Smarter Compliance. The Government released the final QAR reforms which are designed to modernise the best interests duty to facilitate limited scope advice and replace statements of advice with a “clear and concise” record of the advice. Is it shifting deck-chairs or laying out the welcome mat for the banks?
Posts by Research Team:
Smarter Compliance. Assess your risk appetite by participating in Assured Support’s 2023-2024 Risk Appetite Survey. This insightful tool, crafted for financial services professionals, assesses risk culture and preferences, offering practical guidance on aligning strategic objectives with risk boundaries. Participate now to contribute to collective insights and receive the final report. Open until 29 February 2024. #seemore
Smarter Compliance. ASIC has secured an enforceable undertaking from iExtend requiring it to apply for an AFS licence for issuing financial products, general advice, and claims services. Consumers and advisers may have found the iExtend offer a compelling proposition, but ASIC found it to be a regulated activity. To continue to provide this services, iExtend will need to become licensed (or authorised).
Smarter Compliance. Explore the draft legislation for the Delivering Better Financial Outcomes reforms issued in response to the QAR. Focusing on superannuation adviser fee payments, simplified fee processes, and revised conflicted remuneration rules, streamlined fee consent, clear trustee reimbursements, and standardised insurance commission requirements. Provide your feedback by 06 December 2023. Essential reading for financial professionals interested in the evolving landscape of financial advice and regulation in Australia.
Smarter Compliance: Navigate the complexities of regulating digital assets in Australia with Assured Support’s comprehensive guide. The article delves into the proposed regulatory framework, its implications for financial advisers, and how it aims to balance consumer protection with innovation. Stay ahead of the curve in this rapidly evolving landscape.
ASIC’s 2023-24 Corporate Strategy targets growing consumer risks in financial services. It will focus on fair products and sustainability measures, as well as protecting retirement incomes. With technology enabling new threats, the strategy vows active enforcement to safeguard Australians from digitally-enabled scams and predatory practices outlined in the regulatory roadmap.
The government on 6th September, 2023, passed through both Houses the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023, fulfilling its promise of recognising experienced financial advisers better. The new legislation will recognise advisers who have ten years of cumulative experience providing advice between January 1st, 2007, and December 31st, 2021, and have not had any disciplinary action recorded on the Financial Advisers Register by December 31st, 2021. However, advisers still need to pass the Ethics exam.