIC’s Corporate Governance Taskforce: Director and officer oversight on non-financial risk. We are joined by Suneeta Sidhu, the team leader of the Taskforce.

In this episode, we discuss the first report from ASIC’s Corporate Governance Taskforce: <a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-271mr-asic-releases-report-on-director-and-officer-oversight-of-non-financial-risk/" rel="nofollow" target="_blank">Director and officer oversight on non-financial risk</a>. We are joined by Suneeta Sidhu, the team leader of the Taskforce.

Episode 58: Oversight of non-financial risk

In this episode, we discuss ASIC's review of how car insurance claims are investigated where fraud is suspected. We are joined by the Senior Executive Leader of ASIC's Insurers team, Emma Curtis, and the Director of Casework at the Financial Rights Legal Centre, Alexandra Kelly. For more information about the review, download ASIC Report 621 – Roadblocks and roundabouts: A review of car insurance claim investigations and read ASIC media release 19-172MR – ASIC’s review finds car insurance investigations treat consumers unfairly.

In this episode, we discuss ASIC's review of how car insurance claims are investigated where fraud is suspected. We are joined by the Senior Executive Leader of ASIC's Insurers team, Emma Curtis, and the Director of Casework at the Financial Rights Legal Centre, Alexandra Kelly. For more information about the review, download <a href="https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-621-roadblocks-and-roundabouts-a-review-of-car-insurance-claim-investigations/" rel="nofollow" target="_blank">ASIC Report 621</a> – Roadblocks and roundabouts: A review of car insurance claim investigations and read <a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-172mr-asic-s-review-finds-car-insurance-investigations-treat-consumers-unfairly/" rel="nofollow" target="_blank">ASIC media release 19-172MR</a> – ASIC’s review finds car insurance investigations treat consumers unfairly.

Episode 57: Are car insurance investigations treating consumers fairly?

Bradley Silver

In this episode, we discuss ASIC’s case against Bradley Silver, a former director of a property development company who defrauded his clients of $4.7 million. Read ASIC media release 19-243MR - Gold Coast director and property developer sentenced to eight years' imprisonment - for more information.

In this episode, we discuss ASIC’s case against Bradley Silver, a former director of a property development company who defrauded his clients of $4.7 million. Read <a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-243mr-gold-coast-director-and-property-developer-sentenced-to-eight-years-imprisonment/" rel="nofollow" target="_blank">ASIC media release 19-243MR</a> - Gold Coast director and property developer sentenced to eight years' imprisonment - for more information.

Episode 56: ASIC's case against former director Bradley Silver

18 August 2019 In this episode with ASIC Deputy Chair Daniel Crennan QC, we explore ASIC’s Enforcement Update (January to June 2019), ASIC’s Office of Enforcement and work to strengthen ASIC’s enforcement effectiveness by accelerating court-based enforcement matters.

18 August 2019 In this episode with ASIC Deputy Chair Daniel Crennan QC, we explore ASIC’s Enforcement Update (January to June 2019), ASIC’s Office of Enforcement and work to strengthen ASIC’s enforcement effectiveness by accelerating court-based enforcement matters.

Episode 55: ASIC enforcement outcomes, January to June 2019

The official podcast of the Australian Securities and Investments Commission (ASIC)

In this episode with the Chair and CEO of the Ontario Securities Commission, Maureen Jensen and ASIC Executive Director (Markets) Greg Yanco explore digitisation, changing consumer expectations, disruptive business models, innovation and the future of financial services.

In this episode with the Chair and CEO of the Ontario Securities Commission, Maureen Jensen and ASIC Executive Director (Markets) Greg Yanco explore digitisation, changing consumer expectations, disruptive business models, innovation and the future of financial services.

Episode 54: The future of financial services

In this episode with Peter Yates, Chairman of the Shared Value Project and Deputy Chairman of AIA Australia, ASIC’s Laura Higgins (Senior Executive Leader, Financial Capability) explores how the concept of shared value challenges companies to realign the interest of business and society by redefining their purpose so that generating economic value also produces value for society.

In this episode with Peter Yates, Chairman of the Shared Value Project and Deputy Chairman of AIA Australia, ASIC’s Laura Higgins (Senior Executive Leader, Financial Capability) explores how the concept of shared value challenges companies to realign the interest of business and society by redefining their purpose so that generating economic value also produces value for society.

Episode 53: Creating Shared Value

In this episode with the Assistant Managing Director (Capital Markets) of the Monetary Authority of Singapore, Lee Boon Ngiap, we explore how regulators deploy their tools to detect, combat and deter misconduct in the financial system.

In this episode with the Assistant Managing Director (Capital Markets) of the Monetary Authority of Singapore, Lee Boon Ngiap, we explore how regulators deploy their tools to detect, combat and deter misconduct in the financial system.

