“High risk” advisers need to act now to elevate consumer needs

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FinaMetrica has welcomed the Australian Securities & Investment Commission’s (ASIC) inaugural Strategic Outlook, in which it has identified financial advisers as a “high risk area” for consumers. ASIC will target advisers in its surveillance program in 2014-15. ASIC said in its recently released Strategic Outlook that it is concerned by gaps “in core areas of […]

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Accountants: Take care preparing AFS Applications

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Preparing to apply for a limited licence from the Australian Securities and Investments Commission (ASIC) should be taking accountants as long if not longer than the licence application process itself, according to The Fold Legal (The Fold). “Material deficiencies in both the documentation and the information provided by applicants were the main reasons given by […]

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La Trobe Financial has announced the appointment of two further executives to accommodate its growing business.

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Ms Cheree Cain who has been with La Trobe Financial for 11 years has been promoted to Executive Head of Investor Operations. Cheree began her career with the Australian Investments & Securities Commission (ASIC) where she worked for over 13 years in supervisory roles before joining La Trobe Financial in December of 2003. She soon […]

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SMSF trustees to take centre stage at SPAA’s 2015 National Conference

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Understanding the self-managed super fund lifecycle and knowing how to use that knowledge to benefit clients is the theme of the 2015 SMSF Professionals’ Association of Australia (SPAA) National Conference – the pre-eminent event on the SMSF calendar. The conference, to be held in Melbourne at the Convention and Exhibition Centre from 18–20 February, will be appropriately […]

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FPA responds to ASIC report into life insurance advisers

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The Financial Planning Association of Australia (FPA) yesterday responded to the report from the Australian Securities & Investment Commission (ASIC) into the life insurance advice industry. The report refers to over 200 pieces of insurance advice that have been reviewed by ASIC with the report covering lapse rates and advice quality. The report noted product […]

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Industry joins forces to address insurance issues

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Industry associations representing advice and life insurance will form a working group to address the issues raised by the ASIC report into life insurance released yesterday. The Association of Financial Advisers (AFA) and the Financial Services Council (FSC) will jointly convene a working group to specifically address retail life insurance product structures and distribution practices. […]

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AFA supports industry-wide response to life insurance review

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The Association of Financial Advisers (AFA) has responded to the release of ASIC’s review of retail life insurance advice report (the Report) by supporting the establishment of a cross-industry working group to address the issues identified. “The release of the Report has been signalled for some time,” said AFA CEO, Brad Fox.  “Given that ASIC’s […]

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ASIC now allowing SMSFs access to wholesale investment products

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Until recently SMSFs couldn’t buy wholesale financial products because ASIC had held they were retail investors unless they had at least $10 million of net assets. ASIC has recently announced that it will loosen the constraints on SMSFs investing in wholesale products and make the test for eligibility easier to meet. “It is somewhat curious […]

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Licensees: Beware risks and responsibilities of offering temporary home to equity based crowdfunding platforms

Equity based crowdfunding platforms may look to existing Australian Financial Services Licensees (AFSLs) for a ‘temporary home’ until they can get their own licence or expected regulatory changes become law, according to Charmian Holmes, Solicitor Director at The Fold Legal (The Fold). Crowdfunding platforms through which the funder receives shares in the funded company currently […]

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ASIC and AFSA announce refreshed memorandum of understanding

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Australian Financial Security Authority’s Chief Executive Veronique Ingram and Commissioner John Price of the Australian Securities and Investments Commission (ASIC) have announced the release of a new Memorandum of Understanding (MOU) between AFSA and ASIC. ASIC and AFSA are responsible for the oversight of Australia’s insolvency systems for individuals and corporations. Mr Price said the […]

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