In this regard, the Financial Planning Association of Australia (FPA) needs to take a bow.

Size: px
Start display at page:

Download "In this regard, the Financial Planning Association of Australia (FPA) needs to take a bow."

Transcription

1 Financial Advice Reform - The Innate Wealth View We trust that our correspondence finds you well. Recent events have resulted in the financial planning industry as a whole being in the media spotlight, and the purpose of this correspondence is to put forth Innate Wealth s view on what we believe is the current state of play. Commonwealth Bank Financial Planning Fiasco - Unscrupulous Behaviour The unscrupulous behaviour by a select few Commonwealth Bank Financial Planning advisers has once again tested the confidence and patience of Australian investors. How on earth could a trusted organisation such as the Commonwealth Bank allow a select few to act in a manner which compromised the life savings of innocent Australians is not only deplorable but an indictment on the very values that the Commonwealth Bank says it lives by. What is even more disappointing is that Commonwealth Bank s initial response to this breach lacked credence and substance. Fortunately, both consumer and media outrage has since resulted in a change of approach with the Commonwealth Bank now offering a formal apology to those affected and a path way for them to seek appropriate damages. In this regard, the Financial Planning Association of Australia (FPA) needs to take a bow. When news of this situation broke, the FPA was on the front foot demanding that the Commonwealth Bank undertake a review of its own internal operations and that it establish a path way so that affected investors could be appropriately compensated. We have no doubt that the FPA s active involvement was critical in finding the solution for those affected by this breach of trust. For what it is worth, we at Innate Wealth, were shocked and angered by the actions of a select few. There is simply no place for greed and self-interest. That said, we acknowledge that these actions were by a select few and that there are some good Commonwealth Bank financial planners out there. It is just a shame that the actions of a few have spoiled it for so many. Fingers crossed that the Commonwealth Bank will address this serious breach of trust and put in place mechanisms to ensure that situations such as this can never occur again.

2 Financial Advice Reform - Yes better but still a disappointing outcome overall Let us be frank here. The fact that the Federal Government was compelled to introduce legislation that seeks to protect the interests of Australian consumers is shocking and the financial planning industry as a whole should be deeply ashamed that it has come to this. In our view, the Australian financial planning industry is a conflicted one Why so? According to industry statistics, 87% of all industry participants are aligned to one of the big four banks or life insurance companies and it is here where the problem lies. With these companies manufacturing their own financial products and then relying on their employed workforce (essentially salespeople) to distribute these products, their primary focus ends up being selling financial product as opposed to providing tailored financial advice. Yes these organisations would counter this by saying that their aligned staff are free to provide advice on products, external to their own, but this is hard to believe when their planners are rewarded and remunerated for selling products which are owned by the institution which employs them. If this isn t a blatant conflict, then we don t know what would be. For what it is worth, we here at Innate Wealth, sit in the 13% category; that is independently owned and not aligned to any major institution, be it a bank or life insurance company. We are staunchly independent and will always remain so because: 1. We love what we do and providing financial advice is something that we are very humbled by, in that, you as our client, place your trust and financial position in our hands to direct and provide you with the confidence that your dreams and aspirations can become a reality. 2. For us the equation is simple. We operate exclusively with a client-first conviction. We win when our clients win and that s what makes it innately valuable. 3. We fundamentally believe that providing independent advice is the only way that a consumer can have complete faith that the advice they are receiving is in fact in their best interests and not in the interests of their adviser. 4. Our negotiated fee structures are built based on the value we provide, both initially and ongoing. Hence investment commissions are irrelevant. Separating Fact from Fiction - FOFA Reforms As reported in the press, the Federal Government has finally managed to push through its proposed financial advice reforms, albeit in a watered down fashion.

