FoFA reform pause a surprise for many – Government and industry must get it right

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Connect Financial Service Brokers (Connect) CEO Paul Tynan added this voice to the many that responded to the news that the Federal Government had decided to ‘pause’ the FoFA amendment process.  Like others in the industry, Tynan agreed that the legislation was far too important to rush and additional comment and scrutiny would ultimately be […]

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A road map to greater national savings and increased budget revenue

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Changes need to be made to Australia’s financial system to help address the nation’s debt challenge, increase national savings and encourage personal responsibility, the Friendly Societies of Australia (FSA) said. The FSA lodged its submission to the Financial System Inquiry on behalf of Friendly Societies across Australia that help people plan for future life-events through […]

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Adviser hardship and impact lost in FoFA grandfathering stalemate debate

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As the grandfathering issue steadily tracks towards a resolution that will satisfy most parties, Financial Service Brokers (Connect) CEO Paul Tynan says that although grateful his call for a balanced industry centric approach and outcome to the debate has been heeded, it has been the Adviser that has suffered the most during the recent stalemate. […]

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Don’t squander your FoFA peace dividend

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Financial planning businesses invested heavily in preparing for the new fee disclosure statement (FDS) regime and can now either embrace the opportunity to secure a return on their investments, or squander it, according to financial planner Hans Egger, co-creator of the Astute Wheel. “Planning practices spent a great deal of time, money and effort organising […]

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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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