Ethics must lie at heart of response to Hayne Report 

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On the eve of the release of the final report of the Hayne Royal Commission, Dr Simon Longstaff, Executive Director of The Ethics Centre, has told an audience of financial services executives that the issues at the core of the Royal Commission’s findings will not be addressed by ramping up compliance. Dr Longstaff was speaking […]

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New research shows advisers have welcomed Best Interests duty

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Research released by HUB24 Limited (ASX:HUB) and conducted with over 300 advisers has shown the Best Interests Duty (BID) has been overwhelmingly welcomed since its introduction in 2013, with over 4 out of 5 believing it was necessary to raise standards across the industry and indicating that the formal structure of the compliance regime has […]

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Implications from the ALRC Report: Contingency fees need to be supported by appropriate safeguards

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Commenting on the Australian Law Reform Commission’s (ALRC) Final Report to the Federal Attorney-General on the “Inquiry into Class Action Proceedings and Third-Party Litigation Funders’, Head of Legal at Honan Insurance Group, Blair McNamara said that change will still be some way off. Commenting further, Blair McNamara said the report makes various recommendations including regulation […]

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Productivity Commission misses important tax – retirement outcomes link

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The Productivity Commission’s final superannuation report missed an opportunity to show how the industry’s pre-tax investment focus is penalising members who retire on after-tax returns, says Raewyn Williams, Managing Director, Research (Australia), at the global implementation manager Parametric Williams says the Commission’s report, Superannuation: Assessing Efficiency and Competitiveness, provided some thought-provoking insights into Australia’s $2.7 trillion superannuation […]

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FASEA releases Policy for the Foreign Qualification Standard

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FASEA has published the Policy for its Foreign Qualification Standard. The Policy was informed through consultation with stakeholders in August 2018 and through 8 formal submissions during FASEA’s consultation process in November 2018. The Corporations Act 2001 requires FASEA to approve in writing a foreign qualification.  Under the Standard, new entrants and relevant providers are […]

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Adaptive enterprises manage risk best

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Organisations that fail to adapt to rapidly changing community expectations, or that focus on one stakeholder such as shareholders over all others, can’t effectively manage their risk, according to a research paper* prepared for the Actuaries Institute. Andrew Brown, specialist consulting actuary, warns that the cultural failings identified in the Royal Commission into Australia’s finance […]

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Labor policy to dominate Investor actions in 2019

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With a May 2019 Federal election creeping closer, the tax changes proposed by Labor in the areas of negative gearing, capital gains tax and dividend imputation are worth a closer look, says Jonathan Philpot, wealth partner with HLB Mann Judd Sydney. “There will be a significant impact, both short term and long term, from these […]

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FASEA releases Foreign Qualifications Policy for consultation

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FASEA has released its policy on Foreign Qualifications for consultation. The policy was informed from consultation received through 12 submissions and various stakeholder forums during FASEA’s consultation process for this standard in July and August 2018. The policy contemplates a 2 step approach:  an assessment by a Department of Education and Training (DET) approved body, […]

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Firms must notify ASIC of their AFCA membership by end of November before late fees apply

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Financial firms who are members of the Australian Financial Complaints Authority (AFCA) must notify ASIC of their AFCA membership by today, Friday 30 November 2018. Licensees who fail to do so will be in breach of their licence conditions and will face fees for late notification. More than half of AFCA’s 37,000 members are yet […]

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Financial advisers urged to ensure registration by 31 December 2018

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The Australian Securities and Investments Commission (ASIC) is reminding financial advisers, who are currently authorised, to make sure that they are on ASIC’s Financial Advisers Register no later than 31 December 2018, before new professional standards requirements take effect. Professional standards reforms for financial advisers were introduced in March 2017 to raise the education, training and ethical […]

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