AdviserVoicedisclosure Archives - AdviserVoice https://www.adviservoice.com.au/tag/disclosure/ Financial planner information & financial planner education/CPD - AdviserVoice Sun, 14 Jun 2026 21:30:32 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 ASIC releases proposal to improve unlisted property scheme disclosure https://www.adviservoice.com.au/2011/07/asic-releases-proposal-to-improve-unlisted-property-scheme-disclosure/ https://www.adviservoice.com.au/2011/07/asic-releases-proposal-to-improve-unlisted-property-scheme-disclosure/#respond Mon, 18 Jul 2011 00:12:02 +0000 https://adviservoice.com.au/?p=10271 ASIC has released a consultation paper outlining proposals to improve disclosure for retail investors considering investing in unlisted property schemes.

The proposals follow an ASIC review of disclosure documents issued by responsible entities in the $28 billion unlisted retail property sector.

  • ASIC found a number of key disclosures were not adequately addressed, including:
  • the risks associated with the borrowing maturity profile and the extent of hedging
  • details about property development activities (primarily timetables and funding)
  • the basis of valuations and the risks associated with ‘as if complete’ valuations
  • reasons for distributions being made from sources other than income and the sustainability of these distributions over the next 12 months
  • withdrawal rights and the risks associated with withdrawal arrangements promoted to investors.

ASIC Chairman Greg Medcraft said: ‘One of our business priorities focuses on promoting confident and informed investors and financial consumers.

‘These proposals are aimed at improving the level, comparability and consistency of disclosure provided to retail investors by extending our ‘if not, why not’ benchmark disclosure model to unlisted property schemes.’

The six benchmarks address key issues including:

  • gearing policy
  • interest cover policy
  • interest capitalisation
  • valuation policy
  • related party transactions
  • distribution practices.

The proposals also clarify the eight disclosure principles in Section C of RG 46 and provide further guidance on how responsible entities should apply the principles.

‘Our experience indicates that investors need better quality and relevant disclosure, presented in a way best suited to investor understanding,’ Mr Medcraft said.

‘PDSs must be worded and presented in a clear, concise and effective manner to help retail investors assess an offer and make informed investment decisions.’

1 July 2012 is proposed as the start date for responsible entities to disclose against the benchmarks and amended disclosure principles.

Comments on Consultation Paper 163 Unlisted property schemes: Update to RG 46 (CP 163) are due by 6 September 2011.

]]> ASIC has released a consultation paper outlining proposals to improve disclosure for retail investors considering investing in unlisted property schemes.

The proposals follow an ASIC review of disclosure documents issued by responsible entities in the $28 billion unlisted retail property sector.

  • ASIC found a number of key disclosures were not adequately addressed, including:
  • the risks associated with the borrowing maturity profile and the extent of hedging
  • details about property development activities (primarily timetables and funding)
  • the basis of valuations and the risks associated with ‘as if complete’ valuations
  • reasons for distributions being made from sources other than income and the sustainability of these distributions over the next 12 months
  • withdrawal rights and the risks associated with withdrawal arrangements promoted to investors.

ASIC Chairman Greg Medcraft said: ‘One of our business priorities focuses on promoting confident and informed investors and financial consumers.

‘These proposals are aimed at improving the level, comparability and consistency of disclosure provided to retail investors by extending our ‘if not, why not’ benchmark disclosure model to unlisted property schemes.’

The six benchmarks address key issues including:

  • gearing policy
  • interest cover policy
  • interest capitalisation
  • valuation policy
  • related party transactions
  • distribution practices.

The proposals also clarify the eight disclosure principles in Section C of RG 46 and provide further guidance on how responsible entities should apply the principles.

‘Our experience indicates that investors need better quality and relevant disclosure, presented in a way best suited to investor understanding,’ Mr Medcraft said.

‘PDSs must be worded and presented in a clear, concise and effective manner to help retail investors assess an offer and make informed investment decisions.’

1 July 2012 is proposed as the start date for responsible entities to disclose against the benchmarks and amended disclosure principles.

Comments on Consultation Paper 163 Unlisted property schemes: Update to RG 46 (CP 163) are due by 6 September 2011.

The post ASIC releases proposal to improve unlisted property scheme disclosure appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2011/07/asic-releases-proposal-to-improve-unlisted-property-scheme-disclosure/feed/ 0 AMP Planner Protection Poll: Planners see an increase in mental health disclosure https://www.adviservoice.com.au/2011/04/amp-planner-protection-poll-planners-see-an-increase-in-mental-health-disclosure/ https://www.adviservoice.com.au/2011/04/amp-planner-protection-poll-planners-see-an-increase-in-mental-health-disclosure/#respond Tue, 05 Apr 2011 00:39:41 +0000 https://adviservoice.com.au/?p=6919

The AMP Planner Protection Poll has found that 71 per cent of financial planners polled had seen an increase in the number of clients who disclose a personal history of mental illness.

The growing number of financial planners seeing an increase in client disclosure of mental health history reflects the increased incidence and awareness of this health issue in Australia.

AMP Director of Wealth Protection Products Michael Paff said, “With one in five Australian adults experiencing a mental disorder in any year1, and general awareness of mental illness increasing, planners and customers are acknowledging the significant impact it can have on people’s lives.”

