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
‘I do like a challenge’: Insignia role a logical fit for Hartley
After working on separating product and advice at AMP, Scott Hartley describes himself as “not a fan” of vertical integration. But while Insignia has no plans to separate its master trust, asset management or advice businesses, the new Insignia Financial CEO is confident in the organisations approach over vertical ownership and not vertical integration.
June 20, 2024
Opposition calls for 99FA changes in letter to minister
The Federal Opposition has written to the government demanding removal of the highly criticised section 99FA in division 1 of Schedule 1 in the Delivering Better Financial Outcomes legislation which outlines the rules for oversight of advice fee deductions from super fund accounts.
June 20, 2024
Licensee satisfaction scaling new heights in golden age for advice
The latest annual CoreData research has found advisers’ satisfaction with licensees has increased across the board. Global CEO Andrew Inwood told the Professional Planner Licensee Summit the tide is starting to lift as the industry realises this is a golden age for advice.
June 19, 2024
Checking quality of advice ‘not trustees’ job’: Jones
Minister for Financial Services Stephen Jones has reiterated that he doesn’t want super funds to review the content or the quality of every single piece of advice charged to their member accounts, despite trustees being warned by an ASIC report last month for not having proper oversight on the issue.
June 19, 2024
Small licensees clearly under ASIC’s regulatory spotlight
ASIC Commissioner Alan Kirkland told the Professional Planner Licensee Summit on Tuesday that two of the regulator’s key enforcement priories will ensure small licensees will be subject to the same regulatory oversight and requirements as their large counterparts, citing the breach reporting regime as a key mechanism.
June 18, 2024
