The birth of a profession as FoFA lands
A lot of attention has justifiably been focused on the Future of Financial Advice (FoFA) changes, which start today. As a whole, FoFA represents arguably the greatest shake-up of regulation in the financial planning space. But an equally, if not more, significant change also takes place on the very same day. From July 1, it
July 01, 2013
Planner education: when a degree isn’t enough
Treasury and the Australian Securities and Investments Commission (ASIC) have again missed a trick by failing to address the integration of education standards for financial planners. While welcoming the proposed raising of training standards generally, Dante De Gori, general manager of policy and conduct at the Financial Planning Association (FPA), expressed frustration with ASIC’s Consultation
June 27, 2013
Licensed accountants to boost SMSF safeguards
The licensing of accountants may go some way to addressing knowledge gaps around self-managed superannuation funds, says Citi consultant and former minister for superannuation and corporate law Nick Sherry. However, he warned that lack of diversity and mis-selling in the SMSF sector are cause for concern. “There are far too many SMSFs that are sub-economic,
June 25, 2013
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
June 24, 2013
Industry feedback key in first weeks of FoFA
With just a week to go until the arrival of the Future of Financial Advice (FoFA) reforms, the regulator has one message for the financial advice industry: keep talking to us. A spokesperson for the Australian Securities and Investments Commission (ASIC) was not prepared to answer specific questions on what it will be doing operationally
June 24, 2013
Associations back TASA delay as a win for all
The Financial Planning Association (FPA) and Association of Financial Advisers (AFA) have welcomed the government’s concessions on the Tax Agents Services Act (TASA), including a 12-month extension for financial planners to be brought into the regime. While the bill will be debated in parliament again today – and likely passed by the house of representatives
June 20, 2013
Where is the Storm or Trio that justifies TASA haste?
While a combination of common sense and collective lobbying has eventually prevailed to give financial planners another 12 months before they must comply with the Tax Agent Services Act (TASA), the speed with which certain elements in the mainstream media resorted to bashing the industry on this issue was duly noted. It is indisputable that
June 20, 2013
BDMs want your job
Business development managers (BDMs) servicing financial planners are generally not meeting targets, and dissatisfaction with team culture has them looking to competitors or other financial services providers for employment. According to a Business Health report, Business Development Manager Research Results, which polled 115 managers representing product manufacturers, dealer groups and independent licensees, just 22 per
June 13, 2013
Life companies to blame for churn: Dunsford
Principal of Dunsford Financial Planning, Mark Dunsford, says life insurance companies will need to put consumers ahead of profits if they ever want to get serious about addressing lapse rates and churning. I have noticed that Bill Shorten and The Financial Services Council (FSC), have put their heads together yet again in an attempt to
June 11, 2013
TASA deferred, clock ticks on PJC
Financial advisers have won a temporary reprieve from needing to comply with the Tax Agent Services Act (TASA) regime, but this respite from additional red tape may be short-lived. Yesterday (June 6) the Tax Laws Amendment (2013 Measures No. 2) Bill 2013 was referred to the Parliamentary Joint Committee (PJC) for Corporations and Financial Services
June 06, 2013
