better advice bill

Financial planning

The Financial Services and Credit Panel now has its own statutory functions and powers, while tax financial advisers have new requirements. ...

Financial planning

Financial adviser registration to occur in two stages

The registration of financial advisers under the Better Advice Act will occur in two stages with the second commencing once the register transitions to the Australian Tax...

Policy & Regulation

Govt failing to hold exiting institutions to account

Many in the Senate chamber have acknowledged big corporations – the big four banks, AMP and insurance companies – have not been held to account by Royal Commission legisl...

Policy & Regulation

AFA ‘harbours concern’ over Better Advice legislation

The Association Financial Advisers will use the Quality of Advice review to push for tweaks to the single disciplinary body and the mechanism for registration to the Tax ...

Policy & Regulation

Better Advice bill passes Senate

The bill passed without amendments and industry leaders expect that planners will now be able to focus on clients without the distraction of constant regulatory change. ...

Policy & Regulation

Still issues with single disciplinary body legislation

The draft legislation for the Better Advice Bill has outlined the Financial Services and Credit Panel will convene on serious matters, but the Association of Financial Ad...

Financial planning

Advisers to pay more for FASEA exam under ASIC

Financial advisers who sit the Financial Adviser Standards and Ethics Authority exam when the corporate regulator administers the exam will pay over $350 more than now. ...

Policy & Regulation

Ambiguity remains over SDB: SAFAA

There is a lack of clarity for when a disciplinary panel will be called and an association believes it should not be called for a breach of Standard 3 or 6, and that writ...

Financial planning

Govt failed on financial advice reforms: Labor

The opposition has said the Government’s financial reforms have caused uncertainty and unnecessary costs for thousands of financial advisers....

Policy & Regulation

Govt seeks feedback on FSCP and FAR

The Government will seek feedback on when the corporate regulation must convene a Financial Services and Credit Panel and the type of sanctions to include on the financia...

Editorial

Bodies behind exorbitant advice costs need to be held accountable

Compliance and regulation have been touted as the biggest reasons for the increase in advice costs and the Government needs to hold the bodies responsible accountable for...

Financial planning

High fees leaving consumers seeking advice via TikTok

Social media influencers taking kickbacks is no different to the ‘bad old days’ of commission, according to one MP, as the regulator cracks down on ‘finfluencers’. ...

Financial planning

Labor backs two-year review for Better Advice

The opposition has backed the recommended two-year review of the bill as it can’t be “set and forget” and the Government’s management of standards reform has been a “trai...

Financial planning

FASEA needs overhaul under ASIC

The continuing profession development guidelines need to be addressed to remove duplication for tax financial advisers and there needs to be a consultation process which ...

Financial planning

Don’t enforce Standard 3 and 6 until Treasury review

In its submission to Parliament, the Stockbrokers and Financial Advisers Association recommend holding off enforcement of those parts of the code of ethics until it has b...