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Regulation

Expanded CSLR the wrong ‘jenga-block’: Hume

The minister shot down hopes of extending the planned Compensation Scheme of Last Resort, saying that including Managed Investment Schemes would coddle investors and disrupt the founding principles of risk and reward.
Regulation

ASIC set to change view of key Standards in 2022

The "facilitative" approach to compliance with Standards 3 and 7 will end with the rollout of the industry's new disciplinary body in January, despite lingering uncertainty around the Code of Ethics. The sharpest change for advisers, according to the AFA's Phil Anderson, might be the way ASIC views the fair value trade between them and their clients.
Professional Standards

Documentation is the bridge to the other side

Standard 8 in the Code of Ethics asks advisers to keep clients’ records in a complete and accurate form. While this may sound simple, it takes time to prepare according to Park Lane Advice Group director John Scukovic and Western Sydney University's Michelle Cull.
Industry
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Industry

Court confirms Caddick went unlicensed for 8 years

The federal court has confirmed Melissa Caddick conducted a financial services business without holding an AFSL, months after the now-deceased businesswoman was prohibited from selling assets or leaving the country as ASIC investigated allegations she stole millions in client funds. 
Industry

Financial services scores low on ethics index, media scores lower

The financial services sector is perceived as being in the lower half of the ethical spectrum compared to other industries according to the Governance Institute's 2021 Ethics Index, with its 'ethical score' placing it above only the resources sector, large corporations and... media.
Opinion
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Opinion
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Reform by gaslight: Why the FSC’s plan for advice doesn’t add up

The FSC's white paper is neither entirely without merit nor entirely self-interested, but it is fundamentally flawed because it continues to prioritise distribution over advice and ignores the historic consequences of that choice. Sean Graham writes for Professional Planner. 
Opinion

Advice ‘triage’ services to offset onboarding woes in 2022

New clients will drive growth in the year ahead, but advisers say onboarding is fast becoming “harder, longer and more expensive”. To make things easier, more practices are setting up advice 'triage' services to keep prospective clients connected and get them prepared for the full suite of services.

Listen to our new Ethics for Advisers series

On Practice
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Industry

‘Not a single dollar’: Call for advisers to be exempt from CSLR

Stakeholders are lining up to protest the exclusion of MIS providers from the compensation scheme, despite the government confirming it will judge the advice industry on its pre-royal commission standards.
Industry

CBA retreats as AIA gears up for scaled back advice offering

While the nation's biggest bank has completed its retreat from retail wealth management, insurance giant AIA Australia will pick up its clients and offer advice to "lower to middle-income Australians" with "simple wealth needs".
Upcoming events
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7 March, 2022

Researcher Forum

SUITABLE FOR: Heads of dealer group and licensee research businesses, senior executives of independent research firms, and senior professionals involved in researching investment products for inclusion in model portfolios and implemented consulting.

The event designed specifically for senior research professionals. The forum focuses on issues related to the generation and delivery of research and research-related materials to clients.

6 - 7 June, 2022

Licensee Summit

SUITABLE FOR: Licensee and dealer group heads.
The annual Licensee Summit is recognised as the key event for the leaders of financial planning dealer groups and licensees to meet and engage with peers and colleagues to discuss the issues that underpin great businesses and the delivery of great advice.
Profiles
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Industry

Shuttleworth on Centrepoint’s future and what he tells his daughter’s boyfriend

The industry veteran got a warm start at Centrepoint after working as a consultant with the board, which came in handy when talks to buy Clearview's advice network gathered pace. He speaks to Professional Planner about running the now-fifth largest licensee in Australia and the sage words of advice he had for his daughter's university-age boyfriend.  
Profiles

Leading from 35,000 feet – treat your board as your best advisers: Alan Joyce

Qantas CEO Alan Joyce stressed the key to leading during times of crisis is seeing the big picture and tapping the experience of your own top table.