Lower fees valid reason to increase size of SMSFs

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The SMSF Association says lower fees is the key reason why the legislation increasing the size of a self-managed super fund (SMSF) from four to six members should become law. In its submission to the Senate Standing Committee on Economics into the legislation, called the Treasury Laws Amendment (SMSFs) Bill 2020, the Association says not... Read more continue reading

AFA announces speaker program for VISION Conference

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Senator Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, has been confirmed as the opening keynote speaker at The Association of Financial Advisers (AFA)’s VISION Conference (the AFA Conference), which will be broadcast from the Museum of Contemporary Art, Sydney on 14-15 October, 2020. Australian Olympic champion, Cathy Freeman, OAM is the... Read more continue reading

FASEA releases August exam results

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FASEA has released exam results from the seventh Financial Advisers Exam held in August 2020. Result highlights include: the exam was held from 13 to 18 August in exam centres and online 82% of candidates passed the August exam (compared with an average of 84% across all exams) 1,521 advisers sat the exam compared with... Read more continue reading

Actuaries Institute Taskforce finds broad changes needed to sustain disability income insurance market

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An Actuaries Institute Taskforce has made sweeping recommendations for broad changes to Australia’s retail disability income insurance market to reset sustainability for a sector under threat. Taskforce Convenor Ian Laughlin said without an overhaul, those who need cover may not be able to afford it in the future and life insurance companies selling individual disability... Read more continue reading

ASIC extends COVID-19 relief for certain capital raisings and financial advice

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ASIC is extending the temporary relief for capital raisings and financial advice due to the continuing uncertain impacts of COVID-19. ASIC is also extending the financial advice relief related to the COVID-19 early release of superannuation scheme in light of the extension of the scheme by the Government. The capital raisings relief aims to assist... Read more continue reading

ASIC tells fund managers to be ‘true to label’

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A recent ASIC surveillance has found that fund managers must do more to ensure their products are ‘true to label’ – that the product name aligns with the underlying assets. ASIC undertook a targeted surveillance of 37 managed funds operated by 20 responsible entities that collectively hold approximately $21 billion in assets. This followed ASIC... Read more continue reading

AFA welcomes ASIC no-action position for FDS and opt-in obligations for Victoria

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 The Association of Financial Advisers (AFA) welcomes yesterday’s Australian Securities and Investments Commission (ASIC) announcement providing relief, via a no-action position for fee disclosure statement (FDS) and opt-in obligations, for advice businesses located solely, or substantially, in Victoria. The AFA is shared a ‘Member Alert’ with Victorian members yesterday, explaining the current obligations and ASIC’s no-action position: Read the Member... Read more continue reading

Early COVID-19 Deaths May Be Understated

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More Australians likely died from COVID-19 during the first weeks of the virus outbreak in Australia than has been reported, with deaths attributed to other causes because testing was limited. An Actuaries Institute research paper found a spike in deaths from pneumonia, stroke and diabetes, all causes of death related to COVID-19 in some way,... Read more continue reading

FPA highlights shifts in consumer behaviour and the importance of universal access to financial advice in the “new normal”

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Australians are making long term changes in their spending behaviour to minimise the impact of COVID-19 on their finances, according to CoreData research presented at The Financial Planning Association’s (FPA) keynote event held earlier this month. ‘Uncovering the Value of Financial Planning Advice’ held on 3 September brought together key players in the financial planning profession to discuss... Read more continue reading

FASEA provides remote October Exam sitting option for financial advisers in Melbourne due to Covid-19 restrictions

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Following the reimposition of Stage 4 stay at home restrictions for metropolitan Melbourne and the continued closure of exam venues, FASEA advises that Melbourne metropolitan physical location exams will not be offered for the October sitting. Advisers who have registered for a Melbourne physical location exam will have the option to sit the exam online... Read more continue reading