ASIC update on financial advice stakeholder engagement

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ASIC yesterday reported on the results of two financial advice industry engagement projects conducted during the 2013–14 financial year. This work included meetings with representatives of 95 Australian financial services (AFS) licensees. Deputy Chairman Peter Kell said, ‘Engaging with industry and stakeholders gives ASIC a greater understanding of key issues facing AFS licensees. ‘These projects allow

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18 Sep 2014

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Milliman helps clients meet investment challenges of retirees

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The Risk Tolerance Paradox, and what you can do about it With a growing trend both globally and in Australia around low volatility, managed volatility, and portfolio risk management strategies, it is imperative that advisors and research consultants explore each strategy to uncover how different risks are being addressed. Identifying those techniques that are robust

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01 Aug 2014

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Australian Unity Personal Financial Services and Premium Wealth Management enter into discussions

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The companies announced this morning that they have executed a non-binding indicative offer under which Australian Unity Personal Financial Services would acquire all the shares in Premium Wealth Management. The board of Premium Wealth Management is recommending to shareholders that they consider the terms of acquisition with Australian Unity. Australian Unity said its desire is

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28 Jul 2014

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Consumers and AFA Members to benefit from Adviser Registration

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The establishment of a central register of financial advisers, which was included in the Future of Financial Advice (FoFA) amendments deal announced last week by the Coalition, with the support of Palmer United Party (PUP), will benefit both consumers and Association of Financial Advisers (AFA) members. AFA CEO, Brad Fox, said the creation of a

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22 Jul 2014

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Financial Advice more accessible and affordable with FoFA reforms

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The Financial Services Council commends the Senate for supporting the amendments to the Future of Financial Advice laws yesterday. “With the critical support of cross bench Senators, the Government’s amendments to FoFA have withstood an attempt to have them disallowed today”, FSC CEO John Brogden said. “With the support of the Palmer United Party, Family

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17 Jul 2014

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Parliamentary Inquiry must focus on the future and the past FSC says

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The financial advice industry is open to any Parliamentary inquiry provided it focuses on the future, not just the past, the Financial Services Council said yesterday. John Brogden, CEO of the FSC said: “The industry is an open book. We will work with any public inquiry.” He was speaking in response to an announcement made by

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10 Jul 2014

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July 1 is FoFA D-Day for Advisers: are you sorted?

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The Future of Financial Advice (FoFA) deadlines are upon us and financial advisers should by now have taken several steps to ensure they meet their new obligations, according to the Fold Legal’s managing director, Claire Wivell Plater. “By 30 June, advisers should have completed their first round of Fee Disclosure Statements,” Ms Wivell Plater said.

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30 Jun 2014

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ISA’s compare the pair potentially misleading

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Now it’s time for FOFA facts On the same day that ASIC issued a statement indicating that Industry Super Australia (ISA) has agreed to change its Compare the pair advertising campaign in response to concerns raised by ASIC, the Association of Financial Advisers (AFA) has released a Future of Financial Advice (FoFA) Fact Sheet to

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26 Jun 2014

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AFA calls for Factual FoFA Assessment

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The Association of Financial Advisers (AFA) welcomes the release this morning of the Government’s details relating to the Future of Financial Advice (FoFA) amendments, but is cautioning advisers and consumers to brace for mistruths and false claims about the Amendments. In assessing the release from Senator Cormann, Minister for Finance, AFA Chief Executive Brad Fox,

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23 Jun 2014

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Government’s FoFA statement positive step in the right direction: SPAA

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Finance Minister Senator Mathias Cormann’s statement on the Coalition Government’s FoFA amendments is a positive step in the right direction for the financial advice industry, says the SMSF Professionals’ Association of Australia (SPAA). SPAA CEO Andrea Slattery says it has always been the organisation’s position to support the removal of the best interest duty catch-all provision because

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23 Jun 2014

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