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FASEA CODE OF ETHICS - WHAT YOU NEED TO KNOW. 20 Feb 2020
We’re well into 2020 and the FASEA Code of Ethics (the Code) is currently in force. What should advisers and licensees be doing to make sure they comply with the Code? The Code came into effect on 1 January 2020. To make sure we’re all on the same page, I’ve answered some FAQs.  ..
NEW COMPENSATION SCHEME – LAST CHANCE TO HAVE A SAY. 03 Feb 2020
The Government will introduce a Compensation Scheme of Last Resort by the end of this year. You have until 7 February 2020 to submit your views on how it should work. The new Scheme will compensate the consumer or small business if AFCA makes a determination for compensation that is not pai ..
MARKET TRENDS: WHY TERM SHEETS ARE IMPORTANT AND WHAT TO INCLUDE IN YOURS. 30 Jan 2020
A well-drafted term sheet can save time and money when negotiating a sale agreement. Why do you need a term sheet? Term sheets are an important step to include in your transaction timeline. They set the foundations upon which the transaction agreement is based. It can prevent ..
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 ..
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