- Insurance Adviser Banned
- AFA FoFA Pack
- Chartered Accountants Best Placed to Give SMSF Advice
Insurance Adviser Banned
The Australian Securities and Investments Commission (ASIC) has permanently banned an insurance agent from providing financial services.
The Tasmanian agent, Phillip John Kingston, was convicted of two charges of stealing by agent, one charge of stealing and one charge of dishonestly acquiring a financial advantage. The offences constitute ‘serious fraud’ under the Corporations Act 2001.
ASIC says it made the decision to permanently ban Mr Kingston as it had reason to believe he is not a person of good fame and character.
AFA FoFA Pack
Following the release of the first tranche of the Future of Financial Advice (FoFA) legislation, the Association of Financial Advisers (AFA) has updated its member information pack.
The pack sets out the AFA’s position with regards key areas of legislation, including the best interest duty and opt-in.
In releasing the updated pack, AFA CEO, Richard Klipin, told advisers that the AFA would remain actively involved in making submissions to Treasury and lobbying key stakeholders.
Chartered Accountants Best Placed to Give SMSF Advice
Consumers with a self-managed superannuation fund (SMSF) need access to a higher quality of advice, according to the Institute of Chartered Accountants.
Speaking at the Institute’s SMSF Conference, Head of Superannuation, Liz Westover, said: “More and more Australians are opting for SMSFs as their retirement savings vehicle of choice, and it’s important that they have access to quality, accurate advice when they require it.”
“Chartered Accountants set a benchmark for high quality SMSF specialists that trustees can be confident in turning to for advice,” Ms Westover said.
The comments come as the Institute launches a new specialisation program for its members which it says will give Chartered Accountants the opportunity to provide an even better service to the Australian public.
