An AFS licensing exemption for product issuers – intermediary authorisation

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Providing financial products to retail clients in Australia is almost impossible unless you hold an Australian financial services (AFS) licence. The intermediary authorisation exemption is virtually the only way product issuers can avoid licensing provided it’s used correctly. What is an intermediary authorisation? An intermediary authorisation allows an unlicensed product provider to operate by entering […]

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3 tips to raise funds efficiently in a tough market

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To commercialise and grow, your business needs capital. But the ongoing fallout from COVID-19 means this may be easier said than done. For a variety of reasons debt may also not be affordable or attainable. Waiting it out may not be viable for your cashflow, could be detrimental to your strategy or put your first […]

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Fairness, vulnerability and Fintechs…

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Regulators have a laser focus on ‘fairness’ following the numerous scandals involving overcharging, underservicing and poor customer outcomes that were laid bare in the Royal Commission into Banking. For fintechs, this means making sure fairness is embedded at every customer touch point. This is no simple task as fairness is contextual and needs to address […]

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How Covid-19 has affected reforms to wealth businesses

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With the ongoing COVID-19 pandemic, it’s fair to say that regulators and businesses have shifted their priorities. Timelines for legislative reforms driven by the Hayne Royal Commission and licence applications for wealth businesses have changed. APRA and ASIC licences may be delayed APRA has announced that it will not issue any new insurance or banking licences for […]

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More than a synonym – what is a fit and proper person?

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The ‘fit and proper’ person test previously only applied to credit licensees – but now it applies to AFS licensees as well. The change is bigger than it looks Previously AFS licensees had a lower threshold test that a person be of ‘good fame and character.’ On the face of it, the change may seem […]

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Delivering documents electronically

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With the ongoing Coronavirus pandemic, more businesses are communicating with clients electronically. But what are your options when you need to supply or sign documents? Financial professionals must give their clients certain documents, including: Product Disclosure Statements; Financial Service Guides; Statements of Advice; Correspondence and instructions; and Contracts. These are usually given as hard copies […]

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The revised reform timetable for general insurance

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Regulators have shifted their priorities to deal with the COVID-19 pandemic. This means significant reforms and legislative change to general insurance may be delayed. We outline what’s changed and when you need to be ready for reform. Licence applications are delayed APRA will not issue any new insurance or banking licences for at least 6 months. We […]

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Retain staff and increase business with non-cash incentives

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The COVID-19 pandemic is testing us all but innovation is thriving. Increase revenue, retain cash and keep staff and referral partners motivated by being innovative with non-cash incentives. If done right your business will be ready to ramp up quickly when the economy takes off again …whenever that is. What cash incentives can you use? […]

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STARTing UP…How to get to market sooner!

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So you’ve got an awesome idea, MVP or full product/service offering and are eager to disrupt the market… but don’t know how you’re regulated or how to comply? I’m not surprised! The Australian regulatory landscape is complex and can favour incumbents and the big end of town. Start-ups often find regulatory requirements confusing and an […]

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5,000 reasons why you should trust your Mortgage Broker

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Mortgage brokers must meet the best interests duty from 1 July 2020 or risk a fine of 5,000 penalty units or $1.05 million.This means you must show you have your client’s best interests at heart. Who is a mortgage broker? A mortgage broker: is either a licensee or credit representative; carries on a business of […]

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