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Release reins of general advice to reset market: Vanguard

The closing of submissions for the Quality of Advice review saw a flurry of detailed proposals released in recent weeks. While the key points remained the same across most of the associations, that being clarity on consent and disclosure, removing the safe-harbour provisions and greater tax deductibility, proposals from the other side of the fence…

Drew Meredith | 4th Jul 2022 | More
Regulation Impact Statement to be prepared post fact

Following the 2009 Parliamentary Joint Committee on Corporations and Financial Services Inquiry into Financial Products and Services in Australia, the FoFA reforms were developed. It identified conflicted remuneration as a leading cause of poor financial advice that was provided to clients. The resolution was to ban conflicted remuneration and to thereby remove the conflict between…

Ishan Dan | 30th Jun 2022 | More
  • Associations band together to reset advice regulation

    The Quality of Advice Review combined with the Australian Law Reform Commission’s detailed analysis of the ongoing appropriateness of the Corporations Act in regulating financial product advice are offering some hope for the under-pressure advice industry. As submissions were released this week, they were accompanied with commentary from several industry leaders about the massive burden…

    Drew Meredith | 23rd Jun 2022 | More
    Banking sector remains strong, but crypto, housing challenge grows: APRA

    The chair of the Australian Prudential Regulation Authority (APRA), Wayne Byres, spoke at the recent AFR Banking Summit on the current state of the Australian financial system, addressing the various geopolitical thematics, economic headwinds and ongoing tensions at play. He also touched on housing, climate action and digitisation. The Australian banking system has undergone reforms…

    Ishan Dan | 9th Jun 2022 | More
  • 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
    Regulator flags drop in Supervisory Levy

    After five years of compounding compliance and regulatory requirements combined with higher costs in every part of their business there are a number of potentially positive catalysts on the horizon. The first, is of course, the Quality of Advice Review, which is occurring alongside a new Minister for Financial Services, in Stephen Jones, who has…

    Staff Writer | 6th 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
    Financial Services Council flags priorities for Advice Review

    There is growing pressure on the long-awaited Quality of Advice review to deliver real change to an industry that has been saddled with layer after layer of regulation, compliance and paperwork. Commentary around the cost of advice highlights an important issue, yet given the level of importance and value that can come from a document…

    Drew Meredith | 19th May 2022 | More
    Mixed views on Federal Government property proposals

    The Liberal Party joined the ALP in focusing on housing affordability during their formal campaign launch this week. The announcement was headlined by two fairly major policy changes, one of which wasn’t automatically accepted by the ALP, as has been the case for both parties for some time. The first change, which has been flagged…

    Drew Meredith | 16th May 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
    Stability, simplification, abolition of Safe Harbour, FDS proposed

    “We are at a critical crossroad, with an aging population, and the “Great Australian Wealth Transfer” at our doorstep” explained Lifespan Financial Planning CEO Eugene Ardino in an open letter to Scott Morrison and Anthony Albanese on the eve of the Federal Election. Ardino was compelled to speak out on behalf of the financial advice…

    Drew Meredith | 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
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