3 Given what has been reported, it is difficult for consumers to differentiate between fact and fiction so the purpose of the following section is to put into context what all these reforms actually mean to you. The Future of Financial Advice Reforms (FOFA) were initially introduced by the now former Gillard Government and from our perspective the intention of these reforms were in fact correct as they were designed to increase consumer protection. In short, the key aspects of these reforms were: 1) The introduction of the best interest duty into legislation. Essentially, this means that a financial planner must act in the best interest of their client rather than their own. While we would argue that this is fact common sense, given the frequency of scandals, it is better to have this legislated rather than simply implied. 2) The introduction of opt-in The opt-in provision meant that, you as the client, would need to re-engage your service package with a financial planner every second year. This in our view, made sense, however it really didn t go far enough as it only applied to clients who engaged a financial planner from July 1, 2013 and wasn t applied retrospectively. 3) Annual Fee Disclosure Statements Each year, your financial planner, would need to provide you with a fee disclosure statement that outlined the service they agreed to provide you, the details of the actual service they provided and the underlying fee they received as a result. Again, the underlying concept here makes sense, as increased transparency for consumers can only be a positive thing. 4) Ban on investment and superannuation commissions A complete ban on commission based fees for both general and personal financial advice with respect to investments and superannuation. Again this was, in our view, a positive initiative because once you removed commission fees, advisers would have no choice but to act in the best interests of their clients. What has since changed in Parliament? It has been well publicised that the Abbott Government has been watering down some of the FOFA reforms and these were passed through the Senate earlier this week. To explain, the main amendments to the FOFA reforms are as follows: 1) Best interest duty is to remain as law; an excellent outcome for consumers as a whole. 2) The opt-in requirement has been removed entirely. Whilst on the surface we don t believe that this is a good for consumers we must concede that this decision will at least help to remove the compliance burden and cost that this measure would have caused.

4 3) The Annual Fee Disclosure Statement are to remain, however, the requirement to provide these retrospectively has been removed. While we are happy with this reform, our preference would have been to make it mandatory for all clients because all clients have a right to know. 4) Commission based fees for both investment and superannuation products will remain banned. A great result for consumers in our view. In addition to the above, The Palmer United Party (PUP) has successfully negotiated additional changes which on the surface appear to be a win for consumers (the devil is always in the detail). These changes include: 1) The financial planner at the time of providing advice must provide an explicit statement that he or she genuinely believes that the advice provided is in their clients best interests, given the clients stated circumstances; 2) The establishment of an enhanced public register of financial planners, which includes a record of their credentials and status within the industry; and 3) That consumers can change their financial planning instructions should their stated circumstances change. We assume that this relates to providing consumers with a 14 day cooling off period post the provision and subsequent implementation of advice. The Innate Wealth View - why we will continue to challenge the status quo Our guiding principal is that our clients, be they small or large, must always win. We continue to believe that despite better regulatory reform for all financial planners our industry is still conflicted and it will remain so as long as the banks and large insurance companies remain such dominant players. The Government for all its efforts has failed in its duty in this regard. For us at Innate Wealth it is business as usual. Our business, being owned by its working directors, will remain fiercely independent because this is how it should be. The provision of the right advice, tailored to your actual circumstances, is way too important for this to be compromised. We will continue to maintain and have our own Australian Financial Services Licence. The benefit here is that we are free to recommend whatever we believe to be the most appropriate solution for you, our client. We call this acting in your best interests. Contrast this to the banks and life insurance companies who purposefully place restrictions on their people, often only allowing them to sell their internally owned product. Our team of financial planners hold the highest educational standards available. Whereas many of our competitors are happy to have a planner who has sat through an eight day training course provide advice we in turn require our client facing planners to be tertiary qualified, carry the Certified Financial Planner (CFP) designation and have a minimum of 5 plus years experience before they are allowed to direct a client s financial situation.

5 We actively participate in committees of the Financial Planning Association so that the voice of the independent financial planner is heard, which helps shape the direction of the industry in its pursuit to become a recognised profession. Finally and most importantly, we will always put your interests first! Concluding Remarks Whilst we are disappointed that the financial planning industry has copped its fair share of bad press, we have no one else to blame but ourselves. The facts as we see it are simple. It starts and ends with the client. There is simply no room for greed or self-interest. This is how Innate Wealth operates and we expect our competitors to do the same. Yes the Federal Government has sought to address these problems by introducing reform, which are better than having nothing, but again they could have done more if they were serious about protecting consumers as a whole. For what it is worth, there is a positive lining in all this. The conversation currently taking place around the country will see to it that a happy medium is found and from this a noble profession will be born. We live in hope for this day but in the interim you can be rest assured that we, at Innate Wealth, will be working with your best interest in mind at all times. If you would like to discuss our views on the current changes within the industry please feel free to contact our office or make an appointment to see your adviser as we would happily spend the time with you to talk you through the changing landscape. Until we speak again take care. Yours Sincerely, Luke Eres CFP SSA Chief Executive Officer Authorised Representative Innate Wealth Pty Ltd

