News : Compliance

Compliance, Regulation

Cautious approach needed for new regulatory body

The banking royal commission’s recommendation for a new regulatory body overseeing the activities of the Australian Securities and Investments Commission and Australian Prudential Regulation Authority has been cautiously endorsed by an accounting body.

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Compliance, Education

FASEA releases final Code of Ethics Standard

The body tasked with overseeing adviser education and professionalism has released the final of seven standards, publishing its finalised code of ethics.

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Compliance

Ethical practices more than just good behaviour

Ethical practices in financial services will need to come from an inherent culture and not a set of arbitrary standards according to leading ethicist.

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Compliance, Regulation

Royal commission effect on jobs already evident

The jobs market in the financial services and insurance sectors has taken a beating in the wake of the banking royal commission.

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ASIC, Compliance

Former adviser in court over SMSF, property advice

A former financial adviser is facing ASIC court action for unlicensed SMSF establishment advice involving acquiring property assets.

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Compliance, Regulation

SMSF specialist tips rise in fund establishments

limited recourse borrowing arrangements; LRBA; Grant Abbott

A rise in the number of SMSFs established and an increase in sector litigation are two outcomes a strategy expert has predicted for 2019. I Love SMSF founder Grant Abbott has forecast a rise in SMSF establishments on the back of a dip in market performance and the associated reduction in returns generated by industry […]

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ASIC, Compliance, Documentation

Best interest duty unwieldy for advisers

A report from the corporate regulator saying advisers did not demonstrate compliance with the best interest duty in relation to SMSF advice in 91 per cent of the cases reviewed indicates the cumbersome nature of the best interest duty rather than poor advice, according to Lime Actuarial.

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Compliance, Property

SuperConcepts integrates with CoreLogic

SuperConcepts has added property data firm CoreLogic’s PropertyHub to its Connected Services portal for all SuperMate software trustee and SMSF administration clients.

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Compliance, Tax

TPB cracks down on SMSF non-lodgers

Over 2700 tax practitioners who are also trustees of their own SMSF have outstanding SMSF annual returns, according to the Tax Practitioners Board (TPB).

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Accounting, ASIC, Compliance

Unlicensed accountants get new documentation tool

Specialised SMSF training firm Smarter SMSF has joined forces with Licensing for Accountants to launch a documentation tool for unlicensed accountants, allowing them to provide execution-only services without providing advice.

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