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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 ..
ROYAL COMMISSION RESPONSE: ADD-ON INSURANCE. 08 Jul 2019
Add-on insurance has already come under intense scrutiny and regulatory action. In the latest blog (https://www.finity.com.au/2019/07/04/add-on-insurance) in our Royal Commission response series with Finity we look at the likely regulatory approach to add-on insurance, including the regulation o ..
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 ..
ROYAL COMMISSION RESPONSE: DESIGN & DISTRIBUTION OBLIGATIONS. 30 May 2019
This is the fifth blog in our Royal Commission Response series with Finity. In this blog (https://www.finity.com.au/2019/05/27/design-and-distribution-obligations) we look at the new product design and distribution obligations that will apply to insurers and underwriting agencies from 5 April 20 ..
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 ..
ROYAL COMMISSION RESPONSE: ENFORCEABLE CODES. 07 May 2019
This is the fourth blog in our Royal Commission Response series with Finity. In this blog (https://www.finity.com.au/2019/05/01/rcr_gi_code) we look at the recommendations about making industry codes enforceable and the establishment of mandatory industry codes. If you need advice on what t ..
ROYAL COMMISSION RESPONSE: ANTI- HAWKING. 16 Apr 2019
Currently insurers are not permitted to offer financial products for issue or sale to retail clients in the course of or because of an unsolicited meeting at all, or in the course of a telephone call unless they have met certain requirements. The result is that there is virtually no cold-callin ..
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 ..
HOW TO CAP YOUR CONTRACTUAL LIABILITIES. 05 Apr 2019
Insurance rarely covers all your contractual liabilities. The best way to know what you’re liable for under a contractual indemnity is to include a financial cap. A common problem with broad indemnity clauses is that you can be excluded from relying on your insurance policies or your l ..
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