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Financial Planning, Digital Advice and Insurance


Time for senior managers to look sharp

Written By: T-REX Contributor
Published: September 30th, 2019
Change is in the pipeline for senior managers of AFS and credit licensees.  The Government has released draft legislation addressing this and other aspects of the report of the ASIC Enforcement Review Taskforce, which was released in December 2017. The Government has already legislated to im
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Data breaches in the financial sector

Written By: T-REX Contributor
Published: September 30th, 2019
According to the latest report released by the Office of the Australian Information Commissioner (OAIC), the Finance sector has reported the second highest number of notifiable data breaches in the second quarter of 2019.  Health Service providers are the top of the list. Overall the number
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ASIC’s first product intervention order bans short term credit model

Written By: T-REX Contributor
Published: September 30th, 2019
ASIC recently announced the first order issued under its new product intervention powers. ASIC has made an order to impose a condition on the exemption to the NCCP Act that short-term credit providers currently rely on. The new condition effectively bans short term credit business models that req
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Fit and proper persons, misleading material and licences

Written By: T-REX Contributor
Published: September 30th, 2019
Another piece of draft legislation released by the Government in order to address recommendations arising from the ASIC Enforcement Review Taskforce is Draft Financial Regulator Reform (No. 1) Bill 2019: (Licensing). This addresses a range of areas, including: responsible officers under the AF
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Fine-tuning design and distribution obligations

Written By: T-REX Contributor
Published: September 30th, 2019
Treasury has released draft regulations outlining measures to tweak the design and distribution regime. Corporations Amendment (Design and Distribution Obligations) Regulations 2019 propose to: extend the regime to further persons extend the regime to additional products exclude certain pr
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ASIC updates: focus on Royal Commission recommendations

Written By: T-REX Contributor
Published: September 30th, 2019
ASIC has published an update about its action in response to the findings of the Royal Commission since the Final Report was published. In the update, ASIC Chair James Shipton stated that ASIC is addressing the concerns expressed by the Royal Commission and implementing the ASIC-specific recommen
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ASIC action for unfair contract terms

Written By: T-REX Contributor
Published: September 30th, 2019
ASIC has taken action against the Bank of Queensland, Bendigo Bank and Adelaide Bank in relation to allegedly unfair contract terms in their small business contracts. The clauses that ASIC alleges are unfair include those which give lenders a unilateral and broad discretion to vary the contract w
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Penalty for misleading statements about investment strategy

Written By: T-REX Contributor
Published: September 30th, 2019
ASIC brought legal action against Port Phillip Publishing Pty Ltd and its former director in the Federal Court in December 2018 for misleading and deceptive conduct.    Port Phillip Publishing made various representations in promotional material regarding an investment strategy aimed at
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Suncorp remediation plan complete

Written By: T-REX Contributor
Published: September 30th, 2019
Suncorp Life and Superannuation Limited has completed the ASIC-imposed remediation program which commenced in 2015, and paid a total of approximately $1,431,167 in compensation to over 4,000 clients. ASIC required Suncorp to participate in the remediation program after an ASIC investigation found
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Add-on insurance reforms on the way

Written By: T-REX Contributor
Published: September 30th, 2019
The Government has begun consulting in relation to proposed reforms to the way sales of add-on insurance products are regulated. This is in response to recommendation 4.3 of the Royal Commission, which stated that Treasury should develop an industry-wide deferred sales model for add-on insurance
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$730,000 compensation for poor insurance sale practices

Written By: T-REX Contributor
Published: September 30th, 2019
The review and remediation program that ASIC imposed on ClearView Life Assurance Limited is now complete and resulted in 215 clients being offered a combined total of $730,138 as compensation for loss suffered as a result of poor life insurance advice.  A further 21 clients were provided with n
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AFSL cancelled for non-compliance

Written By: T-REX Contributor
Published: September 30th, 2019
ASIC has suspended the AFSL of Financial Options Pty Ltd due to its concern that the licensee is failing to meet its obligations as a licensee.  Specifically, the licensee failed to:  lodge its accounts and audit report  have a dispute resolution system in place maintain org
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Court action for poor direct life insurance selling practices

Written By: T-REX Contributor
Published: September 30th, 2019
ASIC has taken legal action against Select AFSL Pty Ltd (Select), BlueInc Services Pty ltd (BlueInc), Insurance Marketing Services Pty Ltd (IMS) and director Russel Howden for alleged breaches of the ASIC Act in relation to direct selling of life insurance and accidental injury insurance.  ASIC
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More FASEA resources for exam

Written By: T-REX Contributor
Published: September 30th, 2019
FASEA has released further resources to help advisers prepare for the exam. These include: additional practice questions a revised candidate information video showing the exam day registration process and the exam environment. TIP: Once an adviser has been registered to sit the exam, th
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FASEA degrees and equivalent

Written By: T-REX Contributor
Published: September 30th, 2019
FASEA has approved some more bachelor degrees, higher degrees and equivalent qualifications for FASEA purposes. It has approved 66 historical courses, 53 current bachelor or higher degrees and 30 bridging courses. These newly approved courses are included in: FASEA Approved Courses by Highe
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Education credits for FPA coursework

Written By: T-REX Contributor
Published: September 30th, 2019
Coursework undertaken to attain a professional designation from the FPA can now attract credit under recognition for prior learning in the FASEA regime. If an adviser completed the CFP 1 to 4 program coursework to attain the FPA CFP designation, they are eligible to be awarded two credits for rec
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Proposed tweaks to financial services and credit laws

Written By: T-REX Contributor
Published: September 30th, 2019
The Government has released draft legislation and regulations proposing some tweaks to laws in the Treasury portfolio, including some financial services and credit laws. Proposed legislative changes include: enabling ASIC to provide information to a code monitoring body in relation to a financ
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Other developments – in brief

Written By: T-REX Contributor
Published: September 30th, 2019
Continued relief for share and interest purchase plans  ASIC has made ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547.  This allows entities listed on the ASX to offer shares or interests to registered holders without providing a PDS, provided certain condition
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Consultation

Written By: T-REX Contributor
Published: September 30th, 2019
The following draft provisions and discussion papers were open for consultation in September. Draft National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019.  An earlier iteration of this Bill passed the House of Representatives before the elect
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T-REX Bites

Written By: T-REX Contributor
Published: September 30th, 2019
The continued risk of Cyber Security Cyber security is not a new concept, but the landscape is constantly changing, and the risks and ramifications of cyber-attacks are growing. According to the World Economic Forum Global Risks Perception Survey 2019, cyber-attacks and data fraud or theft are
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