Licensee Breaches: When in doubt, report

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The Australian Securities and Investments Commission (ASIC) is reminding Australian Financial Services (AFS) licensees that significant or likely breaches of their obligations must be notified within 10 days. Managing Director of The Fold Legal (The Fold), Claire Wivell Plater says in ASIC’s view, AFS licensees become aware of a breach when the person responsible for […]

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Standing out from the crowd

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Depending on your data source, there are around 15,000 financial advisers in Australia and around 3,400 holders of an Australian Financial Services Licence (AFSL) which can provide personal advice. Around 85% of all advisers are associated with product manufacturers and it probably wouldn’t take a forensic examination of the numbers to conclude that the majority […]

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Compliance obligations for bitcoin businesses

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Bitcoin businesses should actively seek advice on whether their businesses are compliant, as there may be difficulty in applying existing Australian Financial Services (AFS) licensing laws, according to Claire Wivell Plater, Managing Director of the Fold Legal and Amor Sexton, Digital Currency Lawyer atAmor Sexton. AFS regulatory expert, Ms Wivell Plater says bitcoin isn’t easily […]

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New ASIC guidance for platforms a boost for investors

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ASIC has moved to require investment platform operators to explain how they choose the different products on offer to investors through their platforms. The strengthened disclosure requirements are part of a suite of new requirements following a review of the sector, which now has around $90 billion funds under management (refer 12-49MR). Platforms can assist retail […]

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Advisers choosing great compliance security and SOA speed

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Australian financial advisers are increasingly measuring practice success by the robustness of their compliance checks and balances, not just the speed by which they are able to generate a client’s Statement of Advice (SOA).  This is one of the key trends that financial software innovator Decimal says highlights the immediate challenges for financial advice technology […]

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A Short Morality Play – The Triway Super Case

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A recent decision of the AAT has highlighted certain basic rules when operating an SMSF. The facts of the case are very straightforward. A couple, at the urging of their son, established a self managed superannuation fund to which they subsequently rolled over their various super accounts.  All three were members and trustees of the […]

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LGsuper appoints Decimal to move limited advice online

QLD super fund among growing list of Decimal industry partners Leading Queensland local government fund LGsuper has selected Decimal to help drive a technology-based solution in support of fund members requiring single-issue financial advice. x With the merger of LGsuper and City Super due to officially begin on 1 July, 2011, the fund is targeting an increased need for […]

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ASIC imposes conditions on iPlan licence

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ASIC has imposed additional conditions on the Australian financial services (AFS) licence of Queensland-based, iPlan Financial Services Pty Ltd (iPlan), after a surveillance of its advice business. ASIC’s action follows concerns iPlan entered into an agreement regarding an investment platform which created a conflict of interest. Specifically, ASIC found: iPlan may have advised clients to […]

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Shane Moore: 10 Ways to Improve Your Financial Advice Business Today

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1. Get a Website This one is the most obvious of all. If you don’t have a website, you are wasting possibly the biggest opportunity available to bring in new clients as well as engaging your existing clients. Websites can also save time.  Instead of clients calling you every time they need a fax number […]

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Licensee Select and Financial Index sign agreement

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Licensee Select has signed an agreement to provide licensee solutions to Financial Index Australia Pty Ltd (FIA) – an Australia-wide financial planning firm with 10 offices and more than 35 advisers. Established in 2000, Licensee Select is a leading provider of compliance, practice development, research and advice solutions for advisers looking to, or currently running, […]

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