DPB provision brings equal regulation
Members of financial services professional bodies who offer financial advice will have to be licenced and regulated to the same standards of a financial planner, following the amendment of the Declared Professional Body (DPB) provision in the draft Financial Services Reform Bill (FSRB) introduced into parliament earlier this month.
Last year the proposed DPB provision allowing members of professional bodies to be exempted from certain licencing requirements under the FSRB caused a level of industry unease. The Financial Planning Association (FPA) raised its concerns that the DPB element would create two different regulatory structures, and lead to a dilution of consumer protection.
Recommended for you
Insignia Financial is targeting its salaried financial advisers increase their revenue per adviser by 62.5 per cent over the next five years.
AWAG and Teaminvest Private Group have teamed up to offer a succession lending fund to help advice principals navigate succession planning and enjoy their retirement.
LGT Crestone chief executive Michael Chisholm believes the firm was chosen to acquire Commonwealth Bank’s personal advice arm due to its strong private market capability.
Advisers will now be able to tap into global markets on the platform through international signature managed accounts from global managers like T. Rowe Price and Lazard.
