Category | Compliance & Regulation

AFA Concerns Over FASEA Adviser Exam

The AFA has voiced a number of concerns about the proposed Financial Adviser Examination, details of which were released last week (see: FASEA Releases Draft Exam Guide). (more…)

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0 · July 17, 2018 in Associations, Compliance & Regulation  

Latest Poll – Can You Get 65%?

We’re keen to know whether you think you could pass FASEA’s proposed Financial Adviser Examination. (more…)

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0 · July 17, 2018 in Compliance & Regulation, Polls  
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FASEA Releases Draft Adviser Exam Guide

A proposed 65% pass mark will be required for all advisers taking the new Financial Adviser Examination. (more…)

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0 · July 11, 2018 in Compliance & Regulation  

PJC Claims FSC, Insurers Slow to Act on Inquiry Report

A Parliamentary Joint Committee inquiry has challenged life insurers and the FSC for their lack of action in dealing with concerns raised at a previous PJC life insurance inquiry, claiming the inaction was further damaging the credibility of the life insurance sector. (more…)

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0 · July 11, 2018 in Associations, Claims, Compliance & Regulation, Products, Services  

FPA Claims FASEA Has Overlooked Adviser Effort

Further calls have been made for the Financial Adviser Standards and Ethics Authority (FASEA) to recognise the current education of financial advisers, with the FPA claiming the standards setting body has overlooked past-training relevant to the provision of advice. (more…)

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5 · July 6, 2018 in Associations, Compliance & Regulation, Training  

ASIC Moves Against Firms Using ‘Independent’

ASIC has moved against four financial advice businesses who were using the restricted terms ‘independent’ and ‘independently owned’, and forced them to cease and amend any claims of independence that were misleading to consumers. (more…)

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0 · July 5, 2018 in Compliance & Regulation  

AFA Pushes For New Education Deadlines

The AFA has called on the Government to extend the timeframes for financial advisers to meet new education requirements, claiming delays in setting standards will make it difficult to complete required study within current timeframes. (more…)

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2 · July 3, 2018 in Associations, Compliance & Regulation, Training  

ASIC Reveals Reason For Dover Closure as McMaster Exits Industry

ASIC has revealed the closure of Dover Financial Advisers was triggered by concerns it had around the ability of the group to comply with financial services laws, and owner and director, Terry McMaster would be permanently leaving the industry. (more…)

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5 · June 30, 2018 in Compliance & Regulation, Dealer Groups  

ASIC Commences Legal Action Against AMP Over Life Insurance ‘Rewriting’

ASIC has begun court proceedings against AMP Financial Planning (AMPFP) alleging some of its advisers engaged in conduct to rewrite life-insurance business to receive higher commissions, and so breached their best interest duty obligations. (more…)

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6 · June 27, 2018 in Claims, Compliance & Regulation, Products, Remuneration  

Dover Closure Highlights Licensing Bias Against Advisers

The rapid closure of Dover Financial Advisers has highlighted how the current financial advice licensing regime favours institutions ahead of advisers and clients, an industry consultant has claimed. (more…)

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8 · June 19, 2018 in Compliance & Regulation, Dealer Groups