News

ASIC, Auditing

Advisers must protect themselves from legal action

An SMSF business consultant has warned the findings contained in a recent Australian Securities and Investments Commission (ASIC) report about the sector’s financial advice provision indicate practitioners need to ensure they are properly protected against legal action from trustees in the event of an adverse outcome.

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Education, Financial Planning

FASEA classification process remains unclear

The determination as to whether an individual has a relevant degree under the new Financial Adviser Standards and Ethics Authority (FASEA) education guidelines for financial planners currently remains unclear.

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Accounting, Compliance, Education

Limited licensing at odds with FASEA requirements

The new education requirements for accountants who wish to continue providing financial advice coupled with the limited licensing requirements have made compliance activity excessively onerous for these practitioners, according to an online technical service provider.

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Financial Planning, Investments, Portfolio Construction

Advised investors more buoyant about markets

Australian investors who have a professional financial adviser are considerably more confident about the outlook for investment markets compared to those who do not seek advice, according to a new survey.

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Compliance, Education, Financial Planning

KnowITdigital unveils study hub, partnerships

KnowITdigital has announced three additions to its wealthdigital online platform, including the areas of study and compliance.

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Investments, Regulation, Retirement

Labor policy to hit women, economy, govt revenue

Wilson Asset Management chief investment officer Geoff Wilson has used his statement to a House of Representatives Standing Committee on Economics hearing as part of its inquiry into the implications of removing refundable franking credits to highlight the negative impact the proposed policy will have on women, the greater economy and forecast government revenue.

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Education, Regulation

SMSFA pushes for more FASEA RPL inclusions

The SMSF Association is lobbying the Financial Adviser Standards and Ethics Authority (FASEA) for its professional designations and specialisation courses to be included as recognised prior learning (RPL) elements in its educational requirements for existing financial advisers.

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ATO, Property, Residential Property

ATO issues Aussiegolfa decision impact statement

The finding in the Aussiegolfa decision that deemed the SMSF trustee’s property held by fractional property investment house DomaCom is a separate trust will not have a significant impact on traditional multi-class managed funds, according to the ATO.

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Investments, Regulation

Bennelong positioning itself for market shift

Bennelong Funds Management is in the process of adding a range of boutique investment house offerings to its stable in anticipation of providing individuals with viable alternatives should there be a significant market shift resulting from the Labor Party proposal to ban imputation credit refunds in certain circumstances.

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Business News

Natasha Fenech resigns as SuperConcepts head

SuperConcepts chief executive Natasha Fenech has resigned after five years at the firm to take another opportunity as a chief executive within the financial services industry outside the SMSF sector.

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