ASIC Guidance on asset-based fees a step too far

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  Part of ASIC’s guidance on conflicted remuneration has been taken a step too far, according to Claire Wivell Plater, managing director of The Fold. “Under the new guidance, if an asset-based fee is paid to the AFS licensee, the licensee will now need the client’s clear and informed consent to pass on any portion […]

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Lonsec welcomes ASIC’s updated policy guidance

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Research house Lonsec believes the release of ASIC’s updated Regulatory Guide 79 Research report providers: Improving the quality of investment research will further support efforts to ‘raise the bar’ on professionalism, manage conflicts of interest and improve confidence in the independence and quality of research. Amanda Gillespie, CEO Lonsec Research, welcomed the release of the […]

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Forex and CFD traders should be concerned over Australian client money procedures

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ASIC has revealed that there is a large percentage of OTC derivative providers who are not following appropriate client money procedures. It is time to adopt more stringent rules which are a requirement in other jurisdictions.  ASIC surveillance after MF Global’s collapse has revealed a great concern within the OTC derivatives industry in that more […]

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Trio Capital PJC report – read in full here

The final report from the Parliamentary Joint Committee on Trio Capital was released yesterday. To read the full report, click here.

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Smoother Transition for Financial Advice Reforms

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Australia’s wealth management industry will benefit from more flexible commencement arrangements for the Future of Financial Advice (FOFA) reforms. The reforms will commence from 1 July 2012, as originally announced, but the application of the provisions will be voluntary until 1 July 2013. Mandatory application will start from 1 July 2013. This means that any […]

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ASIC paper (CP 176) reviewing regulatory approach to platforms

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ASIC yesterday announced it is reviewing its regulatory approach to platforms as part of broader efforts to promote investor confidence in the sector. The platforms sector attracts significant funds. In the last decade the level of non-superannuation-related investment in platforms has doubled to around $100 billion of funds under management. ‘The platforms sector has changed […]

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FOFA penalises advisers who act in the client’s best interests

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Draft Future of Financial Advice (FOFA) regulations designed to curb a non-existent churning culture will penalise advisers who act in the client’s best interests, according to Synchron. “On the one hand, FOFA demands advisers act in the best interests of clients but on the other, where acting in the best interests of the client involves […]

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Financial services industry rallies to fight FoFA

In a huge demonstration of support for the work being done by the Federal Opposition to oppose elements of the Future of Financial Advice (FOFA) reform that threaten the financial advice industry, a hundred financial services representatives – including advisers from every state in Australia, industry leaders and the heads of all six adviser associations […]

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MySuper negates Ripoll’s consumer engagement ambitions

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Measures to be introduced into MySuper will undermine the ambition of Bernie Ripoll, Chair of the Parliamentary Joint Committee on Corporations and Financial Services (the PJC), to improve consumer engagement with their retirement savings, according to the Corporate Super Specialist Alliance (CSSA). Mr Ripoll was reported yesterday as saying he hoped the introduction of Future […]

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