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Showing 31 - 40 of 1078 results for "AFS"

Final QAR reforms open door to super funds

CASSANDRA BALDINI  |  THURSDAY, 7 DEC 2023
In its final response to the Quality of Advice Review (QAR), the government plans to modernise the best interests duty and amend the Statement of Advice (SoA), while also granting approval for superannuation funds to provide personal advice. In its ...

ASIC confirms adviser registration deadline

KARREN VERGARA  |  WEDNESDAY, 29 NOV 2023
... AFSLs that authorised the relevant provider at the relevant time, will be breaking the law, ASIC said. "It is crucial that AFS licensees and Relevant Providers understand their obligations in relation to relevant provider registration." ASIC will also ...

ASIC investigates iExtend over possible unlicensed conduct

CHLOE WALKER  |  THURSDAY, 23 NOV 2023
... and distribution obligations," Court said. "Anyone dealing in a financial product or providing financial advice must have an AFS licence or be appropriately authorised under an AFS licence unless an exemption applies." As part of the court enforceable ...

AFCA tightens wholesale investor remit

KARREN VERGARA  |  FRIDAY, 17 NOV 2023
... having more than $2.5 million or $250,000, you are a professional investor under Section 761 G (7) (D)," he said. This includes AFS Licensees with over $10 million dollars or the investment amount is at least $500,000 (under section 761G (7)(A)). "You ...

ASIC strips institutional broker's AFSL

ANDREW MCKEAN  |  THURSDAY, 16 NOV 2023
ASIC has suspended JB Markets' Australian financial services licence (AFSL), restricting the firm to only terminating existing client arrangements. The corporate regulator revoked JB Markets' AFSL due to non-compliance with financial requirements and ...

Australian Unity sells advice arm to Fortnum, Nestworth

ANDREW MCKEAN  |  TUESDAY, 14 NOV 2023
Australian Unity entered into a strategic alliance, selling its financial advice business to AZ NGA-owned advisory firm Nestworth and Fortnum Private Wealth. AZ NGA, through Nestworth, will acquire Australian Unity's employed adviser and corporate superannuation ...

ASIC updates qualified tax relevant provider definition

KARREN VERGARA  |  TUESDAY, 7 NOV 2023
... tax (financial) advice services for the first time," ASIC said. "It is important to note that it is the responsibility of AFS licensees to ensure that the information recorded on the Financial Advisers Register about their relevant providers is corre ...

Wealth firm awards CFS Edge mandate

KARREN VERGARA  |  MONDAY, 6 NOV 2023
Colonial First State (CFS) has scored a wealth platform and managed accounts mandate with a large financial advice firm. Viridian Advisory, which has $7 billion in funds under administration, will use CFS Edge. Having officially launched in August ...

Financial services firms hit with criminal charges

CHLOE WALKER  |  TUESDAY, 31 OCT 2023
... "Failure to lodge audited financial statements may result in cancellation of a licensee's Australian financial services (AFS) licence," it said. The ultimate penalty for each failure to lodge a profit and loss statement and balance sheet, as well ...

Adviser numbers steady, but shortfall predicted

CHLOE WALKER  |  MONDAY, 30 OCT 2023
With the number of financial advisers stabilised at around 16,000 after falling 43% from its December 2018 peak, forecasting by Rainmaker Information has sought to determine whether demand for advice over the coming decade can be met. According to Rainmaker ...