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UNLICENSED ACCOUNTANTS ASKED TO “PLEASE EXPLAIN”. 15 Sep 2017
ASIC is sending “please explain” letters to accountants they believe may be in breach of financial services laws. For some time, ASIC has hinted that they will monitor unlicensed accountants activities and they’ve now followed through with the help of some new technological weapons. It appe ..
RECRUITMENT CHOICES CAN AFFECT YOUR COMPLIANCE. 08 Sep 2017
Employing someone with a conviction or bankruptcy can jeopardise compliance with an Australian Financial Services (AFS) licensee’s obligations. ASIC can ban any person it considers to not be of ‘good fame and character’. It can suspend an AFS licence if a significant representative of a lic ..
LICENCES AND RESPONSIBLE MANAGERS FOR SALE. 31 Aug 2017
A thriving secondary market for AFS licences, credit licences and Responsible Managers (https://www.thefoldlegal.com.au/blog/responsible-managers) exists in Australia. Foreign exchange businesses can command ludicrously high sums for AFS licences for these rare and hard-to-get authorisation ..
ASIC’S USER-PAYS REGIME INCREASES LICENSEE COSTS. 23 Aug 2017
Since 1 July 2017, most businesses who are regulated by ASIC must pay a levy to fund ASIC’s work, a cost that was previously borne by taxpayers. Who must pay The ASIC Supervisory Cost Recovery Levy Act 2017 imposes the levy on financial services, credit service and, market infrastructu ..
SUPPORTING WOMEN IN FINANCE. 11 Aug 2017
We don’t choose who we work with based on their gender, but we do understand how challenging it can be for a woman to stand out in the financial and technology sectors. That’s why we’re proud of our Managing Director, Claire Wivell Plater’s nomination for Fintech Leader of the Year in the Wo ..
3 TIPS TO WRITE AN SoA YOUR CLIENTS WANT TO READ. 29 Jun 2017
Most clients don't read Statements of Advice (SoA) because they are far too long. This renders them ineffective and exposes advisers to the risk that their client may not understand the advice they've been given. If things go wrong down the track it may even leave advisers on the hook if the SoA ..
INSURANCE AFFECTED BY AUSTRALIA POST CHANGES. 22 Jun 2017
Since the changes to Australia Post’s standard delivery times have changed, it may take longer for a postal cancellation of an insurance policy to take effect. It is common knowledge that under the Insurance Contracts Act, the earliest a cancellation of insurance can take effect is 4pm ..
CROWD-SOURCED EQUITY FUNDING – A QUICK PRIMER. 02 Jun 2017
From 28 September 2017, a new source of capital will become available to unlisted businesses – funding by the ‘crowd’. That’s you and me, mums and dads, and of course, the usual suspects – high net worth and institutional investors, who have previously had these investment opportunities pretty m ..
MDA CHANGES – WHAT, WHEN & WHO? 12 Apr 2017
How time has flown! We’re 6 months in to the revised MDA services framework, but what with Christmas and all, we’ve not seen much evidence of MDA providers changing their processes. But the first deadline - for full service MDA providers - is approaching, people. It’s time to get your skate ..
UNFAIR FINANCIAL SERVICES CONTRACTS. 05 Apr 2017
“Unfair contract terms” was the hot topic of 2016. Businesses were warned to get their contracts reviewed, multiple articles were published explaining what an unfair contract term actually is, and the ACCC worked with some industries to weed out unfair contract terms. The problem is, one p ..
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