ASFA welcomes NALE amendments
The Association of Superannuation Funds of Australia has welcomed amendments to the way the non arm’s length expense (NALE) rules apply to large superannuation funds, passed by Parliament yesterday.
June 26, 2024
ASIC reminds AFSLs of experience pathway notification obligations
ASIC has issued a reminder to AFSLs that they must notify the regulator when they have received a written declaration from a financial adviser eligible to access the experienced pathway.
June 26, 2024
Little to fear about self-licensing if done for right reasons
Licensees not only have to compete against each other for advisers in a reduced market, but also against the potential of self-licensing. The Professional Planner Licensee Summit heard there is little to worry about if advisers and practices are moving to self-licensing for the benefit of their businesses, not for perceived cost savings.
June 24, 2024
Small funds, platforms RSEs need to lift valuation game: APRA
APRA has told smaller super funds (with asset of less than $25 billion) and platform RSE licensees to address weaknesses in their unlisted asset valuation processes, following an industry self-assessment survey that identified some deficiencies around the use of revaluation triggers, frequency and board oversight.
June 24, 2024
FAAA makes recommendations to reduce impact of financial abuse
The financial advice profession lacks consistent protocols for handling suspected financial abuse, and there are significant barriers to effective collaboration due to privacy laws and insufficient whistleblower protections, according to the Financial Advice Association.
June 24, 2024
AustralianSuper-backed ‘built-to-rent-to-own’ project completes
Australia’s first super-backed ‘built-to-rent-to-own' (BTRTO) developed has been completed in Melbourne’s Kensington area with the first batch of residents set to move in.
June 24, 2024
Industry, not ASIC, should set standard for 99FA
Retail and profit-to-member fund leaders have put their weight behind the idea of the industry self-regulating and setting the standard for trustee oversight of advice fee deductions, the Professional Planner Licensee Summit heard. The views come as the Delivering Better Financial Outcomes bill will progress as is.
June 21, 2024
No 99FA changes as Senate committee gives green light to DBFO bill
The Senate Economics Legislation Committee has recommended the DBFO bill be passed in its current form, while the opposition has called for Section 99FA to be taken “back to the drawing board”.
June 21, 2024
