Since 2012, the Industry struggled first to understand, and then to operationalise, the 'best interest' duty. While the majority of Licensees eventually embraced this fundamental new duty, some participants failed spectacularly. This article considers how competent AFSL should review their compliance arrangements in the wake of ASIC v NSG and ASIC v WRM
Curated content. We're nerds. We're fascinated by our industry and its themes, issues and potential. We also appreciate that consistent and applied study is the key to being innovative, relevant and effective. This post is our cryptocurrency reading list and the post includes links so you can download the material and join in the conversation.
The finalists for the 2018 Fintech Business Awards were revealed earlier this week by Momentum Media, the publisher of Fintech Business. Assured Support was thrilled to be named as a finalist in two categories ("Compliance Innovator of the Year" and "Software Innovator of the Year"). It's a strong field and one that shows the depth and quality of Australian FinTech Industry.
"Rivers of Gold: How the Trade Union Movement is funded by Industry Super" is a 2017 report by Morgan Begg and Simon Breheny published by the Institute of Public Affairs. Those of us working in retail financial services have at least a passing familiarity with both the 'sole purpose' test and with conflicts of interest. This report suggests that the Industry Funds would benefit from some remedial training on these issues.
In these series articles, two experts provide their (sometimes divergent) views of topics with which licensees and advisers sometimes struggle. They offer their opinions and occasionally some insight. Feel free to join the debate and offer your commentary. This article addresses monitoring and supervision and explores alternative ways of reviewing advisers. If you struggle to understand why on-site reviews are better than remote reviews (or why remote reviews are better than on-site reviews) this article may help you identify the reasons, risks and implications.
Our Compliance Solution, openAFSL, is an openAPI because we consider it the best way for our platform to solve our users' needs. This report, published by Apigee Corp in 2017, provides a strong argument in favour of collaboration for growth.
Advisers have a lot of questions about Managed Accounts - IMAs, SMAs and MDAs - as well as questions about IDPS and Wraps. Thankfully, Peter Turbach, the MDA Guru, has answers. In this article Peter answers advisers' Managed Account questions. The ten questions he addresses not only provide practical insights but nicely complement our popular article on the differences between MDAs, IMAs and SMAs.
Vertical integration isn't necessarily a problem but successive ASIC reports tend to suggest that it is. Report 562 casts shade both on vertically integrated advice businesses and the effectiveness on their compliance resources. Report 562 summarises ASIC's review of "Australia's largest banking and financial services institutions" and notes that 75% of the advice reviewed was "non-compliant advice". Read the report to understand how vertical integration, the elephant in the room, needs to be addressed if an advice profession is to emerge.
Despite his tendency to ignore inconvenient Starfleet regulations (and notwithstanding his inappropriate workplace conduct) Captain James Tiberius Kirk really "got" compliance. In fact, he embraced file-notes more frequently than he embraced Orion slave girls. Financial planners would do well to follow his example. He shows that you can be compliant and cool; on the downside, he shows us that the future doesn't have any less bureaucratic record keeping obligations.
Cryptocurrencies may have been “the future of money since 2009”, but digital currencies – like Bitcoin, Ripple and Ethereum – are only now being enthusiastically embraced by the general public. This guide for Financial planners addresses the inherent risks and benefits of cryptocurrencies and Regulators' response to their increasing fervour for virtual currencies. The guide considers whether, and to what extent, digital currencies can be considered alternative assets. It explores the practical challenges advisers face in dealing with cryptocurrencies and provides a number of tips to avoid trouble.