Episode 52: The regulatory toolkit

James Gibbs

On 10 July 2019, ASIC’s case against James Gibbs came to a close and he was sentenced to 10 years imprisonment, with a non-parole period of seven years to serve. James Gibbs stole $4.88 million from his clients when he was acting as their financial adviser. His clients trusted him with their savings, with their money to be used for their retirements, and he devastatingly broke that trust by using that money for his own purposes. In this episode, we hear from Dallas, one of Mr Gibbs' victims who helped build ASIC's case, as well as ASIC investigator, Chris Rowe. Read ASIC media release's for more information: 19-179MR Former Adelaide financial adviser sentenced to 10 years imprisonment

On 10 July 2019, ASIC’s case against James Gibbs came to a close and he was sentenced to 10 years imprisonment, with a non-parole period of seven years to serve. James Gibbs stole $4.88 million from his clients when he was acting as their financial adviser. His clients trusted him with their savings, with their money to be used for their retirements, and he devastatingly broke that trust by using that money for his own purposes. In this episode, we hear from Dallas, one of Mr Gibbs' victims who helped build ASIC's case, as well as ASIC investigator, Chris Rowe. Read ASIC media release's for more information: <a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-179mr-former-adelaide-financial-adviser-sentenced-to-10-years-imprisonment/" rel="nofollow" target="_blank">19-179MR Former Adelaide financial adviser sentenced to 10 years imprisonment</a>

Episode 51: ASIC's case against former financial adviser James Gibbs

In this interview with the Chair of the European Securities and Markets Authority Steven Maijoor, ASIC Commissioner Sean Hughes explores the balancing act between consumer choice, innovation and consumer protection and the use of product intervention powers by regulators around the world.

In this interview with the Chair of the European Securities and Markets Authority Steven Maijoor, ASIC Commissioner Sean Hughes explores the balancing act between consumer choice, innovation and consumer protection and the use of product intervention powers by regulators around the world.

Episode 50: Balancing consumer choice and protection 

Steven Oakes

A man sits outside an office building on his laptop. He keeps to himself and passers-by don’t really notice him. He has been outside this office building before, but he is not interested in going inside. Unknown to those around him, and the company operating inside the building, this man is inside their network, accessing confidential information and reading their emails. He’s after inside information. Steven Oakes was sentenced on 25 June 2019 in the County Court at Melbourne to a total effective sentence of three years imprisonment, and ordered that he be released after serving 18 months of the term of imprisonment, on his own recognisance to be of good behaviour for 18 months, after pleading guilty to a total of 11 charges for insider trading, unauthorised access to data with the intention to commit a serious offence (insider trading) and the alteration of electronic devices required by ASIC.  In this episode, we hear from the investigators behind ASIC’s case - Peter Ridgley and Anthony Vardy. For more information about ASIC's case, read our media release (19-153MR) and download an infographic on our website.

A man sits outside an office building on his laptop. He keeps to himself and passers-by don’t really notice him. He has been outside this office building before, but he is not interested in going inside. Unknown to those around him, and the company operating inside the building, this man is inside their network, accessing confidential information and reading their emails. He’s after inside information. Steven Oakes was sentenced on 25 June 2019 in the County Court at Melbourne to a total effective sentence of three years imprisonment, and ordered that he be released after serving 18 months of the term of imprisonment, on his own recognisance to be of good behaviour for 18 months, after pleading guilty to a total of 11 charges for insider trading, unauthorised access to data with the intention to commit a serious offence (insider trading) and the alteration of electronic devices required by ASIC.  In this episode, we hear from the investigators behind ASIC’s case - Peter Ridgley and Anthony Vardy. For more information about ASIC's case, <a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-153mr-computer-hacker-steven-oakes-jailed-for-unauthorised-access-and-insider-trading/" rel="nofollow" target="_blank">read our media release (19-153MR) and download an infographic on our website</a>.

Episode 49: ASIC's case against hacker Steven Oakes

In this interview with the Secretary General of the International Association of Insurance Supervisors (IAIS) Jonathan Dixon, ASIC Executive Director (Financial Services) Michael Saadat explores the role of the international standard setting body for insurance regulators - the IAIS, its priorities and challenges, and the impact of advancements in technology on regulation.

In this interview with the Secretary General of the International Association of Insurance Supervisors (IAIS) Jonathan Dixon, ASIC Executive Director (Financial Services) Michael Saadat explores the role of the international standard setting body for insurance regulators - the IAIS, its priorities and challenges, and the impact of advancements in technology on regulation.