Mr Paff said financial planners are taking the impact of mental illness into account when it comes to applying for Income Protection cover, including in their approach to client disclosure of these illnesses.

“Financial planners need to be flexible in engaging with their clients during the process of completing a personal health statement. This includes being able to recognise how comfortable the client is with personally disclosing potentially sensitive health history and looking at other options for the client where available.

“For example, AMP’s ‘easywrite tele’ service allows planners to offer clients the option of discussing their health history directly with AMP if they do not feel comfortable disclosing this with their planner.”

More than half of planners polled (53 per cent) said that early access to the underwriter to discuss the client’s situation was most likely to make a difference in a client’s application for Income Protection cover.

“This is about improving access to insurance. Talking to the underwriter before lodging an application for Income Protection cover allows planners to ensure they have gathered all the required information, directly or indirectly, and can improve the client’s experience of the underwriting process,” Mr Paff said.

However, despite increased disclosure, only just over a third of planners polled are seeing clients with a history of mental illness gain access to Income Protection cover.

“The industry has worked hard to improve access to insurance for those with a history of mental illness and AMP is committed to removing barriers to cover for as many Australians as possible. However, there’s still room for improvement on this important issue,” Mr Paff said.

The online AMP Planner Protection Poll was made available to financial planners across Australia. The poll asked three questions:
  • “Have you seen an increase in the number of clients who disclose a personal history of mental illness?”
  • “Are you seeing more clients who present with a personal history of mental illness, gain access to Income Protection cover?”
  • “Which of the following is most likely to make a difference in their application for insurance: client’s understanding of the impact of mental illness on an application; early access to the underwriter to discuss the client’s situation; insurer collecting personal statement directly from the client; or none of the above?”

AMP Planner Protection Poll: Results at a glance

Have you seen an increase in the number of clients who disclose a personal history of mental illness?
Yes – 134 (71%)
No – 55 (29%)
Total – 189

Are you seeing more clients who present with a personal history of mental illness, gain access to Income Protection cover?
Yes – 67 (35%)
No – 122 (65%)
Total – 189

Which of the following is most likely to make a difference in their application for insurance?
Client’s understanding of the impact of mental illness on an application – 34 (18%)
Early access to the underwriter to discuss the client’s situation – 101 (53%)
Insurer collecting personal statement directly from the client – 36 (19%)
None of the above – 18 (10%)
Total – 189

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The AMP Planner Protection Poll has found that 71 per cent of financial planners polled had seen an increase in the number of clients who disclose a personal history of mental illness.

The growing number of financial planners seeing an increase in client disclosure of mental health history reflects the increased incidence and awareness of this health issue in Australia.

AMP Director of Wealth Protection Products Michael Paff said, “With one in five Australian adults experiencing a mental disorder in any year1, and general awareness of mental illness increasing, planners and customers are acknowledging the significant impact it can have on people’s lives.”

Mr Paff said financial planners are taking the impact of mental illness into account when it comes to applying for Income Protection cover, including in their approach to client disclosure of these illnesses.

“Financial planners need to be flexible in engaging with their clients during the process of completing a personal health statement. This includes being able to recognise how comfortable the client is with personally disclosing potentially sensitive health history and looking at other options for the client where available.

“For example, AMP’s ‘easywrite tele’ service allows planners to offer clients the option of discussing their health history directly with AMP if they do not feel comfortable disclosing this with their planner.”

More than half of planners polled (53 per cent) said that early access to the underwriter to discuss the client’s situation was most likely to make a difference in a client’s application for Income Protection cover.

“This is about improving access to insurance. Talking to the underwriter before lodging an application for Income Protection cover allows planners to ensure they have gathered all the required information, directly or indirectly, and can improve the client’s experience of the underwriting process,” Mr Paff said.

However, despite increased disclosure, only just over a third of planners polled are seeing clients with a history of mental illness gain access to Income Protection cover.

“The industry has worked hard to improve access to insurance for those with a history of mental illness and AMP is committed to removing barriers to cover for as many Australians as possible. However, there’s still room for improvement on this important issue,” Mr Paff said.

The online AMP Planner Protection Poll was made available to financial planners across Australia. The poll asked three questions:
  • “Have you seen an increase in the number of clients who disclose a personal history of mental illness?”
  • “Are you seeing more clients who present with a personal history of mental illness, gain access to Income Protection cover?”
  • “Which of the following is most likely to make a difference in their application for insurance: client’s understanding of the impact of mental illness on an application; early access to the underwriter to discuss the client’s situation; insurer collecting personal statement directly from the client; or none of the above?”

AMP Planner Protection Poll: Results at a glance

Have you seen an increase in the number of clients who disclose a personal history of mental illness?
Yes – 134 (71%)
No – 55 (29%)
Total – 189

Are you seeing more clients who present with a personal history of mental illness, gain access to Income Protection cover?
Yes – 67 (35%)
No – 122 (65%)
Total – 189

Which of the following is most likely to make a difference in their application for insurance?
Client’s understanding of the impact of mental illness on an application – 34 (18%)
Early access to the underwriter to discuss the client’s situation – 101 (53%)
Insurer collecting personal statement directly from the client – 36 (19%)
None of the above – 18 (10%)
Total – 189

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