senate

Compliance

If regulations are disallowed, what’s the future under FoFA?

The Opposition will lodge in the Senate as early as today a notice of intention to disallow regulations to the Corporations Amendment (Streamlining Future of Financial Advice) Bill 2014, paving the way for the regulations to be disallowed with immediate effect from tomorrow. Disallowing the regulations means that “original FoFA” – the law that came into […]
Regulation

Cormann slams taxation bill ram raid

Financial planners will eventually need to register as tax agents after three taxation bills passed through the Senate on Friday afternoon, despite opposition outrage. While financial advisers have a further 12-month exemption, they face the vagaries of a second regulator and education requirements that are yet to be determined. Senator Mathias Cormann was left fuming. […]
Superannuation

Super bills rushed through for July start

The passage of four bills through the Senate on Monday night shows the government has remained consistent with previous announcements on superannuation reform but there is cause for concern in some of the detail. AMP SMSF head of policy and technical Peter Burgess told Professional Planner that while there where no real surprises in legislation, […]
Regulation

ASIC defends “complex” Commonwealth probe

Australian Securities and Investments Commission (ASIC) deputy chairman Peter Kell has defended the regulator’s actions in assessing illegal activity and conflicts of interest within Commonwealth Financial Planning (CFPL). With the watchdog facing a Senate inquiry over it’s handling of the high-profile investigation, Kell said ASIC welcomed the opportunity to explain “what we do, what we […]