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Financial Planning, Digital Advice and Insurance


Merry Christmas

Written By: T-REX Contributor
Published: December 19th, 2019
We wish all our T-REX readers a merry Christmas and a happy new year.  Thank you for your loyalty.
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Goodbye Compact, hello HN Hub

Written By: T-REX Contributor
Published: December 19th, 2019
You may have noticed a slight change in the look of T-REX last month. After 25 years, our two businesses, Holley Nethercote commercial and financial services lawyers and Compact compliance and training, now come under a single group brand, Holley Nethercote. Our law firm is now known simply as
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Could the law really get simpler?

Written By: T-REX Contributor
Published: December 19th, 2019
Commissioner Hayne’s recommendation that the law be simplified was music to the ears of industry.  But to simplify the existing framework will be a daunting task for whoever tackles it. Even trying to address the suggestion that legislation address what norms of behaviour are being pur
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Cooperation between ASIC and APRA

Written By: T-REX Contributor
Published: December 19th, 2019
ASIC and APRA have updated their Memorandum of Understanding.  The MOU is designed to address recommendation 6.10 of the Royal Commission. That recommendation was that ASIC and APRA prepare and maintain a joint memorandum setting out how they intend to comply with their statutory obligati
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ASIC report on licensing

Written By: T-REX Contributor
Published: December 19th, 2019
ASIC has released a report on its assessment of AFSL and ACL applications, Report 650 Overview of licensing and professional registration applications: July 2018 to June 2019. The Report gives an insight into ASIC’s decisions on licence applications during the relevant period and key regula
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Design and distribution obligations fine-tuned

Written By: T-REX Contributor
Published: December 19th, 2019
The Government has made Corporations Amendment (Design and Distribution Obligations) Regulations 2019. These extend the distribution obligations in the regime to: a person that is exempt under paragraph 926B(1)(a) of the Corporations Act 2001 from the requirement in section 911A to hold an AFS
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Morsels from ASIC

Written By: T-REX Contributor
Published: December 19th, 2019
The latest hearing of the Parliamentary Joint Committee into Corporations and Financial Services provides some interesting morsels. When it comes to enforcement, ASIC says it is prioritising cases: with deterrence value where there is harm to vulnerable customers. It is also pursuing ca
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Banning powers and more

Written By: T-REX Contributor
Published: December 19th, 2019
The Government is taking action to implement 16 recommendations made in the ASIC Enforcement Review Taskforce Report. It has introduced into Parliament Financial Sector Reform (Hayne Royal Commission  Response – Stronger Regulators (2019 Measures)) Bill 2019. The key changes contain
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AFS licence suspended for failure to meet conditions

Written By: T-REX Contributor
Published: December 19th, 2019
ASIC has suspended Australian Golden Securities Ltd’s AFSL until May next year due to the licensee’s failure to meet its licence obligations.  Australian Golden Securities operates registered managed investment schemes. Specifically, Australian Golden Securities has failed to:
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Certainty for general advice

Written By: T-REX Contributor
Published: December 19th, 2019
Licensees which provide general advice will be interested to hear that the Westpac entities which recently lost to ASIC in the Full Federal Court are applying to the High Court for leave to appeal. This development was reported in the Financial Review on 11 December 2019. If the Court accepts
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FASEA Code of Ethics – think AFCA

Written By: T-REX Contributor
Published: December 19th, 2019
AFCA’s Deputy Chief Ombudsman has indicated how AFCA will approach adviser conduct obligations under the FASEA Code of Ethics. She says AFCA will assess adviser conduct against the Code in the context of a complaint but only where the complaint and the conduct occur after 1 January 2020.
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Small reprieve on its way

Written By: T-REX Contributor
Published: December 19th, 2019
At the end of August, the Government announced it would give an extension of time to existing financial advisers for them to comply with the FASEA exam and degree requirements. This extension is taking shape in the form of Treasury Laws Amendment (2019 Measures No. 3) Bill 2019, which is now befo
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Insurance claims – a new era is coming

Written By: T-REX Contributor
Published: December 19th, 2019
A new era is coming for insurance issuers, distributors and brokers and for financial planning firms. Recommendation 4.8 of the Royal Commission was that the handling and settlement of insurance claims should no longer be excluded from the definition of “financial service”. The Gov
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Insurance contracts and unfair terms

Written By: T-REX Contributor
Published: December 19th, 2019
Insurers will need to keep their eye on the journey of the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures)) Bill 2019 which seeks to extend the unfair contracts terms regime to insurance contracts. The Bill aims to extend the unfair contracts
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ASIC action against NAB: fees for no service, deficient FDSs and unconscionable conduct

Written By: T-REX Contributor
Published: December 19th, 2019
ASIC has started legal proceedings against NAB in the Federal Court for breaches of the Corporations Act 2001 (Cth) and the ASIC Act 2001 (Cth) regarding charging fees for no service and fee disclosure statements.   ASIC is alleging that during the period from December 2013 to February
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Rebating conflicted remuneration

Written By: T-REX Contributor
Published: December 19th, 2019
Provisions are now in place governing what happens to conflicted remuneration in relation to financial product advice that remains payable through contractual obligations but prohibited by recent legislation, on or after 1 January 2021. These are contained in Treasury Laws Amendment (Ending Grand
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Funeral expenses policies

Written By: T-REX Contributor
Published: December 19th, 2019
The Royal Commission recommended that the exclusion for funeral expenses policies from the AFS licensing regime be removed. The Government has made Treasury Laws Amendment (Financial Services Improved Consumer Protection) (Funeral Expenses Facilities) Regulations 2019. These repeal regulation
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Life risk insurance, CCI and telephone sales

Written By: T-REX Contributor
Published: December 19th, 2019
From 13 January 2020, sales of life risk insurance and consumer credit insurance over the telephone will be significantly curtailed by a new ASC instrument. ASIC Corporations (Hawking – Life Risk Insurance and Consumer Credit Insurance) Instrument 2019/839 prohibits a person from making an
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Tier 1 and 2 equity market products

Written By: T-REX Contributor
Published: December 19th, 2019
ASIC has maintained its policy of determining the allocation of Equity Market Products to tiers based on a periodic calculation of 2.5 per cent of each product’s average daily value transacted in the preceding six-month period (or other material number of trading days if the product was not qu
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ASIC report on financial advice provided by super funds

Written By: T-REX Contributor
Published: December 19th, 2019
ASIC has published Report 639, which reports on its findings about how superannuation funds provide financial advice to their members and the quality of that advice. ASIC surveyed 25 superannuation funds – which included a mix of retail, wholesale, corporate and public sector funds –
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