Episode 48: International standard setting for insurance supervisors

In this episode we take you behind the scenes of a ponzi scheme, where unbelievably good returns are offered to investors, the scheme operator seems to be trustworthy – but it’s all smoke and mirrors. ASIC investigators Kaan Finney and David McArthur explain how ponzi schemes work, how operators attract investors, how ASIC investigates and shuts down these schemes and most importantly, how can you can avoid getting caught up in a scheme. A ponzi scheme is an investment scam where the promoter convinces people to invest in the scheme. Money is deposited by early investors and used to pay the first round of returns. However, new money invested is used to pay older returns to investors. People are led to believe there is an investment because of this when often there actually is no investment at all or the investment is not what they think it is. There are  practical tips on how to avoid ponzi schemes and other types of investment scams on ASIC’s MoneySmart website or you can subscribe to our media releases to find out about the latest matters we are investigating at ASIC. And if you have feedback on this podcast, we’d love to hear your thoughts. Send us a tweet to @ASICmedia

In this episode we take you behind the scenes of a ponzi scheme, where unbelievably good returns are offered to investors, the scheme operator seems to be trustworthy – but it’s all smoke and mirrors. ASIC investigators Kaan Finney and David McArthur explain how ponzi schemes work, how operators attract investors, how ASIC investigates and shuts down these schemes and most importantly, how can you can avoid getting caught up in a scheme. A ponzi scheme is an investment scam where the promoter convinces people to invest in the scheme. Money is deposited by early investors and used to pay the first round of returns. However, new money invested is used to pay older returns to investors. People are led to believe there is an investment because of this when often there actually is no investment at all or the investment is not what they think it is. There are  practical tips on how to avoid ponzi schemes and other types of investment scams on <a href="https://www.moneysmart.gov.au/scams/investment-scams/ponzi-schemes" rel="nofollow" target="_blank">ASIC’s MoneySmart website</a> or you can <a href="https://asic.gov.au/about-asic/news-centre/sign-up-for-news-alerts/" rel="nofollow" target="_blank">subscribe to our media releases</a> to find out about the latest matters we are investigating at ASIC. And if you have feedback on this podcast, we’d love to hear your thoughts. Send us a tweet to <a href="https://twitter.com/asicmedia" rel="nofollow" target="_blank">@ASICmedia</a>

Episode 47: The power of a ponzi scheme

ASIC has today released its enforcement update report for the period 1 July 2018 to 30 December 2018. A copy of the report - outlining key actions taken over the past six months to enforce the law and support our enforcement objectives - can be found here. The report also covers ongoing areas for particular focus, including ASIC Deputy Chair Daniel Crennan QC’s discussion of recent reforms enabling ASIC to pursue harsher civil penalties and criminal sanctions against banks, their executives and others who have breached corporate and financial services law.

ASIC has today released its <a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-083mr-asic-enforcement-update-july-to-december-2018/" rel="nofollow" target="_blank">enforcement update report</a> for the period 1 July 2018 to 30 December 2018. A copy of the report - outlining key actions taken over the past six months to enforce the law and support our enforcement objectives - can be found <a href="https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-615-asic-enforcement-update-july-to-december-2018/" rel="nofollow" target="_blank">here</a>. The report also covers ongoing areas for particular focus, including ASIC Deputy Chair Daniel Crennan QC’s discussion of recent reforms enabling ASIC to pursue harsher civil penalties and criminal sanctions against banks, their executives and others who have breached corporate and financial services law.

Episode 46: ASIC enforcement update July to December 2018

ASIC has welcomed the passage of key financial services reforms contained in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) legislation introducing: a design and distribution obligations regime for financial services firms; and a product intervention power for ASIC  The design and distribution obligations will bring accountability for issuers and distributors to design, market and distribute financial and credit products that meet consumer needs. Phased in over two years, this will require issuers to identify in advance the consumers for whom their products are appropriate, and direct distribution to that target market. The product intervention power will strengthen ASIC’s consumer protection toolkit by equipping it with the power to intervene where there is a risk of significant consumer detriment. To take effect immediately, this will better enable ASIC to prevent or mitigate significant harms to consumers. These reforms were recommended by the Financial System Inquiry in 2014 and represent a fundamental shift away from relying predominantly on disclosure to drive good consumer outcomes.  

<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-079mr-asic-welcomes-approval-of-new-laws-to-protect-financial-service-consumers/" rel="nofollow" target="_blank">ASIC has welcomed the passage of key financial services reforms</a> contained in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) legislation introducing: <ul><li>a design and distribution obligations regime for financial services firms; and</li> <li>a product intervention power for ASIC</li> </ul> The design and distribution obligations will bring accountability for issuers and distributors to design, market and distribute financial and credit products that meet consumer needs. Phased in over two years, this will require issuers to identify in advance the consumers for whom their products are appropriate, and direct distribution to that target market. The product intervention power will strengthen ASIC’s consumer protection toolkit by equipping it with the power to intervene where there is a risk of significant consumer detriment. To take effect immediately, this will better enable ASIC to prevent or mitigate significant harms to consumers. These reforms were recommended by the Financial System Inquiry in 2014 and represent a fundamental shift away from relying predominantly on disclosure to drive good consumer outcomes.

Episode 45: Product intervention powers and design and distribution obligations

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