This brief update has a lot to cover so let’s start. Complaint Reporting As the deadline for IDR Data reporting nears, we’ve developed a Guide to assist system users to confirm, extract and submit their complaint information. If you’re still easing back into work and need of refreshing your memory of this new regulatory obligation, […]
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Our comprehensive review of ASIC’s and FSCP’s regulatory outcomes in 2023
provides financial advisers and AFSLs with invaluable insights into the
year’s enforcement activities and ethical considerations. Learn how to
navigate the evolving regulatory landscape.
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.
Smarter compliance. This article explores tips and traps about time
critical advice; what you need to know to understand your options; and what
to do if you have got it wrong.
Smarter compliance. Although there’s a popular view that ASIC has reverted
to being impassive, inattentive and impotent, that’s completely the wrong
interpretation. Increased FSCP powers, adviser registration regimes and
ASIC’s expanded oversight moves liability for financial advice towards
individual advisers. Welcome to the new era of regulatory oversight and
Smarter compliance. Some of the most common questions we receive about
issues and breaches revolve around when an issue become a breach and when
does a breach become reportable. In this article, we’ll explore a real-life
example and explore the decisions and steps the licensee undertook when
grappling with those particular issues.
Smarter compliance. On February 8th, 2023, the Australian Government
released the highly anticipated final report on the Quality of Advice
Review (QAR). The report, which was authored by Michelle Levy, contains 22
recommendations covering a range of topics including superannuation fees,
disclosure obligations and conflicted remuneration. We don’t necessarily
agree with all her recommendations, but in this article we address the main
ones and the significant benefits they’ll deliver (if implemented).
Smarter Compliance. After being savaged on social media for keeping
job-keeper payments, and complaining about being cancelled, Harvey Norman
are back in the media. It’s attention that Harvey Norman would probably
have preferred to do without. In essence, ASIC have commenced legal action
alleging that the material conduct of Latitude and Harvey Norman (the
Defendants) was misleading and deceptive and contravened the financial
services laws. You may think that, as an adviser or licensee, this doesn’t
matter to you; but you’re wrong, because it does.
Smarter compliance. Over the past few weeks, we’ve been repeatedly asked to
explain our position on the Quality of Advice Review and Treasury’s view of
advice. While we’re generally supportive of its intent, we are concerned
that it trivialises advice, retards the emergence of an advice profession
and prioritises product distribution . Even more worrying is their tendency
to eschew simple solutions in favour of increased complexity. Treasury
hasn’t yet published the submissions, so, for your convenience, we’ll
outline our data-based perspective.