15 April 2016 Committee Secretary Senate Economics References Committee PO Box 6100 Parliament House Canberra ACT 2600

15 April 2016 Committee Secretary Senate Economics References Committee PO Box 6100 Parliament House Canberra ACT 2600 15 April 2016 Committee Secretary Senate Economics References Committee PO Box 6100 Parliament House Canberra ACT 2600 By email: economics.sen@aph.gov.au Dear Dr Dermody Re: Scrutiny of Advice Life Insurance

More information

THE FUTURE OF FINANCIAL ADVICE - GETTING THE BALANCE RIGHT

THE FUTURE OF FINANCIAL ADVICE - GETTING THE BALANCE RIGHT THE FUTURE OF FINANCIAL ADVICE - GETTING THE BALANCE RIGHT Financial Services is the largest industry in the Australian economy, contributing 10.6 per cent to GDP more than manufacturing, more than mining

More information

Submission in response to the Life Insurance and Advice Working Group Interim Report on Retail Life Insurance

Submission in response to the Life Insurance and Advice Working Group Interim Report on Retail Life Insurance 30 January 2015 Mr John Trowbridge Chairman Life Insurance and Advice Working Group Email: submissions@trowbridge.com.au Dear Mr Trowbridge, Submission in response to the Life Insurance and Advice Working

More information

Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014

Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 Senate Standing Committees on Economics PO Box 6100 Parliament House Canberra ACT 2600 By email: economics.sen@aph.gov.au 30 th April 2014 Dear Sir / Madam RE: Corporations Amendment (Streamlining The

More information

10 minutes on... post FOFA rewards

10 minutes on... post FOFA rewards September 2012 What you need to know about emerging topics essential to your business. 10 minutes on... post FOFA rewards Brought to you by PwC. Highlights With the FOFA deadline looming and ASIC regulatory

More information

How To Become A Financial Planner

How To Become A Financial Planner A career in financial planning Your questions answered Why consider financial planning as a career? As a financial planner you will be part of one of Australia s most dynamic and fastest growing professions.

More information

Diploma of Financial Planning: FNSFPL501A - Comply with financial planning practice ethical and operational guidelines and regulations

Diploma of Financial Planning: FNSFPL501A - Comply with financial planning practice ethical and operational guidelines and regulations The Obligations of an Authorised Representative It should be apparent to you that financial planning is a profession that continues to attract very close scrutiny from the government, the regulators and

More information

APES 230 Project status update

APES 230 Project status update APES 230 Project status update Purpose To provide an update to the Board on the progress of the APES 230 project in the following areas: - Key stakeholder engagement. - Fundamental principles of the Code

More information

STATES OF JERSEY REVIEW OF THE DRAFT CHARITIES (JERSEY) LAW (S.R.7/2014): RESPONSE OF THE CHIEF MINISTER STATES GREFFE

STATES OF JERSEY REVIEW OF THE DRAFT CHARITIES (JERSEY) LAW (S.R.7/2014): RESPONSE OF THE CHIEF MINISTER STATES GREFFE STATES OF JERSEY r REVIEW OF THE DRAFT CHARITIES (JERSEY) LAW (S.R.7/2014): RESPONSE OF THE CHIEF MINISTER Presented to the States on 5th August 2014 by the Chief Minister STATES GREFFE 2014 Price code:

More information

Life Insurance and Advice Working Group

Life Insurance and Advice Working Group RETAIL LIFE INSURANCE ADVICE Life Insurance and Advice Working Group ISA SUBMISSION Issue date 3 February 2015 VN SB1578 ABOUT INDUSTRY SUPER AUSTRALIA Industry Super Australia is a research and advocacy

