AFS License of Global Funding Partners Has Been Cancelled by ASIC

ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term cancelled the license of Global Funding Partners Pty Ltd (AFSL 502802). The reason behind the cancellation is that Global Funding Partners decided to stop providing financial services. Global Funding Partners was not a member of the Australian Financial Complaints Authority.

At the beginning of July 2022, ASIC suspended the license of ISG Financial Services Limited (ISG) until 30 September 2022. The regulator discovered that ISG failed to maintain statutory audit and financial reporting lodgement obligations.

Additionally, ISG failed to hold professional indemnity insurance coverage between July 2020 and June 2021 (ISG obtained the required insurance coverage).

ASIC Cyber Security Warning

A warning was also issued by ASIC to companies regarding cyber security Cybersecurity Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Read this Term. Part of the regulatory obligations is to ensure cyber security is implemented.

The warning comes following RI Advice, which failed to maintain appropriate systems to handle cyber security risks.

Major security incidents took place at RI Advice between June 2014 to May 2020. One of the significant incidents was a brute force attack that allowed the bad actor to gain access to an authorized representative file sever from December 2017 to April 2018.

Thousands of clients' data including personal information may have been compromised.

Commissioner Danielle Press said: "ASIC expects directors to ensure their organization's risk management framework adequately addresses cyber security risk, and that controls are implemented to protect key assets and enhance cyber resilience.

"Failing to do so could cause you to fall foul of your regulatory obligations.

“Measures taken should be proportionate to the nature, scale and complexity of your organization, and the criticality and sensitivity of the key assets held.

"This includes reassessment of cyber security risks on an ongoing basis, based on threat intelligence and vulnerability identification. ASIC also expects this to include oversight of cyber security risk throughout your organization's digital supply chain.”