Blog.
ACCOUNTANTS - LIFE AFTER LICENSING.
22 Jun 2015
Once licenced, accountants will need to comply with the AFS SoA and training requirements on an ongoing basis. With the current focus on getting licensed before the end of the transition period, these obligations haven’t received much attention. This blog explores these post-licensing obligation ..
RESTRAINTS OF TRADE.
25 May 2015
It’s business as usual……..until a former employee or shareholder sets up shop down the road and starts taking your clients! Nobody wants to be in this position - so what can you do to prevent it.
Restraint clauses are the most effective means of protecting the goodwill in your ..
GROUP POLICY – OR BINDER?
18 May 2015
A little known technicality in the Corporations Act means that insurance binders can exist even without a formal agreement between the insurer and coverholder. And even group policies can be binders.
The general insurance industry treats group policies as contracts of insurance that are iss ..
LIABILITY WAIVERS.
16 Apr 2015
We’ve all seen them. You may even use one. But are those liability/participation waivers even worth the paper they’re written on?
The answer is complex. Courts often take a cautious approach to enforcing a liability or participation waiver because it affects the compensation an injured pers ..
RUN OFF COVER.
19 Mar 2015
When moving on after completing a project, you’ll probably have more on your mind than insurance. But without run-off cover, you might find yourself unprepared and unprotected. So what’s the standard timeframe to hold run-off cover following a project?
This is actually a trick question; the ..
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 ..