News : financial advice

ASIC, Education, financial advice

ASIC issues adviser qualifications warning

ASIC Financial Adviser Register Adviser qualifications compliance program

ASIC will check information submitted by Australian financial services licensees regarding their advisers’ qualifications following the discovery of reporting issues in a recent review.

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financial advice, Financial Planning

FAAA to launch advice academy

FAAA Financial Advice Association of Australia Adviser academy Financial advisers

The FAAA will launch an advice academy to assist high school students and career changers to make the jump into the financial advice sector.

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financial advice, SMSF

More entrants can curb unadvised SMSFs

SMSF Self-managed super fund Financial Advice Association Australia FAAA Vanguard/Investment Trends SMSF Report financial advisers

SMSF trustees establishing funds without professional financial advice will continue as long as there is a shortage of practitioners in the field.

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Education, financial advice

Licensees to report experienced pathway users

Financial advisers Australian financial services licensees AFSL experienced provider pathway declaration

Licensees have been reminded they will have one month from 1 July to notify ASIC of any adviser who uses the experienced provider pathway.

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financial advice

Financial abuse protocols needed

FAAA Financial Advice Association Australia Financial abuse reporting

The processes for financial advisers to report suspected financial abuse are unclear, with some current laws preventing appropriate action taking place.

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financial advice, SMSFA

Adviser references need specificity

Licensed advisers SMSF Association Unlicensed operators Advisers

A call has been made for financial services stakeholders to properly acknowledge the difference between licensed advisers and illegal operators.

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financial advice, Regulation

Call to change GST rebates for advice

GST SMSF Association Advice fees Rebate

A legal revision is being sought to allow super funds and platforms to continue the practice of claiming a rebate for GST charged on advice fees.

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AFCA, financial advice, Regulation

Dixon AFCA membership termination supported

FAAA Dixon Advisory CSLR AFCA

The FAAA has supported a proposal to cancel Dixon Advisory’s AFCA membership, citing concerns compensation linked to the case is adding to an unsustainable levy for advisers.

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financial advice, Investments, Regulation

Wholesale tests revision essential

wholesale investor test wholesale client test indexation accountant’s certificates SMSF Association Chartered Accountants Australia and New Zealand CPA Australia Institute of Public Accountants

Any increase to the wholesale investor tests must include indexation to keep them current, but accountants’ certificates should be removed as they are no longer fit for purpose.

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financial advice, Financial Planning, SMSF

Online advice driving new set-ups

New SMSF trustees are shunning traditional sources of advice when setting up a new fund, choosing to rely on online information and word of mouth.

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