ASIC

Advice is set for a dramatic shift towards deregulation, with the Levy proposal paper sketching a plan to ditch statements of advice and best interest duty in favour of a new “good advice” directive.

The chair will take a hard line on DDO and crack down on scams, but his major concern is crypto misinformation. “My job is to be frank with the Australian people,” he said.

The new regime will help firms identify and act on breaches a lot quicker than before.

The review will consider “the consequences of time lags between regulatory action and cost allocation”, the terms of reference states.

The global ETF and would-be superannuation fund provider believes a scaled compliance model would better serve the domestic advice market.

The Federal Government has quietly passed several previously flagged changes to the financial advice industry. The majority appear to be a positive step in the face of what is a jungle of red tape currently faced by the shrinking cohort of financial advisers. There were four key changes, with all eyes on the potential for…

The Australian Securities and Investment Commission, regulator of the financial adviser industry, this week released their long-awaited guidance regarding Ongoing Fee Arrangement changes set to come into force on 1 July 2021. In a positive move for advisers struggling under reams of compliance paperwork, the guidance replaced Regulatory Guide 245 and offers a straightforward commentary…

As part of the government’s commitment to ensure Australian’s can access quality financial advice, a new disciplinary system for financial planners has been proposed that includes a raft of changes including many previous roles falling under Treasury and ASIC coverage.   The Financial Planning Association of Australia (FPA) has thrown its support for the Government’s…

Mixed day but higher finish, new highs for stalwarts, Woolworths disappoints The ASX200 (ASX:XJO) managed another small gain, adding 0.3%, powered ahead by the technology sector; Afterpay (ASX”APT) and Zip Co (ASX:Z1P) adding 3.5% and 2.5% respectively. With half the sectors down, it was the consumer businesses that were the biggest detractors, Woolworths (ASX:WOW) falling 3.9% after delivering lackluster third quarter sales figures….

As highlighted in our article recently covering the formation of the ‘single disciplinary body’ to govern and regulate individual financial advisers, the landscape continues to evolve on a near daily basis. Comments from ASIC in response to their call for submissions to make financial advice more affordable, suggested the Record of Advice could be set…