News

Cryptocurrency, Superannuation

Ownership a cryptocurrency issue

SMSFs cryptocurrency

The SMSF asset ownership rules have the potential to result in compliance issues for funds looking to invest in cryptocurrency.

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ASIC

ASIC cancels SMSF firm’s licence

ASIC SMSF licence

ASIC has cancelled the licence of an SMSF advisory business, while BT will pay $3 million in penalties for fee-for-no-service breaches.

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Appointments, Financial Planning

FPA CEO to stand down

FPA chief executive

FPA chief executive Dante De Gori has announced his intention to step down from his position at the end of 2021 after 12 years with the association.

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Appointments, Financial Planning

AFA names new chief executive

AFA chief executive

The AFA has announced the appointment of a new chief executive following Philip Kewin’s decision to step down in March.

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ASIC

ASIC levy increase unsustainable

ASIC adviser levy

A $700 increase in the ASIC adviser levy is evidence the funding model is unrealistic and unsustainable and needs urgent review.

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Financial Planning

AMP fee model ends BOLR, client ownership

AMP fee BOLR

AMP will end its buyer-of-last-resort arrangements with advisers and hand over ownership of clients as part of a new fee model to start in 2022.

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ATO

SuperStream-ready services revealed

SMSF SuperStream ATO

The SMSF digital service providers that are already SuperStream ready have been named by the ATO.

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Investments, Portfolio Construction

Returns not an ESG boundary for SMSFs

ESG returns SMSFs

An industry survey has shown more than half of SMSF trustees would consider investing in ESG products regardless of the returns these asset are likely to generate.

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Property

Ex-property developer loses fraud appeal

SMSF investors fraud

An ex-property developer who defrauded SMSF investors has lost an appeal against his conviction.

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ATO, Superannuation

Visibility changes still need faster data

superannuation visibility

Changes to allow greater visibility of superannuation assets during a separation are positive, but faster collection and reporting of data is still required.

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