Consumer protections should be proportionate to risk: AFA
Simple advice would be easier to deliver if the consumer protections better aligned with risk, the Association of Financial Advisers has argued in its submission to the Quality of Advice Review. A young client coming in for advice on superannuation shouldn’t require the same level of regulatory scrutiny as full holistic advice.
June 16, 2022
SMSF advisers should be specialised: SMSF Association
The SMSF Association has recommended professionals providing SMSF advice should be required to have completed specialist education as part of its submission to the Quality of Advice Review. The suggestion is in line with previous recommendations from the Productivity Commission, FASEA and ASIC, but the association has called for action.
June 16, 2022
Proportion of advised SMSFs at lowest point since 2019
The number of SMSFs with an adviser has remained steady but the increase of fund establishments without an adviser has led to the proportion of advised SMSFs declining to the lowest level in three years according to research from Investment Trends and Vanguard.
June 15, 2022
Former CBA subsidiary fined $1.7m for defective advice disclosures
Another instance of misconduct by a major institution uncovered at the Hayne royal commission has been finalised, with former Commonwealth Bank subsidiary Avanteos penalised $1.7 million for defective disclosures related to charging advice fees to members after death.
June 15, 2022
Most practices can be hacked in 30 mins: Cybersecurity expert
Despite guarantees from CEOs they take cyber risks seriously, Security in Depth chief Michael Connory said most organisations across Australia can be hacked within half an hour. RI Advice chief Peter Ornsby said it was an “eye opener” how much responsibility a licensee needs to have over cybersecurity protocols.
June 14, 2022
ASIC implores industry to call out greenwashing
The corporate regulator is encouraging investors to highlight instances of vague, ambiguous language or exaggerated marketing claims in sustainable investment products. After a review of a sample of funds, it found issuers need clearer labelling and to better define the sustainability terminology used.
June 14, 2022
Better days for advisers will come with resourcing, unity and technology
We could spend forever on the blame game, says consultant Conrad Travers. Policymakers. The regulator. Hayne. Licensees. Intermediaries. The banks. It's all justified, but it doesn't change a thing. We need to do better.
June 10, 2022
Don’t wait to improve mental health offerings: Panel
Employers and licensees must be better prepared with mental health resources rather than waiting for a catalyst that becomes a call to action according to a panel.
June 10, 2022
ASIC releases adviser warning, reprimand parameters
In circumstances where adviser misconduct doesn't quite warrant a sitting with ASIC's Financial Services and Credit Panel, the regulator will hand out warnings or reprimands to advisers and their licensee.
June 09, 2022
Exclusive: ALRC mulls separate adviser, stockbroker rules
ALRC president Hon. Justice Sarah Derrington revealed the commission has "moved on" from viewing the removal of Chapter 7 as the primary option in its review of the Corporations Act, and is now considering a "rulebook model" that could allow for unique licensing rules for financial services professionals.
June 08, 2022
Risk growth hampered by changing product landscape: Zurich
Price increases on risk products are inhibiting business growth for advisers due to the pre-occupation with finding better deals for clients according to Zurich chief Justin Delaney. Risk advisers are spending more time supporting existing customers by finding better deals due to the changing product landscape to the detriment of business growth according to Zurich chief executive Justin Delaney.
June 08, 2022
