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STAMP DUTY – BE AWARE, BE PREPARED. 12 Dec 2019
Often the last thing on a Buyers mind when completing a new acquisition is the need to pay stamp duty. But pre-transaction, when buying assets such as a new client portfolio or book/list, stamp duty is assessed based on the location of the assets purchased and the purchase price paid. Genera ..
MARKET TRENDS: VENDOR FINANCE IS ON THE INCREASE. 14 Nov 2019
Even though interest rates are going down, the traditional funding market for business is tightening, making funding more difficult to obtain for anyone purchasing a financial advice business. This is leading to a desire for buyers and sellers to explore other options like vendor finance. Th ..
MARKET TRENDS: BOLRS AREN'T A SURE THING. 15 Oct 2019
The challenges for AMP advisers with their buyer of last resort arrangements (BOLRs) has dominated the headlines. Many other advisers have BOLR arrangements with their dealer groups/licensees and while many of them have not yet refused to honour them, there is a definite shift in attitude. For s ..
WHAT’S NEXT FOR THE FINANCIAL ADVICE SAFE HARBOUR PROVISION? 25 Sep 2019
The Safe Harbour provision was supposed to provide financial advisers with more certainty in meeting their legal obligation to act in the best interests of their clients. But in the aftermath of the Hayne Royal Commission, the Safe Harbour provision’s days may be numbered. What is the Safe  ..
DEAL TRENDS: MANAGING THE RISK OF RECOVERY IN FINANCIAL TRANSFER TRANSACTIONS. 16 Sep 2019
We’ve recently noticed that both buyers and sellers have heightened concerns about their risks and exposures when transferring financial advice portfolios. Both are looking for different ways to manage their financial risk of recovery. Sellers want to know what their liabilities and obligations ..
DON'T BE BLOWN OFF YOUR FEET BY THE NEW WHISTLEBLOWER PROTECTIONS. 06 Sep 2019
New whistleblower protections expand who is protected and what they can disclose. This regime applies to regulated companies and financial service providers including banks, life companies, general insurers and superannuation funds. More people are now protected whistleblowers  ..
WHEN CAN FINANCIAL ADVISERS RECOMMEND A SWITCH TO AN IN-HOUSE PRODUCT? 21 Aug 2019
There is a conflict any time a financial adviser recommends an in-house product, but the conflict can be managed. ASIC has determined that conflicts with in-house products do exist In its Report 562 (https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-562-financial ..
DEAL TRENDS: WARRANTIES AND INDEMNITIES IN THE SALE OF FINANCIAL ADVICE PORTFOLIOS. 12 Aug 2019
The sale of financial advice portfolios is on the rise and both buyers and sellers are finding new ways to allocate risk. In this post, we put the current deal trends under the microscope. Following the Royal Commission, and as we move towards the deadlines for new FASEA requirements to ..
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-talk, ..
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) applic ..
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