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'SNAKES & LADDERS' OF AR AGREEMENTS. 14 Nov 2013
(Or things I wish I had known to avoid a messy departure from my dealer group...) An unexpected by-product of the FOFA reforms has been an increase in the problems experienced by ARs wanting to move dealer groups. Presumably desperate to retain grandfathered remuneration entitlements, some  ..
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 ..
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