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Financial planning defined in “national interest”

The Financial Planning Association (FPA) has welcomed the government’s release of draft legislation for enshrining the terms financial planner and financial adviser in Australian law. The draft...

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Accountants AFSL will be “restrictive and complex”

Australian accountants are highly unlikely to take up the financial services license as it is currently proposed, according to specialists Accountable Financial Solutions. Accountable director David...

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Lawyers and FoFA: answers to curly questions

Can dealer groups retain volume bonuses under the Future of Financial Advice (FoFA) reforms? Do you need to be a mind reader to figure out what the Australian Securities and Investments Commission...

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ASIC puts best interest, scaled advice under tree

The Australian Securities and Investments Commission has released final guidance for two aspects of the Future of Financial Advice (FoFA) reforms – the best interests duty and scaled advice. The...

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Will asset-based fees go up in smoke?

Financial advisers may need to rethink how they charge for advice as asset-based fees have the potential to create just as much conflict of interest as commissions. This is the legal view of Claire...

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Cormann attacks Shorten over super tax grab

The federal election may be months away but Senator Mathias Cormann was a man in a hurry at Friday’s conclusion of the SPAA National Conference in Melbourne. Before a receptive audience, the shadow...

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Accountants reject APES as FoFA swings into action

Discontent in the ranks of a peak accountancy body and confusion around accreditation for accountants wishing to offer financial advice in self-managed super funds (SMSFs) has clouded the debate on...

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FoFA’s final construction as guidance arrives

Licensees currently reviewing their operating frameworks are set for a busy week with guidance on conflicted remuneration and codes approval expected later today (Wednesday) or on Thursday. This final...

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Code guidance released, conflicted rem delayed

The Australian Securities and Investments Commission (ASIC) has released its final guidance on financial services sector codes of conduct but delayed releasing guidance on conflicted remuneration until...

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FPA, AFA diverge over codes as questions remain

The industry has generally welcomed the release of the Australian Securities and Investment Commission’s (ASIC) regulatory guidance on codes of conduct, although the opt-in exemption continues to be...

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“Grandfathering” delayed as ASIC tackles conflict

The Financial Planning Association has welcomed the federal government’s draft amendments to key conflicted remuneration measures as a “common sense compromise”. FPA chief executive Mark Rantall said...

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Riding the wave: a guide to the latest FoFA changes

When financial anthropologists pick over the legacy of the Future of Financial Advice reforms in years to come, the first week of March is likely to be marked as significant – as much for what didn’t...

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Kell: codes about great service over time

When the Future of Financial Advice (FoFA) regime kicks off on July 1, the buzzword for all financial planners, dealer groups and licensees should be “alignment”. And Australian Securities and...

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Legally designated terms before Parliament

The bid to enshrine the terms financial planner and financial adviser in law is likely to face its first significant challenge this week in the House of Representatives. While the discord over the last...

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Tax threat to advisers could be bigger than FoFA

Financial planners entering the industry after July 1 face the risk of inadvertently breaching the Tax Agent Services Act, with many dealer groups unaware that they will potentially need to satisfy a...

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Industry bodies ask for time in tax agent minefield

The Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) have united behind a bid to defer the application of the Tax Agent Services Act (TASA) to financial advisers. In...

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FSC calls for uniformity on grandfathering rules

The Financial Services Council wants clarity from Treasury on draft regulations around the grandfathering of existing clients, which continues to muddy the conflicted remuneration provision of the...

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Holiday over for advisers on tax services: IPA

A peak accounting body believes financial planners offering tax advice services have “compromised” consumer protection and has called on Treasury to regulate advisers under the Tax Agent Services Act...

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TASA train wreck awaits hero

The impending application of the Tax Agent Services Act 2009 (TASA) to financial planners has been described as potentially more onerous than the Future of Financial Advice (FoFA) reforms as it will...

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Accounting rules arrive with compromise on fees

The Accounting Professional and Ethical Standards Board (APESB) has issued APES 230 Financial Planning Services, which sets new requirements for accountants providing financial advice. The...

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