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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 ..
WILL A DEFERRED SALES MODEL SPELL THE END FOR ADD ON INSURANCE? 25 Nov 2019
The Royal Commission recommended that Treasury lead a working group to develop an industry-wide deferred sales model (DSM) to be implemented as soon as possible. The situation so far Treasury released a Proposal Paper which proposed an industry-wide 4-day DSM with three tiers of regulat ..
INSURANCE ALTERNATIVES: PART 4: DISCRETIONARY MUTUALS. 19 Nov 2019
In our final post in this series on insurance alternatives, we outline the ultimate peer-to-peer insurance alternative – discretionary mutuals. What is a discretionary mutual? A discretionary mutual is a structure that offers discretionary risk protection to its members. Discretion ..
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 ..
INSURANCE ALTERNATIVES: PART 3: AGGREGATE DEDUCTIBLE FUNDS. 04 Nov 2019
Aggregate deductible funds (ADFs) are becoming a more common type of insurance alternative for buying groups who are looking for new ways to manage their risks. What is an aggregate deductible fund? An ADF is a self-insurance pool that is often used by corporate or community group ..
SO MUCH FOR BUY NOW, REGULATE LATER. 18 Oct 2019
Buy now pay later is regulated in a number of ways even though it isn’t ‘consumer credit’ under the National Credit Code. Some consumer protections apply to buy now pay later The consumer protection provisions in the ASIC Act apply to buy now pay later. This includes prohibitions on:  ..
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 ..
INSURANCE ALTERNATIVES: PART 2: PARAMETRIC INSURANCE. 11 Oct 2019
Following on from our last post (https://www.thefoldlegal.com.au/blog/the-rise-of-insurance-alternatives-part-1-an-overview) about insurance alternatives, in this post we outline what parametric insurance is and how it can help you in a hardening insurance market. What is parametric insuran ..
THE RISE OF INSURANCE ALTERNATIVES: PART 1: AN OVERVIEW. 01 Oct 2019
The insurance market is hardening which means customers can’t always find traditional insurance solutions for their risk. This has increased demand for insurance alternatives with greater flexibility and a wider range of solutions for ‘hard to place risks’. This is the first in a four part  ..
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  ..
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