Adaptive enterprises manage risk best

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Organisations that fail to adapt to rapidly changing community expectations, or that focus on one stakeholder such as shareholders over all others, can’t effectively manage their risk, according to a research paper* prepared for the Actuaries Institute. Andrew Brown, specialist consulting actuary, warns that the cultural failings identified in the Royal Commission into Australia’s finance […]

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Labor policy to dominate Investor actions in 2019

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With a May 2019 Federal election creeping closer, the tax changes proposed by Labor in the areas of negative gearing, capital gains tax and dividend imputation are worth a closer look, says Jonathan Philpot, wealth partner with HLB Mann Judd Sydney. “There will be a significant impact, both short term and long term, from these […]

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FASEA releases Foreign Qualifications Policy for consultation

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FASEA has released its policy on Foreign Qualifications for consultation. The policy was informed from consultation received through 12 submissions and various stakeholder forums during FASEA’s consultation process for this standard in July and August 2018. The policy contemplates a 2 step approach:  an assessment by a Department of Education and Training (DET) approved body, […]

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Firms must notify ASIC of their AFCA membership by end of November before late fees apply

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Financial firms who are members of the Australian Financial Complaints Authority (AFCA) must notify ASIC of their AFCA membership by today, Friday 30 November 2018. Licensees who fail to do so will be in breach of their licence conditions and will face fees for late notification. More than half of AFCA’s 37,000 members are yet […]

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Financial advisers urged to ensure registration by 31 December 2018

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The Australian Securities and Investments Commission (ASIC) is reminding financial advisers, who are currently authorised, to make sure that they are on ASIC’s Financial Advisers Register no later than 31 December 2018, before new professional standards requirements take effect. Professional standards reforms for financial advisers were introduced in March 2017 to raise the education, training and ethical […]

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FASEA releases Code of Ethics legislative instrument

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FASEA has released its legislative instrument for the Code of Ethics standard for consultation. The legislative instrument was informed from consultation received through 37 formal submissions during FASEA’s consultation process for this standard from March to June 2018. Under the standard, FASEA proposes the Code of Ethics addresses the values of Trust, Competence, Honesty, Fairness […]

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ASIC begins consultation on updated competence requirements for advice licensees

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The Australian Securities and Investments Commission (ASIC) is inviting input on proposed updates to our organisational competence requirements for advice licensees through the release of a consultation paper yesterday. ASIC has proposed updates to Regulatory Guide 105 Licensing: Organisational competence (RG 105) to support the professional standards reforms, which aim to lift the education, training and ethical […]

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Impact of the GDPR on Australian businesses

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You may think you’re not affected by the European Union’s new General Data Protection Regulation because you don’t advise clients in the EU? Think again – especially if you use apps like Mailchimp or DocuSign. Even if you merely monitor your clients’ behaviour when they are travelling in the EU, you’ll need to comply with […]

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AFCA open for business: time for licensees to update ASIC with their AFCA membership details

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ASIC has welcomed the achievement of a major milestone for Australian consumers and small business – the start of Australia’s new financial services dispute resolution scheme, the Australian Financial Complaints Authority (AFCA). More than 35,000 firms operating across financial services, credit and superannuation have joined AFCA, and from 1 November 2018 their customers will have […]

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Wealth industry unprepared for liability shift in new ‘Seller Beware’ rules

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New rules likely to soon pass Australia’s parliament will make financial advisers and product issuers directly liable for ensuring financial products are only sold to suitable customers — shifting responsibility from ‘buyer beware’ to ‘seller beware’. “Australians haven’t yet recognised the tremendous significance of these new financial suitability laws, which turn conventional wisdom about who is […]

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