On 15th September 2023, Treasury announced that ASIC has extended the adviser registration deadline from 1st October 2023 to 1st February 2024. ASIC Corporations (Amendment) Instrument 2023/730 gives much-needed clarity to advisers and Licensees since the last ASIC News Update on 30th May 2023.
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?
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. ASIC sues Telstra Super over IDR process failures. Discover implications for trustees and the importance of effective dispute resolution in superannuation with Assured Support.
In an industry-first move, Zurich and OnePath have confirmed that from 1st October 2023 they will introduce a circa $3M Sum Insured cap where the TPD sum insured results in the customer insuring more than their future lifetime income across their TPD and IP covers.
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.