Regulation

Compliance

Hume rallies the adviser troops on ASIC consultation

ASIC's consultation on advice access has the potential to be a "transformational undertaking", the newly promoted minister tells Professional Planner. The key, she reckons, will be getting advisers to tell their stories.

Tahn SharpeJanuary 15, 2021

Compliance

Lookback requests don’t mix regulatory standards: ASIC

The regulator denied using current regulatory standards for advice lookback reviews that involved older cases with different benchmarks. This comes as ASIC mulls abandoning the 7-year review period altogether.

Tahn SharpeJanuary 12, 2021

Regulation

The great reset: An industry emerges from crisis

Unprecedented quickly became the description de jure for what was happening all around between March and May this year as superannuation was drawn on, funds were tested and central banks through everything including the kitchen sink at the problem - Professional Planner reflects on the year that was.

Matthew SmithDecember 17, 2020

Regulation

FASEA axed, FDS and OSA docs to merge in landmark day for advice

FASEA will have its functions spread across Treasury and a single disciplinary body sitting within ASIC, while – in a much-needed compliance win for advisers – annual fee renewals will be combined with financial disclosure statements in a single document.

Tahn SharpeDecember 14, 2020

Regulation

Hume: Industry voices led to compliance coup

The Senator tells Professional Planner she canvassed “far and wide” in the lead up to Wednesday’s compliance-cutting legislative amendment proposal. Industry associations played a role, she says, as did the advisers who joined industry roundtables and approached their local members.

Tahn SharpeDecember 11, 2020

Regulation

Advice remediation rules up for review

ASIC has proposed a two-tier system to client remediation amidst a raft of updates to RG 256, including doing away with the current seven-year review period and making sure remediation assumptions are always beneficial to clients.

Tahn SharpeDecember 10, 2020

Regulation

ASIC: ‘We’re never as quick as we’d like to be’

ASIC would like to move quicker on fraud but is beholden to due process and, in some cases, outdated regulation. UNSW's Pamela Hanrahan went into bat for the regulator and lobbied for it to have more say in policy formulation.

Tahn SharpeDecember 3, 2020

Regulation

Most advisers to be exempt from new claims handling AFSL rules

Confusion around new rules for claims handling – and misleading press coverage – has led many advisers to believe they need to apply for a new AFS licence. Association heads have confirmed Treasury is set to include an exemption for the "vast majority" of advisers.

Tahn SharpeDecember 1, 2020

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