How can Robo-advice meet Australia’s strict regulatory best interest duty requirements

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Australia has the one of the strongest regulatory environments in the world. “Operating under the Australian regime automatically provides confidence to investors and consumers. Most importantly ASIC regulates towards consumer-first best practice and we embrace that,” says Ignition Wealth CEO Mark Fordree. Since July 1, 2013, the best interests duty and related obligations to manage […]

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ASIC releases world-first licensing exemption for fintech businesses

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ASIC has released class waivers to allow eligible financial technology (fintech) businesses to test certain specified services without holding an Australian financial services or credit licence. ASIC Commissioner John Price said, ‘ASIC’s ‘fintech licensing exemption’ is unique. No other major jurisdiction has implemented a class waiver which allows eligible businesses to notify the regulator and […]

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Instability, ‘financial pornography’ and the fear driving financial advice

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A national group of financial advisory firms, Certainty Advice Group, predicts the populism sweeping aside long-held assumptions about financial security will change the financial advice landscape forever. This theme is explored in the recently released white paper: Our Secret Financial Insecurities: Ensuring our rough patches don’t become our financial realities. “Since Trump gobsmacked most media […]

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ASIC reports on decisions to cut red tape – April 2016 to September 2016

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ASIC has released its latest report outlining decisions on relief applications, highlighting ASIC’s efforts to reduce red-tape and achieve a practical, positive outcome for companies seeking some regulatory flexibility. The granting of relief which has a net regulatory benefit, or which facilitates business or cuts red tape without harming stakeholders, is an important part of […]

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ASIC calls on preparers to focus on useful and meaningful financial reports

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ASIC has called on  companies to provide information for users of financial reports that is  useful and meaningful ahead of the preparation of reports for the period ended 31 December 2016. In particular, companies should adopt realistic valuations for asset values, appropriate accounting policies and provide more effective communication of that information. Announcing its focus […]

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ASIC welcomes industry funding consultation

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ASIC welcomes the Government’s continued support for the introduction of an ASIC industry funding model and the release yesterday of the Proposals paper issued by Treasury on the proposed model. ‘ASIC has long believed that those who generate the need for ASIC’s regulation should pay for it, rather than the Australian public,’ said ASIC Chairman […]

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ASIC consults on four ‘sunsetting’ class orders on registered managed investment schemes

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ASIC has released a consultation paper proposing to remake four class orders on registered schemes, which are due to expire (‘sunset’) between 1 October 2017 and April 2018. The instruments that ASIC proposes to remake are: Class Order [CO 98/50] Incorporating parts of other compliance plans; Class Order [CO 98/60] Protecting class rights in a managed […]

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ASIC issues industry review of life insurance claims

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ASIC yesterday released its review of the life insurance sector’s handling of claims. The review found that, while life insurers are paying the considerable majority of claims, there are significant shortcomings in a number of areas of life insurance claims handling, and there is a clear need for public reporting on life insurance claims outcomes – […]

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Statement from Tal regarding Life Insurance Code of Practice

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TAL fully supports the Financial Services Council (FSC) in their development of a strong Life Insurance Code of Practice, which was released yesterday. This Code of Practice sets out substantial obligations on the life insurance industry, and is designed to lift industry standards and enhance consumer protections in the key areas of life insurance sales […]

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ASIC warns AFS licensees to lodge financial statements and auditor’s reports on time

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ASIC has been pursuing Australian Financial Services (AFS) licensees that have failed to meet their obligation to lodge their annual financial statements and auditor’s reports with ASIC within the specified timeframe. Licensees with a financial year ending 30 June are required to lodge the profit and loss statement and the balance sheet by 31 October […]

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