More information

FPA Level 4, 75 Castlereagh Street Sydney NSW 2000 www.fpa.asn.au Date: 09.07.2014

FPA Level 4, 75 Castlereagh Street Sydney NSW 2000 www.fpa.asn.au Date: 09.07.2014 FPA Level 4, 75 Castlereagh Street Sydney NSW 2000 www.fpa.asn.au Date: 09.07.2014 9 July 2014 General Manager Tax System Division The Treasury Langton Crescent PARKES ACT 2600 Email: taxagentservices@treasury.gov.au

More information

Perspectives on the Future of Financial Advice (FoFA) Deloitte Deloitte Actuaries & Consultants Limited

Perspectives on the Future of Financial Advice (FoFA) Deloitte Deloitte Actuaries & Consultants Limited Perspectives on the Future of Financial Advice (FoFA) Deloitte Deloitte Actuaries & Consultants Limited Where are we at The Future of Financial Advice (FoFA) journey is a moving feast: Key purpose to remove

More information

RE: Default Superannuation Funds in Modern Awards, Productivity Commission Draft Report

RE: Default Superannuation Funds in Modern Awards, Productivity Commission Draft Report Default Superannuation Funds in Modern Awards Productivity Commission LB2 Collins Street East Melbourne Vic 8003 Email: default.super@pc.gov.au 03 August 2012 Dear Sir or Madam, RE: Default Superannuation

More information

Financial Planner Remuneration

Financial Planner Remuneration Consultation Paper Financial Planner Remuneration April 2009 Submissions due Friday 29 May 2009 professional.standards@fpa.asn.au Foreword In the last few years the FPA has undertaken a significant process

More information

Future of Financial Advice: Best interests duty and related obligations

Future of Financial Advice: Best interests duty and related obligations REGULATION IMPACT STATEMENT Future of Financial Advice: Best interests duty and related obligations December 2012 About this Regulation Impact Statement This Regulation Impact Statement (RIS) addresses

More information

Advice with a price and value

Advice with a price and value Page 1 of 4 What if there was a profession that helped Australian investors create wealth, reduce unnecessary tax liabilities and achieve their desired lifestyle in retirement? This is the value proposition

More information

FINANCIAL SERVICES GUIDE

FINANCIAL SERVICES GUIDE FINANCIAL FACT FIND PARKHILL FINANCIAL PLANNING PTY LTD FINANCIAL SERVICES GUIDE Authorised Representative of INTEGRITY FINANCIAL PLANNERS PTY LTD Authorised and issued by Integrity Financial Planners

More information

Your opportunity to be better off. Wealth for Women. from ANZ Financial Planning

Your opportunity to be better off. Wealth for Women. from ANZ Financial Planning Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. ANZ s colour blue is a trade mark of ANZ. Item No. 58538 05.2008 W135083 Your opportunity to be better off Wealth for Women from

More information

FINANCIAL SERVICES GUIDE

FINANCIAL SERVICES GUIDE FINANCIAL SERVICES GUIDE Version 5 1 May 2014 Unique Insurance Group Pty Ltd ABN: 66 168 090 079 Dover Corporate Authorised Rep No: 460649 7A/421, Blackshaws Rd, Altona North VIC 3025. Telephone: (03)

More information

Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016

Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 SUBMISSION Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 March 7 2016 ABOUT INDUSTRY SUPER AUSTRALIA Industry Super Australia (ISA) is an umbrella organisation for the industry

More information

Perks Wealth Management Financial Services Guide

Perks Wealth Management Financial Services Guide Perks Wealth Management Financial Services Guide ABN 88 086 643 085 Australian Financial Services Licence No. 236 551 Version 16 Page 1 Before you decide to proceed with any of our services, we believe

More information

Financial Planner Remuneration Policy October 2009

Financial Planner Remuneration Policy October 2009 Background In 2008, the FPA formed a remuneration policy committee to review our current remuneration policy, which included our Principles to Manage Conflicts of Interest, and develop a uniform set of

