FASEA releases Code of Ethics legislative instrument

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FASEA has released its legislative instrument for the Code of Ethics standard for consultation. The legislative instrument was informed from consultation received through 37 formal submissions during FASEA’s consultation process for this standard from March to June 2018. Under the standard, FASEA proposes the Code of Ethics addresses the values of Trust, Competence, Honesty, Fairness […]

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ASIC begins consultation on updated competence requirements for advice licensees

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The Australian Securities and Investments Commission (ASIC) is inviting input on proposed updates to our organisational competence requirements for advice licensees through the release of a consultation paper yesterday. ASIC has proposed updates to Regulatory Guide 105 Licensing: Organisational competence (RG 105) to support the professional standards reforms, which aim to lift the education, training and ethical […]

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Impact of the GDPR on Australian businesses

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You may think you’re not affected by the European Union’s new General Data Protection Regulation because you don’t advise clients in the EU? Think again – especially if you use apps like Mailchimp or DocuSign. Even if you merely monitor your clients’ behaviour when they are travelling in the EU, you’ll need to comply with […]

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AFCA open for business: time for licensees to update ASIC with their AFCA membership details

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ASIC has welcomed the achievement of a major milestone for Australian consumers and small business – the start of Australia’s new financial services dispute resolution scheme, the Australian Financial Complaints Authority (AFCA). More than 35,000 firms operating across financial services, credit and superannuation have joined AFCA, and from 1 November 2018 their customers will have […]

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Wealth industry unprepared for liability shift in new ‘Seller Beware’ rules

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New rules likely to soon pass Australia’s parliament will make financial advisers and product issuers directly liable for ensuring financial products are only sold to suitable customers — shifting responsibility from ‘buyer beware’ to ‘seller beware’. “Australians haven’t yet recognised the tremendous significance of these new financial suitability laws, which turn conventional wisdom about who is […]

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FINSIA keeps pushing for professionalism in its submission to the Hayne Inquiry

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FINSIA, the Financial Services Institute of Australasia, keeps pushing for professionalisation by advocating for uniform standards of conduct and competence for individuals in its second submission to Commissioner Hayne’s inquiry. FINSIA set out its strong belief that professionalism is a major part of achieving the best outcome for the community in its first submission.  In […]

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Self-managed superannuation funds auditor enforcement actions

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ASIC has deregistered, suspended or imposed conditions on 101 self-managed superannuation funds (SMSF) auditors for audit quality and independence issues or on fit and proper person criteria since the registration of SMSF auditors began in 2013. To 30 June 2018 ASIC has considered the conduct of over 120 SMSF auditors, including 98 matters referred from […]

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Financial firms yet to join Australian Financial Complaints Authority must act immediately

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More than 35,000 financial firms required to join the Australian Financial Complaints Authority (AFCA) have now joined the scheme. There are more than 300 licensed financial firms who are still to join, and most of these are credit licensees who were previously members of the Credit and Investments Ombudsman. A number of credit representatives who […]

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APRA and ASIC empower consumers with new reporting standard on life insurance claims

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Consumers will soon have access to high-quality, comparable data on life insurance claims and disputes after the Australian Prudential Regulation Authority (APRA) issued a new reporting standard to the industry. The release of APRA’s Life Insurance Reporting Standard LRS 750.0 Claims and Disputes will enhance the consistency and quality of life insurance data published through […]

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Reforms to mutuals a win for all consumers

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RACQ has applauded the Federal Government’s announcement it would level the playing field for customer-owned and mutual organisations in the financial services sector by allowing them greater freedom to access capital. The reforms would increase competition and create better outcomes for consumers according to RACQ Bank CEO Michelle Bagnall. “We want the mutual banking sector […]

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