CPD: Ethics and inadequate financial advice

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On 1 January 2020, FASEA’s Code of Ethics became enforceable by law, requiring advisers to comply with its 12 detailed standards. By the end of 2020, it was announced that FASEA (but not its Code of Ethics) would be disbanded. This article, proudly sponsored by GSFM, examines the importance of upholding these standards and how

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Strengthening and streamlining oversight of the financial advice sector

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Joint media release with Senator the Hon Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology: The Morrison Government is implementing further reforms to strengthen the financial advice sector and provide consumers with better access to affordable and high quality financial advice. Today, legislation was introduced into the Parliament that addresses four recommendations

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New Ministers welcomed by SMSF Association

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The SMSF Association congratulates Josh Frydenberg, Stuart Robert and Zed Seselja in their appointments as Treasurer, Assistant Treasurer and Assistant Minister for Treasury and Finance, respectively, in the new Coalition Government under Prime Minister Scott Morrison. Association CEO John Maroney says the Association looks forward to working closely with these Ministers at a critical time

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Cabinet appointments send the right signal to SMSF sector

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Having the portfolio of Assistant Treasurer in Cabinet and combined with Small Business is a very positive development for the self-managed super sector, says SMSF Association Managing Director/Chief Executive Officer Andrea Slattery. “There is a natural symbiosis between small business and SMSFs, and for someone of the calibre of Kelly O’Dwyer to be appointed to

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AFA welcomes Assistant Treasurer

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The Association of Financial Advisers (AFA) has welcomed the appointment of the Hon. Kelly O’Dwyer, MP as Assistant Treasurer and Minister for Small Business. Commenting on the appointment, AFA National President, Deborah Kent, said with financial services being such a significant sector of the Australian economy, Ms O’Dwyer has an important portfolio. “Policy in the area

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Consumers will have more protections under new super legislation

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The Financial Services Council (FSC) welcomes the Superannuation Legislation Amendment (Trustee Governance) Bill 2015 which was introduced to Parliament today by the Assistant Treasurer, Josh Frydenberg. The Bill is part of a package of reforms designed to increase competition and raise standards of governance across the entire superannuation industry. Together these reforms will protect consumers

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AFA to host Assistant Treasurer

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Demonstrating its ongoing commitment to keep members informed about regulatory change in the advice space, the Association of Financial Advisers (AFA) will host a business lunch with the Hon. Josh Frydenberg MP in Melbourne on Monday 21 September at Crown. “The advice sector is seeing the last pieces of the puzzle come together after a

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AFA: Level commissions should not change

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The Association of Financial Advisers (AFA) has confirmed that the Life Insurance Framework (LIF) includes a very clear statement protecting the existing level commission regime. The LIF agreement between the AFA, the Financial Services Council (FSC) and the Financial Planning Association (FPA) was released on 25 June 2015 by the Assistant Treasurer, Josh Frydenberg. It

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Senate vote a win for SMSF trustees

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SMSF trustees have notched an important victory with the Senate vote to remove the punitive tax rates on excess non-concessional contributions made to superannuation funds. The SMSF Association CEO/Managing Director Andrea Slattery says the Senate vote ends a “draconian” system that “severely punished” trustees for infractions that were rarely intentional. The overly punitive tax result

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Positive signs for SMSF trustees, says SPAA

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SMSF trustees can now have far greater confidence in their superannuation, both in the accumulation and pension phases, says the SMSF Professionals’ Association of Australia (SPAA). SPAA CEO and Managing Director Andrea Slattery says the reassurances by Treasurer Joe Hockey and Assistant Treasurer Josh Frydenberg about the Government’s support for the key principles of superannuation,

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