Last week, we discussed the recently-announced review of ASIC’s industry funding model. Under the terms of that review, Treasury will address a range of issues
Late last year, Stephen Jones – now Minister for Financial Services – promised substantial changes to the adviser professional standards framework if Labor was elected
Last year’s freeze of the graduated ASIC levy came as a welcome reprieve for many advice businesses – both because of the substantial cost reduction
According to an industry association, the discretionary powers ASIC has been given under the new adviser disciplinary body could give rise to scapegoating and disproportionate punishment if appropriate controls aren’t put in place.
The short-term transition pains the industry may suffer as a result of overhauling the labyrinthine Corporations Act should be weighed against the potentially much larger cost of inaction, according to the president of the Australian Law Reform Commission.
Over the past year, the Government has made many overtures to the advice industry, promising to halt its decline and wind back some of the more onerous parts of the post-Royal Commission reform agenda. Does the Budget reflect this goal?
In its latest update on its financial services law project, the Australian Law Reform Commission takes aim at the increasingly prescriptive, onerous and outdated disclosure rules in financial advice, arguing that the law has not only created a “licence to disregard consumer interest” but also severely restricted advisers’ capacity to actually do their jobs.
JBS Financial Strategies CEO Jenny Brown discusses how onerous compliance requirements have led to other parts of the industry – such as platforms – creating own advice red tape. Plus, the surprising carve-outs from the Quality of Advice review.
Ahead of the commencement of the Retirement Income Covenant, APRA and ASIC have issued guidance to super funds about their new obligations. Surprisingly, given the prohibitive language used by both regulators last year, there’s a new opportunity in there for the advice industry.
As you might expect, the months before the election have been peppered with promises from both major parties regarding plans to loosen the regulatory vise grip on the advice industry. What can they actually deliver?
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