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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 ..
A GUIDE TO HELP YOU CHOOSE. 03 Nov 2014
Accountants, you’ve reached a fork in the road – you must decide by 1 July 2016 whether to become a licensee or act as an authorised representative, or else refrain from advising on SMSFs. Navigating this decision will depend largely on the services you provide and the value you place on yo ..
AML DEADLINE - 1ST NOVEMBER 2014. 24 Oct 2014
Act now to avoid AUSTRAC action if you don't yet comply with the new AML/CTF Rules. Effective 1 June 2014, the new AML/CTF Rules require reporting entities to implement enhanced customer identification procedures. This includes: Reviewing your AML/CTF risks, Identifying high risk custo ..
REGULATORY RISKS OF CROWD FUNDING. 10 Oct 2014
Crowd funding is an innovative avenue for entrepreneurs to raise capital without going down the path of venture capital or public offer funding. But Australian regulation of crowd funding is still in its infancy. It's taken off overseas, especially in the US where a considerable number of t ..
MORE ON BITCOIN REGULATION. 08 Oct 2014
Bitcoin is the first decentralized peer-to-peer payment network powered entirely by users, answering to no central authority and dependent upon no middlemen. But does it need a specific regulatory framework? Currently the world’s most widespread alternative currency, the total market capita ..
PROPORTIONATE LIABILITY. 25 Sep 2014
Businesses (and their insurance brokers) waiting with bated breath for new model proportionate liability laws may be sorely disappointed. The basic principle of proportionate liability is that it enables responsibility for a damages claim to be allocated according to the degree to which eac ..
CHOOSING THE RIGHT COMPANY STRUCTURE. 23 Sep 2014
When you're in start-up phase, there are millions of business decisions to make. One of the most important decisions is your business structure. Many people choose to use a company structure as opposed to other things like partnerships or sole trader because of the taxation benefits and the  ..
ASIC REVIEWS BREACH REPORTING. 18 Sep 2014
Concerned about inconsistencies in AFS licensee breach reporting practices, ASIC is investigating the robustness of AFS Licensees' processes for identifying, escalating and reporting breaches. Companies are often reluctant to report breaches until their directors or lawyers have looked at t ..
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