Advisers continue to hold concerns over the potential bottom line costs to their business that would be imposed by a client opt-in advice process.
Category: Compliance & Regulation
EU for Former Commonwealth Financial Planner
January 10, 2012 – 11:34 am
The Australian Securities and Investments Commission (ASIC) has accepted an Enforceable Undertaking (EU) from an adviser who failed to meet various client obligations, including the disclosure of fees.
Issues Impacting Advice Practice Profits
January 9, 2012 – 1:42 pm
As we look ahead to the issues that will impact the financial bottom line of advice practices this year, we are asking:
ASIC to Ease Compliance on FoFA Deadline
December 13, 2011 – 2:15 pm
The Australian Securities and Investments Commission (ASIC) has announced it plans to release regulatory guidance on the Future of Financial Advice (FoFA) reforms by 1 July 2012.
However, the regulator says that for the first 12 months of the implementation it will not look to strictly enforce the guidelines, providing the industry with ‘breathing room’ to introduce new processes and compliance regimes.
Industry Response to Shorten’s Cabinet Promotion
December 12, 2011 – 12:51 pm
As has been widely reported, Bill Shorten has been promoted to Cabinet, but will retain the Financial Services and Superannuation portfolio, following a ministerial reshuffle announced by Prime Minister Julia Gillard on Monday 12 December.
Intra-Fund Advice Regulations Announced
December 12, 2011 – 7:56 am
Advice regarding superannuation consolidation will no longer be classified as intra-fund advice, under new arrangements announced by Minister Bill Shorten last week.
Phone Advice Doesn’t Have to be Limited
December 7, 2011 – 8:05 am
Phone-based advice should not be limited to simple, single-issue advice, according to ANZ’s Paul Barrett.
ASIC Releases Prosecution Data
December 6, 2011 – 9:21 pm
The Australian Securities and Investments Commission (ASIC) carried out 160 prosecutions for offences under the Corporations Act during the first six months of 2011.
Group Risk Commissions Outside Super to Stay
December 6, 2011 – 4:56 pm
Financial Services Minister Bill Shorten has confirmed that group risk commissions outside superannuation will not be impacted by Future of Financial Advice (FoFA) reform measures.
Industry Says Elements of FoFA Unworkable
November 29, 2011 – 4:35 pm
A number of elements in the second Future of Financial Advice (FoFA) reform Bill introduced into Parliament last week have been rejected by the financial services industry.
