Regulation

Not too taxing: TPB to work with ASIC

The Tax Practitioners Board (TPB) has moved to ease concerns that the regulatory overlap between it and the Australian Securities and Investment Commission (ASIC) will lead to extra red tape for advisers and licensees. Despite the industry winning a 12-month reprieve from the TPB regulating the tax advice provided by financial planners, many questions remain […]
Professional Standards

“Australia’s most motivated profession”

The Financial Planning Association has called on the major political parties to avoid election sloganeering and deliver a clear policy focus in support of an informed nation of financially enabled Australians. And this means access to good financial advice. “The clear evidence is that people who receive quality financial advice are better equipped to self-support, […]
Regulation

Caught out: Wickett guilty of blatant stealing

A former insurance broker has been sentenced to 18 months jail following an Australian Securities and Investments Commission (ASIC) investigation. Bruce Lawrence Wickett, 69, was last week sentenced in the County Court of Victoria to 18 months in jail with a non-parole period of eight months. He pleaded guilty to three charges of theft in […]
Professional Standards

Small business mirage of a Rudd-led coalition

Financial planning practices with between five and 20 employees have a difficult decision to make at the upcoming election, with small business owners generally caught between personality and party. According to research conducted by debtor finance provider Bibby Financial Services, small business owners would love to see that most unlikely of hybrids: a Liberal-National coalition […]
Regulation

Research houses must lift game or face censure

Financial advisers must undertake their own critical evaluation of research reports, even if this function has been outsourced to a research house, or face censure and potentially further regulatory action and even further legal reform across the sector. Released to little fanfare late last week, the Parliamentary Joint Committee on Corporations and Financial Services’ Statutory […]
Regulation

Watchdog bars black sheep Barr

The Australian Securities and Investments Commission has permanently banned a Perth-based insurance broker after an investigation found he engaged in misleading and deceptive conduct. John Andrew Barr, of Darlington, Western Australia, is the thirty-fourth individual banned by ASIC from providing financial services this year. Of that number, 18 have been permanent bannings. The regulator’s investigation […]
Superannuation

Planner shortfall a factor in poor super decisions

Financial illiteracy and a shortfall of financial advisers are compounding an already tricky superannuation landscape, according to new research conducted by Griffith University. It found that Australia’s compulsory superannuation system may be the primary driver behind a tremendous growth in the managed fund industry, but the change to an employee-nominated system may also be leading […]
Regulation

Dated and distant: ASIC review gathers dust

There is an old saying that today’s news is tomorrow’s fish-and-chip paper, so what to make of yesterday’s news being wrapped up as guidance to the financial planning industry? While the Australian Securities and Investments Commission (ASIC) is to be commended for much of the work it undertakes, a detailed analysis of what Australian Financial […]
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