News

Financial Planning

Best interest duty a catch-all for adviser misconduct

best interest duty advisers

Best interest duty is being used as a new benchmark for adviser behaviour, but the term carries different meanings for advisers and consumers, according to a financial services lawyer.

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Superannuation

Canberra has 10 per cent SG limit

Superannuation guarantee

A Liberal MP has suggested there is no support on either side of the political fence to set the superannuation guarantee rate any higher than 10 per cent.

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ASIC

ASIC to publish SMSF red flags for consumers

ASIC SMSF red flags

ASIC has committed to better informing and protecting consumers under its latest corporate plan and will publish information on potential SMSF red flags as part of its output for the current financial year.

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Education, FASEA

Education concerns recognised but time frame stays

advisers education standards

Advisers have been thanked for undertaking further education and meeting new professional standards, but have not been offered an extension of time in which to complete that work.

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ASIC, Financial Planning

SMSF advice process key to better client outcomes

SMSF advice process

Risks, alternatives and detailed record-keeping are critical for advisers discussing the potential establishment of an SMSF with clients, an SMSF expert says.

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Education, FASEA

Professionalism push not for adviser benefit

education standards consumer benefit

New education and professional standards for advisers need to be viewed as providing a consumer benefit first instead of only improving adviser reputations.

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Regulation, Superannuation

Super sector will be reformed despite fund inertia

superannuation reform member interests

The superannuation sector needs to move past the sacred cows of its origins and serve the interest of members or run foul of the reform agenda of the federal government.

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ATO, Pensions

Better to claim ECPI after discretion application

ATO ECPI discretion application

A technical services manager has shared a successful approach to applying for ATO discretion to claim exempt current pension income when a minimum pension has not been met.

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ATO, Investments

ATO probe no cause for alarm

SMSF investment diversification

Trustees should not rush to change their investment strategies as a result of the ATO’s expected probe into the diversification requirements of nearly 18,000 SMSFs, an SMSF expert has said.

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Education, FASEA

FASEA recognises older CFP coursework

FASEA CFP coursework

The Financial Adviser Standards and Ethics Authority (FASEA) has awarded two recognition of prior learning (RPL) credits for advisers who completed the certified financial planner (CFP) program coursework prior to 2004. FASEA stated it had approved an application from the Financial Planning Association (FPA) to recognise the coursework required to attain the ‘historical’ CFP designation. […]

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