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... Read more continue reading

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... Read more continue reading

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... Read more continue reading

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,... Read more continue reading

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... Read more continue reading

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... Read more continue reading

Financial services industry rallies to fight FoFA

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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... Read more continue reading

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... Read more continue reading

Future of Financial Advice

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On 29 August 2011, the Government released the first tranche of draft legislation implementing these reforms entitled Corporations Amendment (Future of Financial Advice) Bill 2011.  The first tranche covered statutory... Read more continue reading