Managers of Wealth Asia Pacific

Scam Alert: Beware scammers impersonating ASIC requesting payments to release funds or assets

ASIC does not collect payments to enable the release of funds or assets.

Ogier's Rachel Huang recognised in China Business Law Journal's A–List 2024-25: Growth Drivers

Rachel has extensive experience in various corporate and capital markets matters

Former financial adviser Peter Surtenich permanently banned

Additionally, ASIC determined that Mr Surtenich lacked the necessary judgement and competence to be a financial adviser.

MAS Monitoring Chocolate Finance to Ensure Orderly Withdrawals

The regulator said that Chocolate Finance and Allfunds comply with regulations requiring customer assets to be segregated and held by licensed, independent custodians

ASIC bans former director of Suetonius Wealth Management

Additionally, ASIC determined that Mr Surtenich lacked the necessary judgement and competence to be a financial adviser.

ASIC bans former financial adviser Harris John Kohu Shortland for a period of seven years

The banning took effect from 4 March 2025.

APRA proposes changes to strengthen and streamline governance and fit and proper requirements

The proposals will ensure that APRA’s governance standards reflect contemporary best practice and establish clear benchmarks for regulated entities.

Waystone expands APAC operation with launch of Compliance Solutions in Hong Kong

Asset managers in Hong Kong are facing growing challenges in navigating the complex regulatory environment.

Oral reply to Parliamentary Question on the rising use of Buy Now, Pay Later schemes among young consumers

The credit assessment includes conducting income checks and credit checks against the BNPL credit bureau, which includes information on BNPL users’ outstanding balances, missed payments and delinquencies amongst accredited firms.

APRA confirms consultation on changes to capital requirements for annuity products

The proposal will be released in the second quarter of 2025, inviting feedback from industry and broader stakeholder groups.

Allianz and AWP convicted and fined $16.8 million for making false or misleading statements

The Allianz website advertised the maximum travel insurance benefits payable to consumers but sometimes failed to state that sub-limits, terms, conditions or exclusions would limit those benefits.

Conyers Celebrates 40 Years in Asia

Over the years, the Hong Kong office has grown from a team of three to its current full complement of 136.

ASIC cancels Australian credit licences of Tracie Lee Hanson and William James Lawrence

Ms Hanson and Mr Lawrence have a right to apply to the Administrative Review Tribunal for a review of ASIC’s decision.

Philippines exits, South Africa ‘close’, two added to FATF grey list

In the case of the Philippines, FATF “welcomes the Philippines’ significant progress in improving its AML/CFT regime.

SFC sets out new roadmap to develop Hong Kong as a global virtual asset hub

Under the roadmap, new frameworks for regulating VA over-the-counter and VA custodian services will be developed, while VA product and service offerings will be expanded.

Ex-DBS Employee Admits to Cheating Clients

This was done as Pang had significant debts to licensed moneylenders after suffering online gambling losses.

APRA proposes updated approach to treatment of HELP debts

APRA has no specific rules or guidance in relation to HELP repayments beyond asking banks to include HELP debts when reporting data on debt-to-income ratios.

Former Melbourne financial planner Bradley Grimm’s appeal dismissed

Mr Grimm also failed to advise his client that ASIC had sought the winding up of entities related to him

All eyes on the RBA’s most anticipated decision in over a year

February’s rate decision has been the most anticipated in over a year.

MAS and ABS to Establish New Payments Entity to Position National Payment Schemes for Next Stage of Growth

The entity will also collaborate with MAS on the development of Singapore’s national payments strategy, ensuring a safe, efficient and innovative payments infrastructure.

Legal, Regulation & Compliance