NMPE ReVue – Tuesday, December 17

Alex Burke,  Senior Writer,  No More Practice Education

ASIC chases licensees for adviser info

ASIC has issued a reminder of AFSLs who haven't yet updated the Financial Advisers Register (FAR) with new information required following the professional standards reforms.

Licensees need to provide said data by 1 January 2020, and ASIC noted its offices are closed between Christmas eve and the end of the year. "We encourage all AFS licensees to do their reporting as soon as possible in case ASIC assistance is required," ASIC said.

New information can be provided here.

Listed advice group appoints director

Centrepoint Alliance has appointed Alexander Beard as an independent non-executive director. Beard was previously CEO of CVC Limited and is also a non-executive director at Probiotec, Eildon Capital and TasFoods.

In welcoming Beard, Centrepoint chair Alan Fisher said: “Sandy brings extensive experience in delivering value to shareholders across a broad spectrum of industries and stages of company growth. We are very pleased to have Sandy join our board.”

Industry funding model leads to AFSL cancellations

In ASIC’s overview of licensing and professional registration applications for the 12 months from July 2018 to June 2019, the regulator said it had fallen short of its performance standard for the number of new AFSLs finalised within 240 days.

ASIC attributed this to a “need to finalise an atypically large volume of cancellation applications as a result of the introduction of the industry-based funding model.”

Over the period, 86% of applications were finalised within 240 days, down from 88% in the previous year.

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I cancelled my Limited AFSL in 2019 year, and was never given certainty from ASIC as to whether I would be required to pay a pro-rata annual fee to the date of cancellation. I am assuming I will be required to pay ASIC again in early 2020, but I am unable to find any information on the costing that will be required. Are you aware if the fees have been calculated yet?

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Alex Burke,Senior Writer,No More Practice Education

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