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GRIPE, KVETCH, MOAN - FASTER. 06 Nov 2013
ASIC takes a special interest in how Credit and AFS licensees handle client complaints – especially when they’re facing ASIC investigation or enforcement action. Aside from the fact that it’s a licence condition to have an internal dispute resolution system for retail clients, ASIC has alwa ..
FALLING BEHIND WITH FOFA? 05 Nov 2013
Don’t freak out about FoFA – it’s still not too late to get the critical changes in place! It’s all about prioritising the work! Remember, ASIC is taking a ‘facilitated’ approach until at least July 2014. Provided you can show you’ve made a reasonable effort to comply, you should be ok.  ..
IS MY BENEFIT CONFLICTED? 05 Nov 2013
A decision tree to help you decide if your benefits are conflicted… Or if you’re a word person….. ask yourself the following questions: Is the remuneration a volume benefit, i.e. was it dependent on the total value or number of products recommended to or acquired by r ..
DO'S AND DON'TS OF EMPLOYEE SALARY PACKAGES. 04 Nov 2013
Employee remuneration needs careful planning – bonuses and other incentives can be conflicted!! But since Bill Shorten’s last stand on 28 June 2013 when he pushed through the grandfathering regs - we at least have some clearer guidance on what’s in and what’s out. Basically, remuneratio ..
INSURANCE CONTRACTS RE-FORMED. 31 Oct 2013
The long overdue changes to the Insurance Contracts Act slipped through very quietly a few months ago – with positive outcomes for insurers and consumers alike. Duty of Disclosure Changes From 28 December 2014, for ‘eligible’ contracts (which are essentially the ‘retail’ classes - mot ..
CHURNING - NOWHERE TO HIDE. 30 Oct 2013
ASIC is on a mission to eradicate churning. And it’s using its very considerable armoury of tools to find it. ASIC’s March 2013 shadow shopping of retirement advice found that an astounding 2/3 of the sampled advice contained switching recommendations. It’s pretty clear that ASIC would have ..
WHEN ARE RESPONSIBLE MANAGERS...RESPONSIBLE? 29 Oct 2013
What’s your personal liability as a Responsible Manager? ASIC’s early guidance clearly stated that Responsible Managers couldn’t be personally held liable for a licensee’s breach of the financial services laws. Oddly, this has recently disappeared from ASIC’s guidance on Responsible Manager ..
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 ..
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