Second tranche of draft super reforms released

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Treasury has released the second tranche of exposure draft legislation and regulatory amendments to implement their proposed budget measures. Here, IOOF Technical Services Manager, Josh Rundmann, explains the changes and their potential impacts. The latest release of draft amendments address the following budget measures: Implementing the $1.6m Transfer Balance Cap for income streams from 1 […]

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ASIC updates regulatory framework for charitable investment fundraisers

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ASIC has issued a revised policy and regulatory framework for charities that raise investment funds. The framework removes regulatory barriers to the issue of financial products while strengthening protection for public investors. The changes follow an ASIC review of the operation of exemptions available to charities from certain managed investment, debenture, fundraising and licensing provisions […]

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Confronting report warms advisers imminent regulatory changes will address the industry’s ‘sleeper’ issues.

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Listed managed discretionary account operator, Managed Accounts Holdings Limited (MGP) has released a detailed report on the potential impact of regulatory changes to the operation of managed accounts and how advisory firms can prepare for the future. According to the report – released by MGP subsidiary managedaccounts.com.au and titled “The limited discretion clock is ticking” – many advisers […]

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IOOF: Dropping the retrospective super cap creates new opportunities for clients

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This change will also remove the contentious provisions that would look back and take into account contributions made since 2007. Neither the Coalition backbench nor the ALP Opposition were ever persuaded that the lifetime cap proposal as announced in the 2016 Budget was not retrospective. Dropping the $500,000 lifetime cap and removing its contentious retrospectivity […]

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Westpac refunds $9.2 million after failing to waive bank account fees for eligible customers

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Westpac Banking Corporation (Westpac) has refunded approximately $9.2 million to 161,414 customers after it failed to waive fees on Westpac and St. George branded savings and transaction accounts over six years. For customers aged under 21 years, Westpac previously relied on staff to manually apply the following fee waiver benefits: a monthly service fee waiver […]

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Westpac refunds $20 million in credit card foreign transaction fees, as ASIC warns consumers on foreign transaction fees for Australian dollar transactions

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Westpac Banking Corporation (Westpac) has recently refunded approximately $20 million to around 820,000 customers for not clearly disclosing the types of credit card transactions that attract foreign transaction fees. Following a customer complaint, Westpac notified ASIC that customers may have been incorrectly charged foreign transaction fees for Australian dollar transactions processed by overseas merchants. Because […]

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ANZ to refund nearly $29 million to more than 390,000 accounts as a result of unclear fee disclosures

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Australia and New Zealand Banking Group Limited (ANZ) is refunding $28.8 million to 376,570 retail accounts, and 17,230 business accounts, after it failed to clearly disclose when certain periodical payment fees would apply. Periodical payments are automatic ‘set and forget’ fixed-amount payments put in place by the customer. They are an alternative to direct debit […]

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Robo advisers must reach beyond ASIC’s low minimum standards

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Australian robo advisers must reach beyond the limited scope of recently published ASIC RG255 guidance on digital advice. Regulatory Guide 255 about providing digital financial advice leaves many questions about the integrity of robo algorithms and investment standards unanswered. However, these are critical questions that every digital advice operator must address. “ASIC’s regulatory guide is […]

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ASIC releases guidance on regulating digital advice

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ASIC has released its guidance on providing digital financial product advice for retail investors: Providing digital financial product advice to retail clients (RG 255). The guide brings together some of the issues that digital advice providers need to consider when operating in Australia – from the licensing stage through to the actual provision of advice. […]

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Review of Australian equity market cleanliness

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A review by ASIC has found an overall improvement in the measures of cleanliness in the Australian listed equity market over the past decade. Report 487 Review of Australian equity market cleanliness, looked at possible insider trading and information leakage ahead of material, price-sensitive announcements (material announcements) by analysing price movements or shifts in trading […]

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