'Changing dynamic' between public and private markets worth watching: ASIC
Private markets are worth around $14 trillion globally, ASIC believes. It's not sure, and that uncertainty hints at the wider problem – private markets, and their effect on public ones, is still largely a mystery.
FSG exemption back in play after ASIC fixes Treasury's DBFO reform blunder
It came as a relief instrument rather than the expected guidance note, but ASIC's move still managed to give advisers the surety they need to legally use the FSG exemption.
ASIC (and courts) to funds: Practice the ESG you preach and stop virtue signalling
It doesn't matter whether funds mislead investors with intent or not, and it doesn't matter if other parties were partly to blame. The authorities have had enough of the excuses, and they're lobbing record fines at transgressors.
Upfront advice tax deductibility bid fails, but silver linings prevail
The ATO has dug its heels in, and is firm in its belief that upfront advice should remain classed as capital expenditure. But the FAAA did gain a significant concession around tax (financial) advice provision.
Is APRA's hybrid war about protecting banks, retail investors... or itself?
It's odd that of the 12 published submissions to APRA's consultation on hybrids, not one advocated getting rid of them altogether. Is the regulator trying to protect banks and retail investors from themselves, or is it simply "jumping at shadows"?
ASIC granted new powers over financial market infrastructure entities
The Bill comes after a report from the Council of Financial Regulators warned that the financial system's reliance on financial market infrastructure had "significantly increased" following the 2008 global financial crisis and subsequent reforms.
Advisers slugged with $2,878 levy as industry gets behind funding model reform
The government now has two internal reports recommending an overhaul of the industry funding model. Yet they appear destined to sit on the shelf "gathering dust", with the financial services minister of the opinion that recruiting more advisers will fix the problem.
Advice group United Global Capital's assets frozen amid ASIC investigation
The freeze order isn't UGC's first engagement with the regulator. It was among the first to be pinged for not meeting the Design and Distribution Obligations back in 2022.
Minister turns back on CSLR as AFCA steps in, looks to cut Dixons membership
It's a welcome stopper on the amount advisers will have to fork out, but has no connection to the core issue. The government still fails to recognise the inherent flaws in its CSLR scheme, and the industry is running out of patience.
ASIC sounds major warning on 'licensee for hire' firms
ASIC made no secret of its assertion that Lanterne operated purely as a "licensee for hire", which is an ominous reminder for licensees operating with thin risk and compliance standards that the regulator is watching.
Policymakers urged to simplify ‘unnecessarily complex’ SMSF system
Transfer Balance Caps, Super Balance Thresholds and the rules overseeing the notice of intent to claim a tax deduction are all overly complex and could do with immediate simplification, according to SMSF Association CEO Peter Burgess.
Instos to re-enter advice, SOAs scrapped in landmark reform package
The government will now follow through on Levy's proposal to bring licensed financial institutions back into the advice fold, while also agreeing to "modernise" the Safe Harbour Steps and swap SOAs with "advice records".
Code of Ethics important, but it won't supplant the Safe Harbour Steps
The government's position on what to do with the Safe Harbour Steps is no longer clear, but the chances of seeing it supplanted by the existing Code of Ethics are slim according to the FAAA's policy chief Phil Anderson.
Advice reform stalls as Jones dithers on SOA, safe harbour changes
Even with a lightened agenda, the government failed to finish its homework and instead delivered only a portion of the first tranche of advice reforms. It's a poor return, and at this rate the advice review could be a ten-year project.
SOAs, safe harbour steps gone as government takes staged approach to advice reform
Financial services minister Stephen Jones has accepted 14 of Michelle Levy's 22 recommendations to increase advice access, with super funds set to play an expanded role and advisers benefitting from a drastic cut to red tape. Banks and insurers, however, have had their advice reform hopes dashed - for now.
FSC, product providers bemoan lack of support from ASIC on innovation
On what was set up as a discussion around the proposals put forward by the Quality of Advice Review, the topic repeatedly shifted to the frustration providers felt at not being able to work with ASIC to bring compliant solutions to market.
FPA and AFA complete merger to create unified voice for advisers
The new association will be branded with its key purpose - providing a unified voice representing advisers - reflected in speech bubbles over the 'A's in its name.
ASIC commissioner cuts 5-year term early to join Vanguard
The respected lawyer will not see out his contract with the corporate regulator after accepting a role in the commercial sector.
Tax deductibility review a ray of hope for adviser community
Advisers are rallying around the prospect of upfront advice fees becoming tax deductible after the ATO announced a review of Tax Determination 95/60.
ASIC pullback on $500K threshold sparks SMSF narrative change
After the regulator abandoned its $500K minimum balance guidance, the SMSF Association says it hopes licensees will reconsider some of the concerns they may have had about low-balance funds.
