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
Fin services, insurance lead online growth
Australian businesses earned $237.1 billion from the internet in 2011-12, a big jump from $188.7 billion in 2010-11, according to data released by the Australian Bureau of Statistics (ABS). The report, Summary of IT Use and Innovation in Australian Business 2011-12, reveals more Australian businesses are transacting online, with 45 per cent having a web
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
Are DIY SMSF clients ready for power tools?
Self-managed super fund (SMSF) trustees often believe they have good reason to mistrust professional financial advice but perhaps some pointers on dealing with these sorts of clients can be gleaned from reality television. SMSFs are often referred to as do-it-yourself super funds and while this may be a clever catch phrase for a nation addicted
June 06, 2013
