the fold icons


Blog.

Home Blog

/blog/page/18/
/blog/page/20/
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 ..
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 ..
download link
* Required