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ASIC updates guidance for ‘warnings and reprimands’

ASIC has just released an information sheet allowing it to issue warnings and reprimands to financial advisers that do the wrong thing. If you’re a financial adviser, you’ll definitely want to take note of the key messages from the document.   As part of the Hayne Royal Commission Response – Better Advice Act 2021, a…

Ishan Dan | 9th Jun 2022 | More
AFCA confirms a new user pays model to cover costs

Following on from last week’s article titled, ‘Ombudsman seeks to simplify complaint treatment,’ The Australian Financial Complaints Authority (AFCA) today confirmed it will put into place a ‘user-pays’ funding model that is fair, transparent and equitable. The AFCA board approved the new funding model that will effectively charge financial advisory firms the same or a…

Ishan Dan | 2nd Jun 2022 | More
  • Ombudsman seeks to simplify complaint treatment

    The Australian Financial Complaints Authority, the external dispute resolution group of which all financial advisers must be members, this week announced significant changes to their assessment process of new complaints. A wide-ranging review of the group highlighted issues occurring due to the actions of so-called ‘paid advocates’. These includes debt management and credit repair firms…

    Staff Writer | 16th May 2022 | More
    FPA cuts marketing levy, focused on the future

    In an update from Sarah Abood, CEO of the Financial Planning Association (FPA), confirmed the message from members on fees had been ‘loud and clear’. Members have railed against the additional ‘Marketing Levy’ since it was applied several years ago suggesting this should be caught in the normal FPA budget. The FPA has responded by…

    Staff Writer | 5th May 2022 | More
  • Funding model, wholesale test lead FPA’s election platform

    The Financial Planning Association (FPA) has outlined its policy platform, or target areas for the next Federal Government. The industry body plays an important role in lobbying for change, highlighting that it does not wish to pre-empt the potential results of the Quality of Advice Review or the ALRC’s review of the Corporations Action, rather,…

    Staff Writer | 2nd May 2022 | More
    Stockbrokers association drops financial advice monitor

    The Stockbrokers and Financial Advisers Association (SAFAA) is changing its name to the Stockbrokers and Investment Advisers Association (SIAA). The subtle change of replacing ‘Financial’ with ‘Investment’ Advisers is believed to better reflect the new SIAA’s broader purpose and its place in the industry. The old word, “financial,” was inaccurate and slightly misleading, according to…

    Ishan Dan | 28th Mar 2022 | More
    ASIC warns fundies on “misleading” marketing, wholesale exemption

    The Australian Securities and Investments Commission (ASIC) has cast a spotlight on the managed funds industry by commencing surveillance into the marketing of managed funds. The corporate watchdog is looking to catch-out fund managers using misleading performance data and risk representations in their promotional material, whether it be traditional or digital marketing. ASIC Deputy Chair…

    Ishan Dan | 24th Mar 2022 | More
    Senate inquiry highlights challenge facing advisory market

    The Compensation Scheme of Last Resort, or CSLR, has become something of a lightning rod for the finance industry in 2022; and yet we are less than a month into the year. While almost every impacted party agrees on the importance of the new scheme, few can agree on who should pay for it, and…

    Drew Meredith | 31st Jan 2022 | More
    Hedge funds, ‘hybrid alternatives’, in the hot seat

    Uncertainty has returned to the market after a bumper 2020, fuelled by persistent inflation and a pandemic that never really went away. But in its latest alternatives outlook, JPMorgan warns that investors “aren’t seeing the forest for the trees.” “Up close, the ‘trees’ in the 2022 outlook are clear,” writes Anton Pil, global head of…

    Lachlan Maddock | 31st Jan 2022 | More
  • Dixon Advisory files for voluntary administration

    On Wednesday, Dixon Advisory & Superannuation Services, the division of ASX-listed E&P Financial Group (ASX:EP1) that was focused on delivering financial advice to high-net-worth clients for several decades, filed for voluntary administration. This marks the beginning of the end for what initially appeared to be an Australian success story.  According to the ASX announcement, administrators…

    Drew Meredith | 20th Jan 2022 | More
    Time to take a stand on punitive financial advice compliance

    Dissatisfied with the way in which financial advisers are being treated, the Association of Independently Owned Financial Professionals (AIOFP) has taken a stand, launching a political movement to voice their concerns. The body says, “the current Coalition government have unfairly targeted financial advisers for their own political purposes. Consumers have become collateral damage by either…

    Ishan Dan | 17th Jan 2022 | More
    Standard 3 review the last order of business for FASEA

    The soon-to-be-disbanded Financial Adviser Standards and Ethics Authority (FASEA) is finishing its reign with a flurry, announcing a review of the much-derided conflicts of interest Standard 3 of the recently enshrined law. Financial advisers and legal experts have raised concerns about the structure of the ethical standards sincetheir inception. In fact FASEA had received 37…

    Ishan Dan | 8th Nov 2021 | More
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