phil anderson

Financial planning

ASIC needs to clarify commissions treated as ongoing fee 'consent': AFA

With the ongoing fee arrangement obligations coming into place in two weeks, the corporate regulator needs to explain its guidance surrounding ‘consent’ on the payment of...

Financial planning

Pathway for advisers to avoid being classified as 'new entrant'

If existing advisers are classed as “ceased” by the end of 2021 and have not passed the FASEA exam they will not be classified as a ‘new entrant’ in 2022 if they want ret...

Financial planning

Don’t look for FASEA exam ‘loopholes’: AFA

Advisers who want to continue in the industry should do everything they can to pass the exam this year as it is not clear whether they will be able to sit an exam next ye...

Policy & Regulation

Breakthrough acknowledgement on FDS arrangements

Advisers look likely to be given more flexibility around the new fee disclosure statement rules following strong lobbying around flaws in the existing proposed arrangemen...

Financial planning

The reality of advisers discarding C-grade clients

Grandfathered arrangements may have ended on 31 December, last year, but many clients and potential clients are only now getting some hard news from advisers about what a...

People & Products

AFA adds to leadership team

Cameron Burne has been appointed general manager – partnerships for the Association of Financial Advisers....

Financial planning

Treasury, not ASIC will ultimately determine 'general advice' outcome

The Australian Securities and Investments Commission was never really empowered to seriously change the status of ‘general advice’ when Government reviews were on foot....

Financial planning

Advisers worried about the cost of the single disciplinary body

The Federal Government faces strong lobbying from financial planning organisations to ensure that the new single disciplinary body does not become yet another impost on a...

Financial planning

Salaried advisers and the lack of client ownership

Salaried advisers may have fewer administrative headaches when compared to their self-employed counterparts but, ultimately, they do not legally own their clients. ...

Financial planning

Will ASIC's adviser breach regime overwhelm its own resources?

The increased volume of reports generated from upcoming changes to the Australian Securities and Investments Commissions new breach reporting regime runs the risk of over...

Features

Where do we go from here?

There was support for increased standards in the financial advice industry, Chris Dastoor writes, but any goodwill was destroyed by FASEA in just a few years. Where did i...

Financial planning

Regulatory costs likely to go up: AFA

The loss of funding for regulatory bodies from the big institutions will still need to be covered by those left in the industry, as the corporate regulator relies on cost...

Financial planning

Is the ASIC affordable advice review just the first step?

Will the Government initiate an independent review of the legislation and regulation around financial planning based on the findings of the current Australian Securities ...

Financial planning

Central message to ASIC: Give us regulatory consistency

Regulatory consistency represents one of the keys to financial advisers being able to deliver affordable advice according to key submissions filed with the Australian Sec...

Financial planning

Warning that licensees face breach-reporting overload

The Government is being urged to provide regulatory clarity around the new breach reporting legislation which it is feared will radically increase what are deemed to be r...