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THE FOLD BOLSTERS ITS TEAM WITH PROMOTIONS & NEW ADDITIONS. 01 Aug 2019
We’re delighted to announce that Simon Carrodus (https://www.thefoldlegal.com.au/people/simon-carrodus), who joined The Fold in early 2018, has been promoted to Solicitor Director. Simon leads our wealth management practice, and whilst many know him for his colourful analogies and straight ..
5 REASONS ASIC WILL REJECT YOUR LICENCE APPLICATION. 03 Jul 2019
ASIC rejects 30% of AFS licence applications and 24% of credit licence applications. In this article, we explain why it rejects applications and give you tips on how to avoid becoming a statistic. In 2017/2018, ASIC approved just 40% of all Australian financial services licence (AFSL)  ..
MCIS: A NEW CAPITAL RAISING OPPORTUNITY FOR MUTUALS. 20 Jun 2019
Discretionary mutuals are often driven by the desire to join together for a common purpose, but they can be expensive to establish. A recent legislative change has now created a new opportunity for mutuals to raise start-up capital through Mutual Capital Instruments. What are Mu ..
CAN’T GET MANDATORY PI COVER? HERE’S WHAT TO DO. 27 May 2019
Some financial services and credit licence applications are being delayed because licensees simply cannot buy professional indemnity (PI) insurance. We outline what to do if this is happening to you. The Royal Commission has made it more difficult for licensees to get PI insurance T ..
TPB UPS THE ANTE ON PRIVACY CONSENT. 14 May 2019
Registered tax (financial) advisers have a higher obligation than other financial planners when disclosing information about their clients to third parties. This is because the Tax Practitioners Board’s (TPB) Code of Professional Conduct has more stringent requirements than the Privacy Act.  ..
DO RESPONSIBLE MANAGERS NEED ASIC APPROVAL? 10 Apr 2019
There is no legal requirement for ASIC to “approve” Responsible Managers (RMs), but that’s exactly what’s happening in practice. It’s now creating problems for licensees and RMs. The letter of the law Under the law, an RM is legally appointed from the date the AFS licensee det ..
DON’T LOSE TOMORROW’S LEADERS, LOCK THEM IN. 11 Mar 2019
As the level of M&A activity increases in the financial services industry post Royal Commission, it’s time to put in place incentives so you don’t lose key employees. Many business owners count on key employees being there to take over the reins. But often key employees leave to w ..
VERTICAL (DIS)INTEGRATION – ARE YOU CONFLICTED? 08 Mar 2019
Many financial advisers don’t think they have a conflict of interest, but they might be wrong. Thanks to the Royal Commission, everybody is talking about vertical integration and in-house conflicts. We explain what this means and highlight four things you can do to manage conflicts effec ..
DEAL BREAKERS & DEAL CHANGERS IN THE FINANCIAL PLANNING M&A SPACE. 01 Feb 2019
The financial services industry has seen blow after blow recently with the introduction of new Financial Adviser Standards and Ethics Authority (FASEA) education standards and the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commissi ..
IMPACT OF THE GDPR ON AUSTRALIAN BUSINESSES. 05 Nov 2018
You may think you’re not affected by the European Union’s new General Data Protection Regulation because you don’t advise clients in the EU? Think again – especially if you use apps like Mailchimp or DocuSign. Even if you merely monitor your clients’ behaviour when they are travelling i ..
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