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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 ..
CHALLENGES FOR DIGITAL ADVICE. 27 Apr 2016
When the AFS regulatory regimes started in 2004, the advanced algorithms, natural language programming and behavioural finance techniques that power digital advice were still the stuff of science fiction. Face-to-face or paper advice was the order of the day. Replicating complex human intera ..
FIRST FOFA, NOW THERE'S PSOFA! 21 Apr 2016
We’ve known for some time that the proposed* new professional standards for the financial planning industry will require advisers to hold a degree. But there’s more to it than that. The draft legislation also seeks to prescribe in law restrictions on use of the terms “financial planner” and “f ..
UNFAIR CONTRACTUAL INDEMNITIES. 01 Apr 2016
The unfair contract laws* which start on 12 November 2016 will be a powerful tool for small businesses when negotiating contractual indemnities. Charmian Holmes explores why… What is an unfair contract term? An unfair contract term is a term which: causes significant unbalanc ..
RESPONSIBLE MANAGERS. 14 Mar 2016
Late last year, ASIC announced that it intends to apply more rigorous tests before granting AFS and credit licences. The sheer number of ASIC investigations each year – leading to criminal prosecutions, bannings, enforceable undertaking and licence conditions – is testament to the fact that ..
CONFLICTED REMUNERATION. 11 Mar 2016
Remuneration for life risk insurance is exempt from the ban on conflicted remuneration – but not for much longer. An established link between high levels of upfront commissions and poor consumer outcomes now means that modified conflicted remuneration rules will apply to all life risk insur ..
LICENCE NOW — OR IN 2019. 16 Feb 2016
With less than a month until ASIC’s soft licensing deadline, only 276 limited licence applications have been submitted and only 31% of these have been granted. Some accountants are waiting until the last minute to lodge their licence application, but there are risks to this approach. If you ..
STAMP DUTY, NOT TO BE FORGOTTEN. 11 Feb 2016
You purchase a business, it feels like a bargain........until you realise how much stamp duty you have to pay. How can you structure your purchase in the most effective way? You have two basic options – purchasing assets, or shares in a company. Simple choice, but the effects can tu ..
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