ASIC announces preparations for Brexit

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The United Kingdom (UK) is scheduled to leave the European Union (EU) on 29 March 2019 (‘Brexit’). The terms of the UK’s exit remain subject to ongoing negotiation between the UK and EU with a range of outcomes possible. ASIC is carefully monitoring developments in the UK and has been liaising closely with the UK Financial […]

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Synchron responds to Banking Royal Commission Final Report

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Synchron believes the Royal Commission Final Report will act as a catalyst to move the advice profession forward. “We have experienced many years of upheaval and reform but now have some certainty around how the advice profession can move on from the past and into a better future,” said Synchron Director, Don Trapnell. Mr Trapnell […]

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Royal Commission response from Integrity Life

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According to Integrity Life MD, Chris Powell, the recommendations in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will herald some positive changes for life insurance customers, and come at a time where the industry is already undergoing a shift in its models. “There has never been a […]

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Statement from ASIC Chair James Shipton on the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

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ASIC has welcomed the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and acknowledged its important work. ASIC will consider the report carefully, particularly its recommendations on regulatory and enforcement practices. These recommendations, and the Government’s response, will inform ASIC’s priorities and strategic direction moving forward. The Royal […]

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Royal Commission final report – a catalyst for change

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The Royal Commission has been a catalyst for change across the financial services sector and within AMP. The outcomes of the final report provide greater certainty and will help to restore confidence and stability to Australia’s financial system. AMP will work constructively with the government, regulators, advisers, trustees and other bodies to ensure that, as […]

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Synchron calls on life insurers to back the separation of risk and financial planning advice

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Synchron is urging life insurers to back its call for the separation of risk advice and financial planning advice. “Australians need access to both life insurance advisers and financial planning advisers, but in our experience, these are usually two separate people and two separate disciplines,” said Synchron Director, Don Trapnell. Mr Trapnell argued that if there […]

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Ethics must lie at heart of response to Hayne Report 

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On the eve of the release of the final report of the Hayne Royal Commission, Dr Simon Longstaff, Executive Director of The Ethics Centre, has told an audience of financial services executives that the issues at the core of the Royal Commission’s findings will not be addressed by ramping up compliance. Dr Longstaff was speaking […]

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New research shows advisers have welcomed Best Interests duty

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Research released by HUB24 Limited (ASX:HUB) and conducted with over 300 advisers has shown the Best Interests Duty (BID) has been overwhelmingly welcomed since its introduction in 2013, with over 4 out of 5 believing it was necessary to raise standards across the industry and indicating that the formal structure of the compliance regime has […]

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Implications from the ALRC Report: Contingency fees need to be supported by appropriate safeguards

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Commenting on the Australian Law Reform Commission’s (ALRC) Final Report to the Federal Attorney-General on the “Inquiry into Class Action Proceedings and Third-Party Litigation Funders’, Head of Legal at Honan Insurance Group, Blair McNamara said that change will still be some way off. Commenting further, Blair McNamara said the report makes various recommendations including regulation […]

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Productivity Commission misses important tax – retirement outcomes link

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The Productivity Commission’s final superannuation report missed an opportunity to show how the industry’s pre-tax investment focus is penalising members who retire on after-tax returns, says Raewyn Williams, Managing Director, Research (Australia), at the global implementation manager Parametric Williams says the Commission’s report, Superannuation: Assessing Efficiency and Competitiveness, provided some thought-provoking insights into Australia’s $2.7 trillion superannuation […]

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