financial products

Funds management

FSC calls for modernisation in product development

Removing barriers for fund managers and super funds to transition to modern investment products would result in customers retiring with cumulatively $16 billion more by 2...

Financial planning

ASIC provides advisers a best interests break on DDO

The Australian Securities and Investments Commission will regard personal advice entailing client best interests as obviating many of the adviser strictures of the new de...

Policy & Regulation

Govt extends sweep of Design and Distribution Obligations

Platform providers and those engaged in managed accounts will need to be alert to new regulations which extend the sweep of the Design and Distribution Obligations regime...

Financial planning

FSC welcomes new laws to protect consumers

The Financial Services Council has welcomed new legislation aimed to provide more protection for consumers from poor financial products....

Financial planning

AFCA inundated with complaints

The Australian Financial Complaints Authority reported it received over 13,000 phone enquiries in its first month of operation. ...

Policy & Regulation

Govt to double employee share scheme limit

The Federal Government is proposing to increase the value limit of products in employee share schemes that can be offered in a 12-month period from $5,000 to $10,000 per ...

Financial planning

Planners should be answerable on products, says ISA

Industry Super Australia has objected to exempting personal financial advice from product design and distribution obligations, arguing planners need to be held responsibl...

Policy & Regulation

Lawyers argue against post-sale product intervention

The Law Council of Australia has urged the Government that it needs to amend proposed new financial product design and distribution laws to exclude intervention in produc...

Policy & Regulation

Will bank staff be mistaken for advisers?

The Australian Baking Association has warned that new Design and Distribution laws may result in bank staff being mistaken for advisers....

Policy & Regulation

ASIC signals litigious intent

The Australian Securities and Investments Commission has signalled the likelihood that it will become significantly more litigious in the wake of the Royal Commission....

Policy & Regulation

ASIC wants product sales training powers

The Australian Securities and Investments Commission is arguing that giving it product sales training intervention powers may reduce the need for it to take extreme actio...

Policy & Regulation

ASIC places Dollarmites in crosshairs

The Australian Securities and Investments Commission said it will commence a review of school banking programs in primary schools....

Financial planning

FPA suggests risk rating financial products

The Financial Planning Association has suggested risk rating financial products to better target consumer protections....

Financial planning

Mortgages are financial products and need advice

Mortgages should be deemed financial products under the Corporations Act requiring the provision of licensed advice, according to actuarial consultancy, Rice Warner....

Editorial

Why an ASIC product-intervention power should be welcomed

Financial services product manufacturers should be prepared to stand behind their offerings and ensure they are directed to the right consumers by the right people....