Life is about balance – a lesson for industry and government

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Connect Financial Service Brokers (Connect) CEO Paul Tynan says that through all the commentary and opinions currently being expressed by industry in relation to the Federal Government’s proposed changes to the FoFA legislation, what is really needed is a balanced approach and outcome. When reflecting on the goals of all stakeholders, Paul Tynan notes that […]

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ASIC updates disclosure guidance for shorter PDSs

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After full commencement of the shorter Product Disclosure Statement (PDS) regime in June 2012, ASIC has reviewed a sample of shorter PDSs for superannuation and simple managed investment schemes. Our aim was to gauge how well PDS issuers were complying with the new regime and identify any measures we might take to increase compliance, such […]

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ASIC’s next generation market surveillance system commences

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ASIC’s new market surveillance system is in operation. Known as MAI (Market Analysis Intelligence), the system enables ASIC to better detect, investigate and prosecute trading breaches. Commissioner Cathie Armour said that MAI provides sophisticated data analytics to identify suspicious trading in real time and across markets, as well as greater levels of detection of insider […]

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ASIC speeding up licensee complaints process

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Recent changes to Regulatory Guide 165 (RG165) mean Australian Financial Services Licensees (AFSL)s must now acknowledge client complaints immediately, regardless of the form in which they are given, and resolve problems in tighter, prescribed timeframes. Charmian Holmes, solicitor director of The Fold Legal (The Fold) said it is that AFSLs need to adjust their current […]

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ASIC releases report on emerging market issuers

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Following the high profile collapse of some emerging market issuers overseas ASIC has undertaken a review of these types of entities here in Australia. Our review has not identified at this time any areas of systemic concern, however ASIC does consider that there are some specific challenges that retail investors should be aware of before […]

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Australia’s ‘Year of Uncertainty’ weighs heavily on business

Banking & finance sector struggling to find clarity in murky regulatory waters It seems that forewarned is far from forearmed for Australian organisations, which have ranked uncertainty due to regulatory change as one of their ‘top three’ risk concerns. And for the banking and finance sector, regulatory risk is the number one worry, ranking even […]

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FoFA Delivers Positive Industry Evolution

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Seaview Consulting Directors Bob Neill and David Fotheringham are of the opinion that contrary to much of the angst amongst dealer groups and advisers, FoFA is in reality a catalyst for long term business transformation that will actually improve operational efficiency and customer service. According to Neill and Fotheringham, practice owners are falling into one […]

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IRESS delivers Australia’s preferred solution for FoFA fee disclosure

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Advice businesses representing more than 8,000 advisers have embraced IRESS’ XPLAN-­‐CommPay solution to meet Fee Disclosure Statement (FDS) obligations imposed by the Future of Financial Advice (FoFA) reforms. Amongst these advice businesses are the vast majority of Australian institutional wealth businesses, along with many high profile boutiques, independent AFSLs and a large number of independent […]

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The Fold: Helping Advisers Get on with FoFA Business

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As the start of the Future of Financial Advice (FoFA) reforms races towards us at headlong speed, there is an upswing in the number of advisers working on changes to their systems and processes to accommodate their new obligations, according to Claire Wivell Plater, Managing Director of The Fold. “We’re seeing a real willingness to […]

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Advisers personally liable for breaches of Best Interests Duty

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Employed advisers who are authorised representatives can be held personally liable for serious breaches of the Best Interests Duty and may face up to $200,000 in fines once Future of Financial Advice (FoFA) reforms come into effect on July 1, according to Charmian Holmes, solicitor director at The Fold Legal (the Fold). Ms Holmes said […]

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