News : Financial Planning

Documentation, Financial Planning

Ongoing fee arrangement guidance released

ongoing fee arrangements

Advisers have been provided with new guidance by ASIC on handling ongoing fee arrangements that incorporates royal commission recommendations.

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Accounting, Financial Planning

Accountants backing away from SMSF advice

SMSF advice accountants

The number of accountants offering advice to SMSF clients via financial planning arrangements has dropped markedly in the past year.

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Financial Planning, Regulation

AFA questions disciplinary body remit

AFA disciplinary body

The AFA has recommended the new single disciplinary body not review administrative and minor matters to avoid cost blowouts in adviser regulation.

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Financial Planning, Superannuation

Advice billing rethink required

SMSF advice billing

Practitioners may need to revise their billing for SMSF advice clients from 1 July due to the legislation resulting from findings by the banking royal commission.

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ASIC, Financial Planning, Insurance

ASIC moves on AMP over deceased client fees

AMP fees deceased customers

ASIC has started legal action against five AMP companies in regards to claims they charged advice fees and insurance premiums to dead customers.

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ASIC, Financial Planning

“Stupid” adviser gets six years’ jail

SMSF adviser jail

An investigation by ASIC has found a former Sydney financial adviser used his clients’ SMSF money to fund his holidays and other personal loans for almost three years.

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Financial Planning

Professionalism held back by licensing regime

advice licensing regime

Financial advice will not move forward as a profession while practitioners are dependent on licensees to allow them to practice, according to an industry body.

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Financial Planning, Regulation

Advice regulations decades out of date

financial advice regulations

The regulations for financial advice are based on products and issues from 20 years ago which has driven up the current cost and complexity of advice for consumers.

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Financial Planning, Regulation

FPA calls for further adviser rego changes

FPA financial registration

The FPA has welcomed the government’s proposal for a single disciplinary body, but has called for improvements to financial planner registration.

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Financial Planning

Super changes at fore in post-COVID advice

superannuation COVID advice

As COVID-19 social security measures wind down, advisers are seeking more technical help to tackle pending changes to superannuation contributions and fund balances.

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