Compliance

Compliance

Breach reporting regime a mammoth task for licensees: Allens

ASIC's new breach reporting regime will be a huge incursion for licensees and add a significant risk element to their compliance framework, legal experts warn. Mixed messaging and a sneaky "dobbing" provision aren't making things easier, they say.

Tahn SharpeJuly 14, 2021

Compliance

Check SoAs as well as consent forms, regulators tell trustees

Trustees have been advised by ASIC and APRA that fee consent forms aren't enough; they should be checking advice SoAs to ensure services are being provided. The heightened level of trustee oversight has experts concerned about privacy and process issues.

Tahn SharpeJuly 1, 2021

Compliance

ASIC posts long-awaited fee arrangement guide

A rapidly approaching implementation schedule has forced ASIC to provide advisers guidance on new rules around ongoing fee arrangements, fee disclosure statements and ongoing fee consent a mere 2 weeks before they apply.

Tahn SharpeJune 15, 2021

Compliance

IOOF: Most file breaches came from old regime

Only 4 of the 19 Bridges and RI Advice files identified by ASIC as being “potentially detrimental to clients” came after IOOF ascribed 100 per cent of its advisers to ASIC’s 515 standard, the wealth group says.

Tahn SharpeApril 27, 2021

Compliance

FSC punts safe harbour steps in third ‘simple vs complex’ advice pitch

The council’s green paper follows the original Rice Warner report it sponsored and subsequent poll review, and includes major tweaks to its original ‘simple vs complex’ plan headlined by the abandonment of SoAs and safe harbour rules.

Tahn SharpeApril 19, 2021

Compliance

Advice on the cusp of a new RoA era

The regulator has signalled its intention to expand the RoA regime with several key developments this week aimed at reducing the role of statements of advice in the advice compliance spectrum.

Tahn SharpeApril 16, 2021

Compliance

More RoAs, less ‘turgid’ guides: ASIC reveals advice consultation takeaways

An expanded RoA regime is one of many actions ASIC is considering after trawling through almost 500 submissions to its landmark consultation paper on access to affordable advice. Another – the need to fix its own “turgid” guidance documents.

Tahn SharpeApril 13, 2021

Compliance

FSC brings in pollsters to look at ‘simple vs complex’ advice plan

After teaming up with Rice Warner to propose ‘simple’ and ‘complex’ personal advice last October, the FSC has brought in an external research team to find out if the idea would resonate with consumers.

Tahn SharpeMarch 30, 2021

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