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THE IMPACT OF TIME BARRING. 01 Aug 2016
Time-bar clauses do exactly what they sound like: they restrict the timeframes in which rights can be enforced. This can be a problem because signing contracts which contain these clauses means that an insured may be giving up some of their rights under their insurance policy. What are they? ..
UNPAID LIFE INSURANCE REMAINS VALID. 26 Jul 2016
Watch out insurers: life insurance policies can remain on foot even if the premium is unpaid. How is this even possible? Most people assume that if they don’t pay the premium, their insurance policy will lapse. In a curious twist caused by a change to the Insurance Contracts Act 1984 (C ..
A WARNING ON GENERAL ADVICE. 22 Jul 2016
Although it’s common knowledge that financial advisers who provide general advice to retail clients must provide a general advice warning, the warning must be effective. If you believe a simple warning at the bottom of a website is sufficient, think again! What should a general advi ..
SUPER - TIPS AND TRAPS. 01 Jul 2016
Ever wondered why you can’t withdraw an asset from your self-managed super fund (SMSF) in lieu of your withdrawal benefit? It’s because the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS) limits withdrawals on retirement. Only lump sums or pension payments, or a combination of the ..
PORTFOLIO MONITORING TECHNOLOGY - A REGULATORY MUST HAVE. 01 Jul 2016
Clip the ticket and take a fee. Maybe it was possible once, but not anymore, as clients and regulators demand greater proactivity in portfolio monitoring and management. In the direct aftermath of the GFC, the public eye was on the appropriateness of financial products recommended by adviser ..
SUBROGATION vs CONTRIBUTION – WHAT’S THE DIFF. 28 Jun 2016
Ever wondered about the difference between rights of subrogation and rights of contribution? It really comes down to who is prepared to share the cost of the exposure. As dry as the topic can be, the difference is becoming critical in contracts that require you to have certain clauses in yo ..
CONTRACTUAL LIABILITY INSURANCE. 13 May 2016
Historically, contractual liability cover has been hard to obtain – especially blanket cover and until recently, it was generally unaffordable for many SMEs. The good news is that a small number of insurers have recently begun offering it to SMEs. Blanket contractual liability automatically ..
CHALLENGES FOR DIGITAL DEALINGS. 06 May 2016
ASIC says the financial services laws are technologically neutral. But when you get down to the detailed work required to apply the current framework to digital advice, it quickly becomes apparent that they’re not. Especially if you’re trying to deliver an enjoyable customer experience! Dig ..
ACCOUNTANTS’ BUSINESS STRUCTURES. 05 May 2016
With the 1 July 2016 limited licensing deadline fast approaching, accountants should already have decided whether to apply for an AFS licence or become an authorised representative. An often overlooked question for accountants heading down the licencing track is: which entity should hold the li ..
DESIGNATING CONTRACTS. 28 Apr 2016
Most contracts contain indemnity clauses that require one party to indemnify the other if things go wrong. Where there’s an imbalance of negotiating power, these clauses are often quite unfair to the weaker party. And this can affect your ability to access your liability insurance to cover the c ..
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