News : financial advice

financial advice, Regulation

Adviser exam pass rate steady

ASIC Financial adviser exam

New data from ASIC has shown the pass rates for the financial adviser exam remained steady across the March and June sitting dates.

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Compliance, financial advice

SMSFA supports call to revise ASIC funding

SMSF Association Peter Burgess ASIC Financial adviser levy industry funding model Senate Economics References Committee

A Senate inquiry recommendation for the ASIC funding model to be less reliant on levies should be implemented to prevent advisers facing higher costs each year.

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ASIC, financial advice

Adviser levy to increase by $60

Financial adviser levy ASIC Cost Recovery Implementation Statement

The financial adviser levy will increase by around 2 per cent this year, its smallest rise since it was first introduced in the 2018 financial year.

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financial advice, Superannuation

Govt amends super-funded advice rules

Financial advice advice fees Superannuation Delivering Better Financial Outcomes Financial Advice Association Australia FAAA Sarah Abood

The government has amended its rules on funding financial advice from super, removing barriers that would have required funds to approve each piece of advice.

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Administration, ATO, financial advice

Event-based reporting a struggle

Event based reporting SMSF Self-managed superannuation Investment Trends Yigit Gunhan

Event-based reporting imposed by the ATO has emerged as a significantly increasing challenge for advisers in servicing the SMSF sector.

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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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