Jones pulls trigger on education carve-out
The new financial services minister has directed Treasury to begin work on delivering the experience pathway “as soon as possible”, following through on a marquee election promise.
June 07, 2022
Industry values products and gives advice for free: Mota
Sitting alongside AMP CEO Alexis George during a panel, Insignia Financial boss Renato Mota discussed trepidation around returning to an industry model that prioritises product over advice.
June 07, 2022
Levy opens up: Fear of non-compliance ‘considerable’ in advice
Among the biggest takeaways from early consultations during the Quality of Advice Review is the F-word: fear. Review lead Michelle Levy has acknowledged trepidation in the industry around non-compliance, noting that regulatory costs not only push up advice costs but hamper client engagement.
June 06, 2022
‘Not the right moment’: Individual licensing shouldn’t be priority
Licensee heads are open to becoming service-only providers, but with other issues plaguing the industry the move to individual licensing shouldn’t be a priority according to a panel.
June 06, 2022
Licensees, associations unite over advice review
Industry associations and licensee groups have banded together to produce combined submissions on the Quality of Advice Review. With 83 questions in the review's terms of reference, highlighting the areas of consensus will streamline the volume of information delivered to Treasury.
June 06, 2022
‘It’s not about overcharging’: Advisers should back the value they offer
Clients are willing to pay for services if they know it offers value; with client reviews being one of the best opportunities to show the benefits of having an adviser, there shouldn’t be any hesitation in charging accordingly says Plutosoft business development lead and former adviser Vincent Holland.
June 03, 2022
‘I’ve got a different view’: Modify safe harbour to align with advice process
Tweaking the safe harbour steps to make it better aligned with the advice process could be a practical alternative to removing it all together according to Strategie3 chief executive Adrian Kwa. The final safe harbour step has a created a “catch-all provision” that creates an open-ended encumbrance, he says.
June 02, 2022
Australia ranks low on insurance coverage
Even with its compulsory superannuation system Australia has a lower level of life insurance coverage than the OECD average as well as the US, UK and Canada, according to a report from ASFA and Deloitte.
June 02, 2022
Does gutted LNP have the industry talent to hold the ALP to account?
The Coalition’s defeat in last month’s election has left a void of experienced financial services MPs able to hold the new government accountable, but there might be enough talent to fill the gaps according to the Association of Financial Advisers.
June 01, 2022
Open adviser exam to all licensee staff: FSC
To improve professionalisation and upskilling within the industry, the Financial Services Council has proposed the adviser exam be open to all licensee staff. With the number of advisers in the industry having dropped below 17,000 the council hopes this will create a flexible avenue for support staff to upskill into advice.
May 31, 2022
Advisers not taking advantage of CDR: EY
Almost two years to the day Open Banking commenced, advisers are not taking advantage of the Consumer Data Right according to EY. The consulting firm has argued advice firms could benefit from becoming accredited data recipients to save time during the fact-finding process.
May 31, 2022
‘Fair, transparent and equitable’: AFCA funding model approved
AFCA’s newly-proposed funding model has been approved by its independent board, which includes five free complaints a year. The new system relies on a user pay philosophy that will see frequent users of the external dispute resolution scheme carry the burden of financing the regime.
May 31, 2022
