History repeats – The risks of inadequate due diligence

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Exposure to historical non-compliance can be fatal for purchasers but many don’t include it in their due diligence. ASIC is on the warpath and you can be liable even if you weren’t operating the business at the time of the non-compliance. So before you purchase a business that holds an Australian Financial Services Licence or... Read more continue reading

Synchron publishes FASEA Code of Ethics ready reference book

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Synchron has published a ready reference book to help advisers understand and implement the FASEA Code of Ethics standards into their practices. Authored by Synchron Senior Compliance Officer, Stefanie Georgiades, the book – FASEA: Code of Ethics Policy and Procedures, outlines each of the 12 FASEA standards (the Standards), what each Standard requires of advisers, examples... Read more continue reading

An AFS licensing exemption for product issuers – intermediary authorisation

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Providing financial products to retail clients in Australia is almost impossible unless you hold an Australian financial services (AFS) licence. The intermediary authorisation exemption is virtually the only way product issuers can avoid licensing provided it’s used correctly. What is an intermediary authorisation? An intermediary authorisation allows an unlicensed product provider to operate by entering... Read more continue reading

MetLife bolsters suite of adviser assistance tools with new podcast

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MetLife Australia has redoubled its efforts to support the adviser community during a turbulent time, announcing a new podcast series to be added to its suite of existing assistance and education tools. Each episode of the podcast, titled MetLife Insights, will feature a different adviser or licensee talking about their business and career, offering tips and... Read more continue reading

Fairness, vulnerability and Fintechs…

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Regulators have a laser focus on ‘fairness’ following the numerous scandals involving overcharging, underservicing and poor customer outcomes that were laid bare in the Royal Commission into Banking. For fintechs, this means making sure fairness is embedded at every customer touch point. This is no simple task as fairness is contextual and needs to address... Read more continue reading

Team Building Asia Leaders in Lockdown Series combines expert information with the power of groups

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Leading experts in experiential learning and team building events, Team Building Asia, went online for lockdown. They brought their 18 years of physical event experience to play in the digital environment, orchestrating events that maximised positive group dynamics. David Simpson, Co-Founder and Director of Learning and Development, Team Building Asia, says, “I have a made... Read more continue reading

CPD: Ethics and investments

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Most clients cannot meet their financial objectives without the design and implementation of an investment strategy. Judging by complaint categories, this can be a contentious area and one in which ethical behaviour and absolute professionalism is paramount. This article, proudly sponsored by GSFM, examines the varied investment ‘suppliers’ and examines ethical practices through an investment... Read more continue reading

CPD: Ethics and your referral partners

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Most financial advice practices have referral partners they send business to, or receive business from. You may also use any number of third party outsource providers for non-client facing elements of your service offering. This article examines your obligations with respect to those relationships and FASEA’s Code of Ethics. Ethics and trust go hand in... Read more continue reading

The five essential soft skills for professional advisers

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Technical knowledge will only take you so far, and sometimes (like when the world is in lockdown and there are no rational markets) it won’t take you anywhere at all. There are times when what you know just doesn’t matter.  Knowing how to deal with people is all that matters sometimes.  They are the two... Read more continue reading

More than a synonym – what is a fit and proper person?

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The ‘fit and proper’ person test previously only applied to credit licensees – but now it applies to AFS licensees as well. The change is bigger than it looks Previously AFS licensees had a lower threshold test that a person be of ‘good fame and character.’ On the face of it, the change may seem... Read more continue reading