government and regulation

Financial planning

ASIC calls for better disclosure on remuneration

ASIC has called for companies to provide more clarity on remuneration arrangements for their directors and executives....

Financial planning

Sydney broker receives fine for Credit Act breach

A Sydney-based mortgage broker has received a $27,500 fine for advertising credit services it was not licensed to provide, according to the Australian Securities and Inve...

Financial planning

Trustees challenged to meet stricter return targets

Superannuation trustees have not given consumers in default funds the returns they are entitled to expect, according to chair of the Stronger Super Peak Consultative Grou...

Financial planning

Relief given on shortened PDS transition

The Australian Securities and Investments Commission (ASIC) has released a class order to extend the transition period for the new shorter Product Disclosure Statement (P...

Superannuation

Super funds ask for levy exemption

Regulated superannuation funds are increasingly being seen as a 'honey pot' and should largely be excluded from the Government's proposed compensation levy system, accord...

Superannuation

SMSF collectibles debate all hype: SMSF Academy

Self-managed super fund education provider, SMSF Academy, has labelled industry reactions to draft regulations on collectible investments as "making a mountain out of a m...

Policy & Regulation

Asteron creates FOFA 'lobby pack' for advisers

Life insurance provider Asteron has created a Future of Financial Advice (FOFA) 'lobby pack', which teaches the company's adviser network how to lobby their members of pa...

Superannuation

SMSF collectibles rules don't go far enough: AIST

In a submission to the Government's draft regulations on collectibles and personal use assets in SMSFs, an industry association has asked for even further tightening of t...

Financial planning

Trio levy increased to spread burden more evenly

The Federal Government has taken the advice of industry associations and lifted the maximum levy amount from $500,000 to $750,000 to ensure fairer distribution....

Financial planning

Shorten introduces MIT legislation

The Assistant Treasurer and Minister for Financial Services, Bill Shorten, has introduced legislation that will ensure capital gains and franked distributions can continu...

Financial planning

Reforms could cause structural shift in education

The current wave of regulatory reforms in financial services and focus on professionalism could lead to a structural shift in financial services education, with a focus o...

Financial planning

ATO warns of tax time crackdown

The Australian Taxation Office (ATO) is warning investors to steer clear of tax avoidance schemes and seek independent financial advice as the end of the financial year r...

Financial planning

Greater RE independence needed

A clear separation of the responsible entity (RE) from the fund manager and product promoter will increase investor protection significantly, according to Equity Trustees...

Superannuation

Industry bodies welcome ASIC guidelines on SMSF assets

Super and accounting bodies have applauded the Australian Securities and Investments Commission's (ASIC's) guidelines on art and collectibles in self-managed super funds....

Financial planning

Licensee loses AFSL for inadequate PI cover

Peter Joyner and Associates has lost its Australian Financial Services Licence (AFSL) for failing to maintain adequate professional indemnity (PI) insurance, among other ...