policy

Policy & Regulation

Tough new licensing powers flagged for ASIC

Want an AFSL? Better be ‘fit and proper’. A Government taskforce is proposing tough new powers which would enable ASIC to refuse licensing to those it deems not to be ‘fi...

Financial planning

AFA pushes back on ‘independence’ rules

The Association of Financial Advisers has pushed back on the Australian Securities and Investments Commission’s rules around who can and cannot use the term ‘independent’...

Superannuation

Default fund selection vital for consumer protection

AIST has welcomed the digitalisation of superannuation choice forms, where a default fund must be named....

Financial planning

Bank employees union rejects ABA ‘bad apple’ protocol

The Finance Sector Union wants an independent Government regulator to handle background checks and other protocols aimed at weeding out financial services bad apples....

Financial planning

Morrison cites ‘dodgy advice’ in crackdown justification

Federal Treasurer, Scott Morrison has cited cracking down on ‘dodgy advice’ in his broader justification for cracking down on the big banks....

Financial planning

ASIC fixes full AFSL regulatory anomaly

The Australian Securities and Investments Commission has fixed a regulatory anomaly which was unjustifiably hindering full AFSL-holders in delivering tax-exempt advice....

Superannuation

Welcome call to better align super payments with wages

Industry Super Australia has welcomed the Tax Office commissioner’s call for better alignment of wages and salary with super payment timings....

Superannuation

Retail super funds lack fee transparency claim industry funds

The industry superannuation funds are using new research to claim that retail superannuation funds should be required to have higher levels of transparency on fees....

Policy & Regulation

ASIC told: Don’t name and shame without adequate proof

The Government has been warned against allowing the new licensee self-reporting regime to result in people being named and shamed without adequate proof....

Policy & Regulation

The regulatory loophole used by debt advisers

Debt management advisers are operating via a regulatory loophole and need to adhere to the same regulatory standards as financial planners, a parliamentary committee has...

Policy & Regulation

Major banks face bipartisan pincer

The major banks are facing a bipartisan pincer on the proposed bank levy with Federal Opposition leader, Bill Shorten backing such a move while continuing his calls for a...

Life/Risk

Budget change to reduce investment property deductions

The Budget has proposed to only allow new plant and equipment assets and items added to an investment property to be depreciated....

Policy & Regulation

Vertical integration placed under PC microscope

Vertical integration in the financial services industry will be the subject of scrutiny by the Productivity Commission....

Policy & Regulation

Holistic advisers will pay more on ASIC funding regime

Licensees providing holistic advice will be hit harder than those focused on general and wholesale advice under the Government’s new industry funding proposals for the Au...

Financial planning

The FPA makes key appointments

The Financial Planning Association’s bid to become a code-monitoring body has taken another step with the appointment of two senior lawyers to oversee its Conduct Review ...