AFA compels advisers to guide “lucky country”
Financial advisers should not shirk their responsibility to restore consumer confidence in the face of market fluctuations and doomsday headlines. Klipin sites research from the AMP Klipin tasked financial advisers with communicating the good news to consumers.
May 24, 2012
AMP awaits endgame on FoFA as clock ticks
The financial planning industry continues to battle a ‘reasonable degree of uncertainty’ as it awaits the final details of Future of Financial Advice (FoFA) reform. The complete legislation will only emerge once it passes through the Senate later this month and the regulator underpins the reforms with guidance to the industry.
May 22, 2012
Trio report ignores threat to investors
The Parliamentary Joint Committee report on Trio Capital and subsequent public analysis of the findings has failed to answer two important investor protection questions. While Harvey Kalman, Equity Trustees’ head of corporate fiduciary and financial service, believes the report into Trio’s collapse shares the blame around evenly, he is concerned that little is said about how to improve investor protection.
May 22, 2012
Sydney adviser guilty, another faces charges
Former senior financial adviser, James Hobson, has been convicted and sentenced in the Sydney District Court following an Australian Securities and Investments Commission (ASIC) investigation. Hobson was a senior financial adviser employed by Binma, which operates the North Sydney firm Noall & Co, and which was an authorised representative of Professional Investment Services.
May 22, 2012
Challenge and consider changing your licensee
The professional obligations of financial planners trump those of their employers and should guide their behaviour in dealing with practices or processes that may be proposed by licensees, according to the chairman of the Financial Planning Association (FPA) of Australia, Matthew Rowe.
May 17, 2012
Legal view: regulation won’t end scams
A senior finance-industry solicitor says the new era of fee-for-service will not automatically end the rorts offered by some commission-based schemes of the past. Principal of Townsends Business & Corporate Lawyers, Peter Townsend, claims Trio, Storm and Westpoint-type disasters could happen again despite the introduction of financial reforms.
May 17, 2012
Advisers resilient but cautious on SMSFs
Financial advisers are overwhelmingly optimistic on the 12-month outlook for the industry, but doubts remain around the self-managed-super-fund (SMSF) segment. According to research from AIA Australia, advisers expect to see growth coming from families and the self-employed.
May 15, 2012
Investors sweat as Spaniards protest austerity
Spain’s centre-right government has announced fresh austerity measures as a response to its deepest economic crisis in decades, reigniting the austerity-versus-growth debate For investors, the whole eurozone crisis must appear to be frustratingly circular
May 15, 2012
FOS says stick to code ‘lock, stock and barrel’
Working to the FPA’s code of practice would not necessarily stop clients complaining about advice, Maynard said, but in Melbourne she told the roadshow that “if you follow the code lock, stock and barrel, you will never have a problem at FOS”. Guidance on codes of practice Code consulting
May 10, 2012
FoFA-consistent codes take time, says Kell
The Australian Securities and Investments Commission (ASIC) has released guidelines on how signing up to a professional code can, in theory, exempt advisers from the opt-in obligation. We have had the power to approve codes under the Corporations Act since 2000, under s1101A
May 03, 2012
Consumers can’t tell good advice from bad
The Australian Securities and Investments Commission (ASIC) shadow shopping research has uncovered an alarming inability among consumers to differentiate between good quality and poor quality advice. A critical part of the shadow-shopping survey was 60-minute interviews with each of the shadow shoppers after they had received advice and reported back to ASIC.
May 01, 2012
Tax extension arrives
… at speed
The Financial Planning Association (FPA) has welcomed the Australian Government’s decision to extend the exemption granted to financial advisers who also work as tax agents. The exemption from the taxation-agent services regime will now run until 30 June 2013.
May 01, 2012
