News : Regulation

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.

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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.

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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.

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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.

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Education, Financial Planning, Regulation

FASEA slammed for draft guidance error

An SMSF specialist adviser has hit out at the Financial Adviser Standards and Ethics Authority (FASEA) for publishing erroneous requirements for financial advisers with foreign qualifications without conducting adequate research.

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Investments, Regulation

DomaCom unaffected by MIT law revision

Draft legislation from the federal government addressing the tax leakage of foreign investment into residential and rural property will not affect the operations of fractional property investment firm DomaCom.

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Education, Financial Planning, Regulation

FASEA issues correction on foreign qualifications

The Financial Adviser Standards and Ethics Authority (FASEA) has issued a clarification today about an error it made in its draft guidance on education pathways for new and existing financial advisers with foreign qualifications.

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Compliance, Regulation

Royal commission draws line in the sand

Minister for Revenue and Financial Services Kelly O’Dwyer has implored the financial services industry to use the royal commission as the point at which it moves to regain the trust of consumers.

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Regulation, Superannuation

SMSF analysis restates PC report’s figures

Class has reaffirmed the performance of SMSFs compared to Australian Prudential Regulation Authority (APRA)-regulated funds, following discrepancies in the Productivity Commission’s inquiry into superannuation.

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Compliance, Regulation, Superannuation

SuperStream announcement a mixed bag

A superannuation industry technical expert has described the federal government’s proposal to include SMSFs within the SuperStream rollover system as a positive development, but has identified some of the other elements included in the initiative as potentially being problematic.

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