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DUTY OF DISCLOSURE - WHAT WILL CHANGE? 12 Mar 2015
In December 2015 (if not before), you’ll see changes to the duty of disclosure notices in insurers’ application forms and policy wordings. Brokers need to understand the changes to the duty of disclosure so you can explain it to your clients. Here’s a snapshot of when the changes will apply ..
LIMITED AFS LICENCE APPLICATIONS. 20 Feb 2015
With the transition period for accountants ending in 17 months, ASIC has received a mere 105 limited licence applications and granted only 44 licences. ASIC expects up to 10,000 applications - so now is the time to think seriously about making an application! But with so many available resources ..
ELECTRONIC DISCLOSURES. 12 Feb 2015
ASIC’s recent consultation on facilitating electronic disclosure is sorely needed. But will it go far enough for consumers who increasingly prefer to transact electronically? What can you do now? Financial services and credit disclosures can already be provided electronically - either as  ..
REDUCE BURDEN WITH RCTIS. 18 Dec 2014
Recipient-created tax invoices (RCTIs) take the hassle out of business relationships by allowing the recipient of a taxable supply to issue a tax invoice, rather than waiting for one from the supplier. They are convenient - so when can they be used? There’s a widespread misconception t ..
GRANDFATHERING OF TRAIL COMMISSIONS. 28 Nov 2014
Commercial mobility in the financial planning industry could have remained at a standstill had the government not seen sense following the disallowance of the FOFA amendment regulations last week. Under the original FOFA grandfathering provisions, trail and other ongoing commission and volu ..
KNOW YOUR 'HIGH RISK' CLIENT. 26 Nov 2014
‘Enhanced’ customer due diligence must now be performed on ‘high risk’ clients on-boarded since 1 June 2014, but the problem is that there’s no one-size-fits-all definition of ‘high risk’. Here’s a guide to help you accurately classify your clients’ risk category. Step 1 – Define your Ri ..
MORE PAPERWORK FOR ADVISERS. 17 Nov 2014
In the latest addition to the regulatory burden, financial advisers will soon need to keep considerable additional records proving they’ve complied with the best interests duty. So when you give personal advice to retail clients after 23 March 2015, keep records of the following: Best in ..
KEY FACTS SHEETS. 12 Nov 2014
After 9 November 2014, insurers must give consumers ‘Key Facts Sheets’ for home building and home contents insurance. So how does this affect insurance brokers? Insurers aren’t required to give a Key Facts Sheet to insureds with whom they deal via a broker. As the client’s representative, t ..
LIMITED LICENCE: APPLY EARLY. 11 Nov 2014
Only 27 of the 62 limited AFS licence applications lodged by accountants prior to July 2014 were approved due to material deficiencies in the documentation and information provided by the applicants. Here’s 5 key tips on how to avoid this happening to your AFS licence application: Be cle ..
COMPETITIONS AND REWARDS. 10 Nov 2014
Participating in some insurer or underwriting agency competitions can easily lead to a breach of your AFS licence. Competitions that reward broking staff with a ‘prize’ for meeting certain volume goals for quotes or business placed with the insurer, are rife with conflicts, whether you win a ..
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