Best practice: ASIC won’t expect perfection
The financial planning industry has some grounds for concern over elements of the regulator’s guidance on the best interests duty and scaled advice, according to a lawyer specialising in the Future of Financial Advice (FoFA) reforms.
August 14, 2012
Former ATO man turns from insider to activist
Financial planners have been urged to contact the Australian Taxation Office (ATO) to seek clarification of their clients’ concessional and non-concessional superannuation contributions to avoid running foul of contribution rules and paying punitive penalties.
August 14, 2012
Small territorial issues but no turf war: CPA
CPA Australia has taken a conciliatory tone in what some believe is a looming battle between accountants and financial planners as both professions seek advantage from the Future of Financial Advice (FoFA) reforms. Alex Malley, chief executive of CPA Australia, believes the vast majority of accountants has no interest in providing product advice and only wishes to establish professional referral networks.
August 13, 2012
Regulating investment property could be a reality
The development of a property platform is underway in Australia that could see real property brought into the regulated realm. The platform is called fractional property investing and, by bringing real property into the realm of regulation, it will enable financial planners to provide advice to investors with the same protections and benefits that managed funds offer them.
August 07, 2012
August 2012:
Digital content
A guide to the Professional Planner August 2012 edition and links to authors and additional content.
July 31, 2012
A place for property in financial advice?
To recommend or not to recommend property Whether it is because of a lack of commissions, the risk of legal action or a lack of knowledge about the property market, many advisers steer altogether clear of recommending property investments.
July 31, 2012
Shhhh… don’t tell anyone we’re FoFA-compliant
Mascot-based boutique investment advisory business, Global Funds Management, part of the MyMoney group of companies, and fund manager QWL are the first to comply with Future of Financial Advice (FoFA) reforms.
July 30, 2012
AMP rolls out SMSF service to network
AMP has launched a new version of its Ascend self-managed superannuation fund service to its financial advice network while its North platform will offer a rebate on term deposit administration fees until the end of the year. The Ascend SMSF service is being rolled out to SMSF-accredited planners in AMP’s aligned advice network in the second half of 2012, starting with AMP Financial Planning and Hillross.
July 30, 2012
ASIC’s eye in the sky to monitor “bad apples”
The second phase of a risk-based surveillance operation and reference checking measures aimed at ensuring that “bad apple” advisers don’t move undetected between licensees are priorities for the regulator over the next 12 months.
July 26, 2012
Capstone to target accountants in land grab
The Melbourne-based national financial planning group Capstone Financial Planning has signalled the beginning of an expansion drive with the appointment of a national network manager. Reporting to Capstone managing director Grant O’Riley, Jamie Johns has joined Capstone from Bendigo/Adelaide Bank, where she was senior manager of financial planning.
July 24, 2012
Knives drawn as timeshare gets FoFA carve out
The timeshare industry will be allowed to continue remunerating its employees through sales-based commissions after what the coalition described as a back down by government. The decision effectively carves out longstanding remuneration arrangements in the timeshare industry from the ban of commission-based payments included under the Future of Financial Advice (FoFA) reforms.
July 23, 2012
