News : Regulation

Auditing, Regulation

Risks won’t vanish without auditor oversight

Using appropriate eligibility criteria to determine whether an SMSF qualifies to be audited every three years rather than annually will not mitigate the risks associated with the federal government’s proposal to relax the frequency of sector audits, according to an industry body.

read more
Compliance, Regulation, Superannuation

No issue in NALI measure becoming law

The federal government’s non-arm’s-length income (NALI) measure under its Superannuation Taxation Integrity Measures is reasonably non-controversial from a legislative perspective and will become law, according to an SMSF expert.

read more
Education, Regulation

Advisers monitoring peers akin to whistleblowing

The Financial Adviser Standards and Ethics Authority’s (FASEA) proposal in its code of ethics for advisers to proactively hold each other to account is akin to whistleblowing, according to wealthdigital.

read more
ASIC, Regulation

ASIC gets enforcement funding boost

The federal government has announced a further $70.1 million in funding for the Australian Securities and Investments Commission (ASIC) to boost its enforcement capability.

read more
Regulation

SMSF Association backs renaming of general advice

The SMSF Association has given its full support to the Productivity Commission’s recommendation to rename the term ‘general advice’.

read more
Commercial Property, Regulation, Residential Property

Call for more property spruiking barriers to entry

The SMSF Association has called for the introduction of increased barriers to entry for SMSF property spruikers as a method of reducing the incidence of inappropriate advice involving fund establishment for the purpose of purchasing residential real estate via limited recourse borrowing arrangements (LRBA).

read more
Regulation, Superannuation

Lack of super objective hinders reform

The Financial Services Institute of Australasia (FINSIA) has called for the primary objective of superannuation to be legislated, arguing this oversight is holding the industry back from reform.

read more
Regulation, Superannuation

Assessment of super regulators may reveal gaps

The banking royal commission’s hearings on the superannuation sector will examine the role of primary regulators the Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA), which could identify regulatory gaps, according to a financial services consulting firm.

read more
ASIC, Education, Regulation

ASIC changes adviser register reporting dates

The Australian Securities and Investments Commission (ASIC) has announced changes to reporting dates for various required notifications in the transition to the new financial adviser education reforms.

read more
Education, Regulation

SMSF Association against code of ethics ambiguity

The SMSF Association has used its Financial Adviser Standards and Ethics Authority (FASEA) code of ethics submission to call for less subjectivity and greater clarity to allow a more practical implementation of the required standards.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.