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
Aussie market outlook: more than a resources play
As most developed market economies work towards a recovery, Australia continues to outperform them in terms of growth rates. Paul Taylor, portfolio manager of the Fidelity Australian Equities Fund looks at the state of local equities and outlines the key drivers of the Australian economy. What’s your outlook for Australia’s economy? The Australian economy has
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
Reconsidering shares through history’s lens
MLC’s Gareth Abley argues that advisers must ensure clients take an objective and long-term perspective to share markets and manage the emotional flux caused by volatility and an excitable mainstream media. Investors are at an interesting inflection point with regard to shares. While many are still pained by the losses of 2008, they’re also aware
June 18, 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
