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ASIC sounds major warning on ‘licensee for hire’ firms

ASIC made no secret of its assertion that Lanterne operated purely as a “licensee for hire”, which is an ominous reminder for licensees operating with thin risk and compliance standards that the regulator is watching.

Staff Writer | 15th Apr 2024 | More
Policymakers urged to simplify ‘unnecessarily complex’ SMSF system

Transfer Balance Caps, Super Balance Thresholds and the rules overseeing the notice of intent to claim a tax deduction are all overly complex and could do with immediate simplification, according to SMSF Association CEO Peter Burgess.

Staff Writer | 5th Feb 2024 | More
  • Instos to re-enter advice, SOAs scrapped in landmark reform package

    The government will now follow through on Levy’s proposal to bring licensed financial institutions back into the advice fold, while also agreeing to “modernise” the Safe Harbour Steps and swap SOAs with “advice records”.

    Tahn Sharpe | 7th Dec 2023 | More
    Code of Ethics important, but it won’t supplant the Safe Harbour Steps

    The government’s position on what to do with the Safe Harbour Steps is no longer clear, but the chances of seeing it supplanted by the existing Code of Ethics are slim according to the FAAA’s policy chief Phil Anderson.

    Tahn Sharpe | 23rd Nov 2023 | More
  • Advice reform stalls as Jones dithers on SOA, safe harbour changes

    Even with a lightened agenda, the government failed to finish its homework and instead delivered only a portion of the first tranche of advice reforms. It’s a poor return, and at this rate the advice review could be a ten-year project.

    Tahn Sharpe | 16th Nov 2023 | More
    SOAs, safe harbour steps gone as government takes staged approach to advice reform

    Financial services minister Stephen Jones has accepted 14 of Michelle Levy’s 22 recommendations to increase advice access, with super funds set to play an expanded role and advisers benefitting from a drastic cut to red tape. Banks and insurers, however, have had their advice reform hopes dashed – for now.

    Tahn Sharpe | 13th Jun 2023 | More
    FSC, product providers bemoan lack of support from ASIC on innovation

    On what was set up as a discussion around the proposals put forward by the Quality of Advice Review, the topic repeatedly shifted to the frustration providers felt at not being able to work with ASIC to bring compliant solutions to market.

    Tahn Sharpe | 9th Jun 2023 | More
    FPA and AFA complete merger to create unified voice for advisers

    The new association will be branded with its key purpose – providing a unified voice representing advisers – reflected in speech bubbles over the ‘A’s in its name.

    Tahn Sharpe | 3rd Apr 2023 | More
    ASIC commissioner cuts 5-year term early to join Vanguard

    The respected lawyer will not see out his contract with the corporate regulator after accepting a role in the commercial sector.

    Tahn Sharpe | 19th Jan 2023 | More
  • Tax deductibility review a ray of hope for adviser community

    Advisers are rallying around the prospect of upfront advice fees becoming tax deductible after the ATO announced a review of Tax Determination 95/60.

    Tahn Sharpe | 16th Jan 2023 | More
    ASIC pullback on $500K threshold sparks SMSF narrative change

    After the regulator abandoned its $500K minimum balance guidance, the SMSF Association says it hopes licensees will reconsider some of the concerns they may have had about low-balance funds.

    Tahn Sharpe | 12th Dec 2022 | More
    ASIC hits Vanguard funds over ‘greenwashing’ tobacco claims

    The Australian Securities and Investments Commission is making good on promises to combat greenwashing, issuing its second set of fines against a company for misrepresenting the ESG bona fides of an investment product.

    Lisa Uhlman | 12th Dec 2022 | More
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