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DEAL TRENDS: MANAGING THE RISK OF RECOVERY IN FINANCIAL TRANSFER TRANSACTIONS. 16 Sep 2019
We’ve recently noticed that both buyers and sellers have heightened concerns about their risks and exposures when transferring financial advice portfolios. Both are looking for different ways to manage their financial risk of recovery. Sellers want to know what their liabilities and obligations ..
DON'T BE BLOWN OFF YOUR FEET BY THE NEW WHISTLEBLOWER PROTECTIONS. 06 Sep 2019
New whistleblower protections expand who is protected and what they can disclose. This regime applies to regulated companies and financial service providers including banks, life companies, general insurers and superannuation funds. More people are now protected whistleblowers  ..
DO YOU KNOW HOW YOUR CRYPTO TOKEN IS REGULATED? 30 Aug 2019
The rise of cryptocurrency has created new challenges for everyone from crypto token designers through to brokers and custodial service providers. The biggest issue is how to characterise a token and whether it’s a financial product. While ASIC has issued some helpful guidance (https://asic ..
WHEN CAN FINANCIAL ADVISERS RECOMMEND A SWITCH TO AN IN-HOUSE PRODUCT? 21 Aug 2019
There is a conflict any time a financial adviser recommends an in-house product, but the conflict can be managed. ASIC has determined that conflicts with in-house products do exist In its Report 562 (https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-562-financial ..
DEAL TRENDS: WARRANTIES AND INDEMNITIES IN THE SALE OF FINANCIAL ADVICE PORTFOLIOS. 12 Aug 2019
The sale of financial advice portfolios is on the rise and both buyers and sellers are finding new ways to allocate risk. In this post, we put the current deal trends under the microscope. Following the Royal Commission, and as we move towards the deadlines for new FASEA requirements to ..
THE FOLD BOLSTERS ITS TEAM WITH PROMOTIONS & NEW ADDITIONS. 01 Aug 2019
We’re delighted to announce that Simon Carrodus (https://www.thefoldlegal.com.au/people/simon-carrodus), who joined The Fold in early 2018, has been promoted to Solicitor Director. Simon leads our wealth management practice, and whilst many know him for his colourful analogies and straight-talk, ..
LENDERS MAY NEED TO VARY THEIR LICENCE TO SELL AT POS. 23 Jul 2019
Financiers who distribute through retailers may need to vary their licence in preparation for the end of the point-of-sale (POS) exemption. The exemption was flagged to go by the Royal Commission. The credit representative model is the most obvious one to replace it. This will place fin ..
ROYAL COMMISSION RESPONSE: ADD-ON INSURANCE. 08 Jul 2019
Add-on insurance has already come under intense scrutiny and regulatory action. In the latest blog (https://www.finity.com.au/2019/07/04/add-on-insurance) in our Royal Commission response series with Finity we look at the likely regulatory approach to add-on insurance, including the regulation o ..
5 REASONS ASIC WILL REJECT YOUR LICENCE APPLICATION. 03 Jul 2019
ASIC rejects 30% of AFS licence applications and 24% of credit licence applications. In this article, we explain why it rejects applications and give you tips on how to avoid becoming a statistic. In 2017/2018, ASIC approved just 40% of all Australian financial services licence (AFSL) applic ..
MCIS: A NEW CAPITAL RAISING OPPORTUNITY FOR MUTUALS. 20 Jun 2019
Discretionary mutuals are often driven by the desire to join together for a common purpose, but they can be expensive to establish. A recent legislative change has now created a new opportunity for mutuals to raise start-up capital through Mutual Capital Instruments. What are Mu ..
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