News : financial advice

ASIC, financial advice

Adviser levy set to increase

adviser levy

The government will end the temporary relief program on the ASIC levy paid by financial advisers from the end of this financial year.

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Compliance, financial advice, Financial Planning

Compensation scheme to start next year

Compensation scheme last resort

A compensation scheme of last resort will be in operation by early next year, but questions have been raised about its coverage and funding model.

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Education, financial advice

Adviser exam pass rate static

adviser exam pass rate

The number of advisers passing the most recent mandatory exam overseen by ASIC has remained on par with the previous sitting, with around two-thirds being successful.

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financial advice, Regulation

QAR accountants exclusion highlighted again

QAR accountants

The Quality of Advice Review recommendations and the government’s acceptance of them have overlooked the role accountants have in providing financial advice.

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Education, financial advice, SMSF

Peer experiences sought by trustees

SMSF trustees peers

The past experience of their peers is what SMSF trustees looking to seek financial advice in the next 12 months want to learn from practitioners.

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Compliance, financial advice, Regulation

Jones accepts majority of QAR proposals

QAR recommendations

The government will accept many of the recommendations of the Quality of Advice Review, but has reserved its position on how some of them will be enacted.

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financial advice

Govt praised for QAR stance

QAR response

The financial advice sector has welcomed the government’s announcement it would adopt Quality of Advice Review recommendations that cut red tape in the advice process.

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financial advice, SMSF

Most trustees unaware of QAR

Quality advice trustees

Over half of SMSF trustees recently surveyed have indicated they have no awareness Michelle Levy’s Quality of Advice Review took place.

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AFCA, Compliance, financial advice, Investments, SMSF

Wholesale advice must be exclusive

wholesale investors advice

Practitioners must ensure they are not exposed to the compliance requirements for retail clients if they are purely servicing wholesale investors.

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financial advice, Regulation

Rule of thumb can clarify QAR framework

advice rule of thumb

Under the framework recommended by the Quality of Advice Review there is a rule of thumb practitioners can use to ensure they adhere to the law.

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