Cashing in on payments!

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Payments are a central part of everyday life but the regulations that govern them are complex. If Australia is to be a leader in the fintech space, it’s time for a holistic review of our regulatory framework for payments. Digital payments are on the rise Every purchase or sale we make requires some form of […]

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Market trends: BOLRS aren’t a sure thing

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The challenges for AMP advisers with their buyer of last resort arrangements (BOLRs) has dominated the headlines. Many other advisers have BOLR arrangements with their dealer groups/licensees and while many of them have not yet refused to honour them, there is a definite shift in attitude. For some advisers this will mean a delayed exit […]

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Insurance alternatives (Part 4: Discretionary mutuals)

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In our final article in this series on insurance alternatives, we outline the ultimate peer-to-peer insurance alternative – discretionary mutuals. What is a discretionary mutual? A discretionary mutual is a structure that offers discretionary risk protection to its members. Discretionary protection is similar to insurance because both offer protection against a certain event or risk […]

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Insurance alternatives (Part 3: Aggregate deductible funds)

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Aggregate deductible funds (ADFs) are becoming a more common type of insurance alternative for buying groups who are looking for new ways to manage their risks. What is an aggregate deductible fund? An ADF is a self-insurance pool that is often used by corporate or community groups, religious institutions, sporting organisations or other groups of […]

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Insurance alternatives (Part 2: parametric insurance)

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Following on from our last post about insurance alternatives, in this post we outline what parametric insurance is and how it can help you in a hardening insurance market. What is parametric insurance? Parametric insurance pays out a pre-agreed amount when a ‘trigger’ event happens. The amount is paid regardless of whether you have suffered any loss […]

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The rise of insurance alternatives (Part 1: An overview)

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The insurance market is hardening which means customers can’t always find traditional insurance solutions for their risk. This has increased demand for insurance alternatives with greater flexibility and a wider range of solutions for ‘hard to place risks’. This is the first in a four part series of blogs exploring alternatives such as parametric products, […]

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What’s next for the financial advice Safe Harbour provision?

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The Safe Harbour provision was supposed to provide financial advisers with more certainty in meeting their legal obligation to act in the best interests of their clients. But in the aftermath of the Hayne Royal Commission, the Safe Harbour provision’s days may be numbered. What is the Safe Harbour? More importantly, what isn’t the Safe […]

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Managing the risk of recovery in financial portfolio transfer transactions

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We’ve recently noticed that both buyers and sellers have heightened concerns about their risks and exposures when transferring financial advice portfolios. Both are looking for different ways to manage their financial risk of recovery. Sellers want to know what their liabilities and obligations to the buyer are and when they will end. While buyers want certainty […]

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Don’t be blown off your feet by the new whistleblower protections

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New whistleblower protections expand who is protected and what they can disclose. This regime applies to regulated companies and financial service providers including banks, life companies, general insurers and superannuation funds. More people are now protected whistleblowers The new regime came into force on 1 July 2019 and creates the concept of an ‘eligible whistleblower’. […]

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When can financial advisers recommend a switch to an in-house product?

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There is a conflict any time a financial adviser recommends an in-house product, but the conflict can be managed. ASIC has determined that conflicts with in-house products do exist In its Report 562, ASIC looked at the big five financial service institutions – CBA, Westpac, ANZ, NAB and AMP – and found that 68% of their […]

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