- AMP Launches LIF Resource Hub;
- Adviser Caught Out Over AFSL Application;
- Old Dispute Schemes to Overlap With New
AMP Launches LIF Resource Hub
AMP has launched a new Life Insurance Framework (LIF) resource hub as part of its ongoing LIF readiness activities for AMP aligned advisers.
The hub will feature a cashflow modeller that will allow advisers to examine the impact that different remuneration structures could have on their business. Advisers will also be able to compare current cashflow and capital valuation with future projections to see how adjustments to key financial levers could influence the health of their business.
AMP Director Insurance Proposition, Greg Johnson said the hub would help advisers take the necessary steps to transition their business under the LIF reforms with AMP recognising the need for support and resources for advisers experiencing a wide range of change.
The launch of the hub follows other moves by AMP to prepare advisers for LIF including professional development master classes, legislative updates and specialised training for practice staff.
Adviser Caught Out Over AFSL Application
A Melbourne based financial adviser has pleaded guilty to three charges of making false or misleading statements in documents submitted to ASIC but has escaped conviction.
Michael Davie, of Keilor East, Victoria pleaded guilty to the charges in the Melbourne Magistrates Court after an investigation by ASIC alleged that in early August 2016 Davie made false or misleading statements in support of an application for an Australian financial services licence.
ASIC stated the documents that contained the false statements, and which were submitted by Davie to ASIC, included a forged educational certificate and a table referring to an educational qualification that had not been obtained.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions and the court found each of the charges proven, and placed Davie on a good behaviour bond for a twelve-month period, without recording a conviction.
ASIC noted that Davie had co-operated with its’ investigation including by pleading guilty at the earliest opportunity.
Old Dispute Schemes to Overlap With New
The Federal Government has confirmed it will move ahead with a single dispute resolution scheme, the Australian Financial Complaints Authority (AFCA), weeks after announcing the appointment of a transition team to complete the project by 1 July 2018.
While the latest announcement from the Minister for Revenue and Financial Services, Kelly O’Dwyer does not include any significant changes, the Minister outlined additions to transitional arrangements.
These will include a requirement for Australian financial services licensees to maintain their membership of the Financial Ombudsman Service (FOS) for up to 12 months after the commencement of AFCA to enable the resolution of outstanding disputes prior to cessation of FOS.
Internal dispute resolution (IDR) systems and practices will also be made transparent with ASIC being authorised to publish IDR data, including firm-level data that identifies firms.
