ASIC to review grandfathering steps
The Australian Securities and Investments Commission (ASIC) has announced it will be investigating progress in the transition away from grandfathered remuneration arrangements for financial advisers.
The regulator said the investigation would review steps taken by industry participants from 1 July, this year, to the 2021 Government deadline and investigate any impediments to the transition.
ASIC said that it would be conducting both quantitative and qualitative reviews would start surveying entities known to pay grandfathered conflicted remuneration to Australian financial services licensees or their representatives from today.
Entities will be required to provide data covering a 12 month period from 1 July, 2018 to 30 June this year, and thereafter on a quarterly basis.
It said the analysis would be provided to the Treasurer, Josh Frydenberg, by 30 June, 2021.
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.