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Financial Planning, Digital Advice and Insurance


15 years of T-REX

Written By: T-REX Contributor
Published: June 28th, 2019
This edition marks 15 years since the first edition of T-REX went out to a modest list of subscribers in 2004. The AFS licensing regime was then in its infancy, the credit licensing regime had not yet arrived and anti-money laundering requirements were sparse.  The AML/CTF regime we know tod
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ASIC consultation on product intervention

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC has opened consultation in relation to proposed guidance on its product intervention powers. ASIC Consultation Paper 313 Product intervention power and the associated Draft Regulatory Guide set out ASIC’s proposed guidance in relation to the exercise of its powers. Other jurisdictio
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ASIC regulatory and market insights

Written By: T-REX Contributor
Published: June 28th, 2019
A recent speech by ASIC Commissioner Cathie Armour gives some insights into ASIC’s current thinking. She reiterated that ASIC sees professionalism and fairness as concepts central to the way our markets are run. She talked about the in-depth supervision of the big four banks and AMP.&nbs
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AFCA Rules and legacy complaints

Written By: T-REX Contributor
Published: June 28th, 2019
In February, the then Treasurer, Josh Frydenberg, made AFCA Scheme (Additional Condition) Amendment Authorisation 2019.  This required AFCA to accept legacy complaints dating back to 1 January 2008. Frydenberg explained that the Government was going beyond the recommendations made by the Roy
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Relief applications – the latest

Written By: T-REX Contributor
Published: June 28th, 2019
Every six months, licensees have the opportunity to learn what decisions ASIC has made in relation to relief applications. ASIC has now released Report 620 Overview of decisions on relief applications (October 2018 to March 2019).   There were disclosure relief decisions in relation
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AFSLs, AML/CTF and share fraud

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC has issued guidance for licensees in relation to share sale fraud.  The guidance touches on AML/CTF related issues, even though ASIC is not the regulator for those issues. ASIC has identified a rise in the instance of what it calls “share sale fraud”, where a person who i
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Key person failures bring down licence

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC has cancelled the licence of Guarded Pty Ltd for failure to comply with financial services laws. In particular, it failed to maintain competence to provide the financial services after its Responsible Manager resigned.  The Responsible Manager was a key person on the licence.  The
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Generic calculators – update

Written By: T-REX Contributor
Published: June 28th, 2019
We reported in May T-REX that ASIC relief in relation to generic financial calculators included a condition which was due to commence on 1 July 2019.  We flagged that ASIC might make changes before this condition came into effect and ASIC has done just that. ASIC has amended ASIC Corporation
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Meeting the education standards

Written By: T-REX Contributor
Published: June 28th, 2019
FASEA has confirmed its approval of a first round of graduate diplomas and bridging courses from specific higher education providers. The diplomas and courses are requirements for existing advisers to meet the education standard across the existing adviser pathways. The approved diplomas and c
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Conflicted remuneration broader than you think

Written By: T-REX Contributor
Published: June 28th, 2019
Recent civil penalty proceedings by ASIC are an excellent reminder of the breadth of conflicted remuneration – particularly in the SMSF space. ASIC is bringing proceedings against a licensee and its corporate authorised representative.  It alleges that the corporate authorised represen
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Add-on insurance refunds

Written By: T-REX Contributor
Published: June 28th, 2019
For some years, ASIC has conducted significant work in relation to the sale of add-on insurance by car dealers.  This has resulted in changes to the add-on insurance market, as well as remediation programs involving several insurers and tens of millions of dollars. This month, ASIC announced
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Tempted to backdate? Be honest

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC recently banned an adviser after he retrospectively created advice documents and reproduced a client’s signature. ASIC found that the adviser had created replicas of Statements of Advice that he should, by law, have created and retained but did not.  ASIC made this finding by revi
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Best interests and SMSFs – latest action

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC has taken more action in relation to best interests and SMSFs. One adviser was banned after ASIC found he provided advice to 15 clients which was neither in their best interests nor appropriate. The advice was given to clients referred by GM Homes Australia Pty Ltd.  The advice was t
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Regulatory data and market discipline

Written By: T-REX Contributor
Published: June 28th, 2019
Concerns about the provision of regulatory data were the basis of an infringement notice given by the Markets Disciplinary Panel to Macquarie Securities (Australia) Limited. The Panel had reasonable grounds to believe that Macquarie contravened the market integrity rules that deal with the provis
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Market integrity report

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC has given some insights as to its areas of focus in market integrity for the remainder of 2019.  ASIC is looking at conduct and governance in relation to: fixed income commodities and currencies retail OTC derivative providers ICOs client money. It is also looking at:
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ICOs and crypto-assets

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC has updated Information Sheet 225 about Initial Coin Offerings and crypto-assets.  The Information Sheet is designed to help players in this space comply with their legal obligations. ICOs and crypto-assets can be, or can involve, financial products, attracting the requirements of the C
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Other developments – in brief

Written By: T-REX Contributor
Published: June 28th, 2019
ASIC chooses default fund ASIC has named Australian Super as the super fund it will use as a default fund for employees who join from 1 July 2019.  This coordinates with the introduction of a new employment regime for ASIC staff.  Previously, staff were employed under the Public Service A
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Consultation

Written By: T-REX Contributor
Published: June 28th, 2019
The following draft provisions and discussion papers were open for consultation in June. Revisions to Prudential Practice Guide APG 223 Residential Mortgage Lending (APG 223).  The proposed revisions are contained in a letter to all ADIs.  Comments are due by 18 June 2019. Exposure D
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T-REX Bites

Written By: T-REX Contributor
Published: June 28th, 2019
Mismanaging client data can cost you!  Lessons to be learned from Equifax. Late last year, UK based Equifax Ltd was issued with a penalty of 500,000GBP by the Information Commissioner (UK) (the Commissioner) in relation to a privacy breach.  The breach occurred under pre General Data Pr
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Financial services and the new ministry

Written By: T-REX Contributor
Published: May 31st, 2019
The new ministry following the election will include: Josh Frydenberg as Treasurer Michael Sukkar as Assistant Treasurer and Minister for Housing Jane Hume as Assistant Minister for Superannuation, Financial Services and Financial Technology. Michael Sukkar’s portfolio includes imp
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