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All financial advice should be tax deductible: FPA

CASSANDRA BALDINI  |  FRIDAY, 3 FEB 2023
... includes all participants in the financial services industry, to ensure sustainability and equity." It proposed the CSLR apply to personal advice, relevant financial products, retail clients, credit intermediation, securities dealing, credit provision ...

Brighter Super welcomes chief people officer

ELIZABETH FRY  |  MONDAY, 30 JAN 2023
Brighter Super has named Allanna Kelsall as the fund's chief people officer. The $30 billion industry fund for workers in the energy and local government was created by the merger of LGIAsuper and Energy Super, and the acquisition of Suncorp's ...

JPMorgan says fintech was a fraud, closes business

JAMIE WILLIAMSON  |  MONDAY, 16 JAN 2023
JPMorgan has shuttered the financial planning fintech it acquired in 2021 and is suing its founder, claiming most of its users were fake accounts created to inflate the business' value. In September 2021, JPMorgan Chase acquired Frank, a platform that ...

Morningstar to introduce new rating system

JAMIE WILLIAMSON  |  WEDNESDAY, 11 JAN 2023
... capabilities and insight to provide timely and efficacious ratings for investors," it said. It's expected the system will apply across over 2000 strategies in Australia and New Zealand. It will also be rolled out globally, applying to 400,000 strateg ...

ASIC FAR to display adviser QTRP status

CHLOE WALKER  |  TUESDAY, 10 JAN 2023
... The new requirements are the completion of specific courses in commercial law and taxation law, however some exceptions apply, ASIC said. There may also be additional continuous professional development requirements, it added. According to ASIC, financial ...

Target market determinations have improved: ASIC

ANDREW MCKEAN  |  WEDNESDAY, 14 DEC 2022
ASIC thinks regulatory intervention has improved lenders target market determinations (TMD), but it still harbours concerns over product descriptions. ASIC Report 754 focuses on small amount credit contracts (SACCs) due to the overrepresentation of ...

Latest adviser exams see 57% pass rate

CASSANDRA BALDINI  |  FRIDAY, 9 DEC 2022
... ensure all candidates in all cycles are held to the same standard. It added those who have passed demonstrated the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam. Further ...

ALRC should prioritise advice regulations: FPA

CASSANDRA BALDINI  |  THURSDAY, 8 DEC 2022
... the legal obligations placed on individual financial planning practitioners should be separated from the requirements that apply to AFS licensees and product providers. "The ongoing dialogue between the ALRC, the FPA and the financial services sector ...

ASIC suspends, cancels AFSLs

CHLOE WALKER  |  WEDNESDAY, 7 DEC 2022
... Since ASIC's surveillance, AFSL Group has applied for reinstatement of its AFCA membership. Both QFML and ASFL Group may apply to the Administrative Appeals Tribunal for a review of ASIC's decision.

UK regulator looks to simplify advice

JAMIE WILLIAMSON  |  FRIDAY, 2 DEC 2022
... mainstream products would be reduced and the client fact find would also be simplified. The same consumer protections would apply under the new regime as they do to holistic advice. "We expect that these changes, along with the Consumer Duty, should ...