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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ASIC increasing use of behavioural economics across its regulatory business

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ASIC yesterday released two reports of behavioural economics (BE) research experiments conducted as part of its push to better understand market and consumer behaviour. The behavioural experiments conducted by the Queensland Behavioural Economics group (QuBE), were commissioned to explore: possible behavioural ‘biases’ impacting consumer decisions about investing in hybrid securities rather than bonds or shares. A […]

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ASIC takes action on deficient advice on complex structured investment products

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ASIC concerns about financial advice relating to complex products has led to 10 licensees undertaking corrective action. ASIC released a report in December 2013 which looked at advice provided by 10 licensees in relation to retail structured products. These are investments whose value is based on the movement of underlying assets such as a share […]

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Update on the implementation of ASIC register for financial advisers

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The corporate regulator, ASIC, is well advanced with work on an industry-wide public register of financial advisers to be up and running at the end of March. The Government announced plans to establish the register in October 2014, and intends to make regulations relating to the register in coming days. ASIC is working with licensees […]

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ASIC ensures QBE meets expected outsourcing standards for dispute resolution

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QBE Insurance (Australia) Limited (QBE) will make changes to its outsourcing of escalated complaints and dispute resolution after ASIC raised concerns about the manner in which it had outsourced complaint and dispute resolution to an external Australian law firm. In particular, ASIC was concerned that some QBE customers were receiving written communication on the letterhead […]

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