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3 KEY PILLARS OF SUCCESSION PLANNING. 21 Oct 2013
Your business is rocketing along, and then.............. a key partner resigns, becomes incapacitated or dies. What’s the worst that can happen? The surviving partners have no control over who enters the business in Lennon’s place; The outgoing partner’s family are left with nothing b ..
PLATFORMS AND BEST INTERESTS DUTY. 29 Aug 2013
Some recent guidance from ASIC- hidden away in RG148 on Platforms - emphasises that the best interests duty applies just as much - if not more - to platform recommendations as investments. Recommending a platform You’ll need to ensure that a platform is an appropriate option for the cl ..
CONSUMER PROTECTION GONE MAD. 28 Aug 2013
Has consumer protection finally completely taken over from common sense? 2 cases recently heard by MFAA’s disciplinary tribunal would indicate so. Consumer rights rule! That’s the message from these 2 cases. Privacy A lender forwarded a loan agreement to the client’s appointed ..
GRANDFATHERING - THE LATEST WORD. 10 Aug 2013
Some important changes to the grandfathering protections happened during the death throes of the last parliament. Here’s how they affect commissions for platforms and investment products. Arrangements entered into before 1 July 2013 *A multi-product offering is e.g. a master tr ..
WHAT IF YOUR CLIENT GOES BUST? 24 Jun 2013
When times are tough and a client ‘goes bust’, what is your duty as their ‘appointed insurance broker’? When a client is declared bankrupt or goes into liquidation, receivership or administration, the broker’s responsibility is to the client. It’s your job to help maintain the insurance in o ..
LICENSED ACCOUNTANTS - FRIEND OR FOE. 21 Jun 2013
1 July 2013 marked the start of a 3 year transition period for accountants to seek a ‘limited’ AFS licence. Will accountants suddenly become insurance brokers or financial planners? Absolutely not! If they want to do these things, they’ll need a lot more than a ‘limited’ AFS licence. Wi ..
PERILS FOR EMPLOYED AUTHORISED REPS. 06 Jun 2013
The FOFA reforms massively increase the exposure for employed authorised representatives. Here’s why and what to do about it. A surprising number of advisers employed by AFS licensees are appointed as authorised representatives when there is no legal requirement to do so. It’s not necessary ..
RISKY BUSINESS. 05 Jun 2013
Advising commercial and corporate clients can be a risky business for insurance brokers, especially at the end of financial year when many policies are due for renewal or you’re taking over new accounts. A number of recent court cases have highlighted the importance of communicating with ne ..
HEADS (OF AGREEMENT) OR TAILS? 24 May 2013
If you’re thinking of joining in the flurry of portfolio sales in the financial services space, think carefully before signing a heads of agreement. Heads of agreements or terms sheets are commonly used by business brokers to confirm the broad intentions of buyer and seller and ensure they’ ..
BAD OR BANKRUPT – DON'T APPLY HERE. 21 May 2013
Past financial difficulties or being a director of a company that’s gone into liquidation or administration can create significant barriers to entry to business. Directors, partners, trustees and senior managers of ACL licensees must be ‘fit and proper people’. Responsible managers of AFS l ..
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