Licence now – or in 2019

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With less than a month until ASIC’s soft licensing deadline, only 276 limited licence applications have been submitted and only 31% of these have been granted. Some accountants are waiting until the last minute to lodge their licence application, but there are risks to this approach. If you don’t lodge your licence application by 30 […]

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ASIC guidance to employers about super

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ASIC has updated its MoneySmart website to help employers select a default superannuation fund for employees. ‘Super is a complex area, not just for individuals but for employers as well – and we know decisions that employers make can have a big impact on employees and their retirement savings,’ ASIC Commissioner Greg Tanzer said. ‘The […]

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Accountants: Seize the day or miss the boat on Limited AFSLs

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With only four months until the new regime for accountants working in the Self Management Superannuation Funds (SMSF) sector comes into effect, accountants need to seize the opportunity to obtain a Limited Australian Financial Services Licence (Limited AFSL) or risk missing the boat altogether, according to AccountantsIQ Director, Bronny Speed. Ms Speed, who is both […]

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No limited licence extension

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ASIC has already signalled that it has no intention of providing a further grace period to accountants who don’t act now to become authorised, and only five months remain until the 1 March 2016 ‘soft deadline’ for licensing. Accountants who apply for a limited licence, but have not yet had it granted by 1 July […]

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Sleeper issues of Murray Review: CIPRs and legacy investment products

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The ‘known unknown’ is the comment by the Review to consider aligning the earnings tax between accumulation and retirement phases and to better integrate super and age pension systems. While the focus of the Government’s response to the Financial System Inquiry (Murray Review) has been the decision to continue limited recourse borrowing, there are, from […]

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Court declines to make super splitting order – as split was to a third party

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Stant’s case [2015] FamCA 734 Can the Super Splitting provisions of the Family Law Act be used to split a husband’s super interest with a third party? The Family Court held no and declined to make the proposed splitting order.  The Court held that the splitting provisions of the Family Law Act only permitted splitting […]

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ASIC enhances Financial Advisers Register

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ASIC has now launched the second stage of the Financial Advisers Register (FAR) which now includes information about advisers’ qualifications, training and memberships of professional bodies. The register, which has been available to the public since the end of March this year, can be searched on ASIC’s MoneySmart website. To date there have been more […]

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ASIC to give guidance on review and remediation in the financial advice industry

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ASIC will develop a regulatory guide on review and remediation programs conducted by Australian financial services licensees that provide financial advice. Over the last few years ASIC has negotiated a number of major review and remediation programs by financial advice firms. These programs have been large scale exercises to review personal financial advice provided to […]

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Lonsec Active Funds outperform and the passive v active debate

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Lonsec Releases Aussie Equities Sector Review The latest review of Australian equities by research house and ratings company Lonsec has found its actively managed funds have clearly outperformed index funds in all recent major time frames. According to its Australian Equities Sector Review, Lonsec found the 137 active managed funds it provides investment ratings for […]

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ANZ to reimburse Prime Access clients after review identifies documented annual review not provided

ANZ yesterday confirmed it will be reimbursing some Prime Access clients after it identified the documented annual review, part of a package of services, had not been provided. Prime Access is a fee-for-service package introduced in 2003 and includes priority access to financial planners, investment monitoring alerts and a documented annual review. In accordance with its […]

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