More information

ABOUT INSURANCE BROKERS

ABOUT INSURANCE BROKERS Monday, 6 June 2011 NATIONAL INSURANCE BROKERS ASSOCIATION OF AUSTRALIA (NIBA) RESPONSE TO REVIEW OF COMPENSATION ARRANGEMENTS FOR CONSUMERS OF FINANCIAL SERVICES FUTURE OF FINANCIAL ADVICE ABOUT NIBA

More information

How to choose a financial planner

How to choose a financial planner How to choose a financial planner And get the most out of the relationship Page 1 Choosing a financial planner can often seem the hardest step in getting professional financial advice. Consumer research

More information

General Manager Retail Investor Division The Treasury PARKES ACT 2600 By E Mail: futureofadvice@treasury.gov.au

General Manager Retail Investor Division The Treasury PARKES ACT 2600 By E Mail: futureofadvice@treasury.gov.au 20 October 2011 Alpha Group Pty Ltd General Manager Retail Investor Division The Treasury PARKES ACT 2600 By E Mail: futureofadvice@treasury.gov.au α Dear Sir Re: Submission on Proposed Changes to Financial

More information

ACCC/ASIC 'Debt collection guideline for collectors and creditors' publication review

ACCC/ASIC 'Debt collection guideline for collectors and creditors' publication review 1 November 2012 Mr Richard Weksler Assistant Director Compliance Strategies Branch Australian Competition & Consumer Commission Level 35 360 Elizabeth Street MELBOURNE VIC 3000 By email: richard.weksler@accc.gov.au

More information

Approved Products List

Approved Products List Financial Services Guide (FSG) of Liddell & Ko Pty Ltd atf StirlingTrust and Highgate Trust (Authorised Representative No: 343754 Version March 2014 1.8 (Issued 12 March 2014) This document must be accompanied

More information

SUBMISSION TO THE INQUIRY INTO THE SCRUTINY OF FINANCIAL ADVICE

SUBMISSION TO THE INQUIRY INTO THE SCRUTINY OF FINANCIAL ADVICE SUBMISSION TO THE INQUIRY INTO THE SCRUTINY OF FINANCIAL ADVICE 1 Contents 1 Executive Summary... 3 2 Overview of ANZ... 5 3 Introduction... 5 4 Current level of consumer protection... 7 4.1 Key Regulatory

More information

Competition Policy Draft Report. Submission by iinet

Competition Policy Draft Report. Submission by iinet Competition Policy Draft Report Submission by iinet 1 . INTRODUCTION This submission is from iinet in response to the Competition Policy Review Draft Report (the Draft Report), issued by the Review Panel

More information

ASIC Report 413 - Review of retail life insurance advice. published October 2014

ASIC Report 413 - Review of retail life insurance advice. published October 2014 Background ASIC Report 413 - Review of retail life insurance advice published October 2014 ASIC has conducted a review of the distribution of life insurance by advisers providing personal advice to retail

More information

Adviser Guide to the Select Multi-Asset Portfolios - Select Defensive and Select Growth Portfolios

Adviser Guide to the Select Multi-Asset Portfolios - Select Defensive and Select Growth Portfolios Adviser Guide to the Select Multi-Asset Portfolios - Select Defensive and Select Growth Portfolios Leading the way in multi-asset portfolios since 2002 Contents Why consider multi-asset portfolios? What

More information

Financial Services Industry - Pros and Cons of the PJC Model

Financial Services Industry - Pros and Cons of the PJC Model Lifting the professional, ethical and education standards in the financial services industry Consultation on recommendations of the Parliamentary Joint Committee on Corporations and Financial Services

More information

NowInfinity Specialist SMSF Adviser Course. and applying for a limited AFS licence

NowInfinity Specialist SMSF Adviser Course. and applying for a limited AFS licence NowInfinity Specialist SMSF Adviser Course and applying for a limited AFS licence 1 The Partnership Training: Grant Abbott Grant Abbott, Principal of NowInfinity, has been presenting and training on SMSFs

More information

September 2014 C O M P E T I T I O N A N D C O N S U M E R N E W S. The future of the Future - who benefits? Having sought to make changes to the

September 2014 C O M P E T I T I O N A N D C O N S U M E R N E W S. The future of the Future - who benefits? Having sought to make changes to the C O M P E T I T I O N A N D C O N S U M E R N E W S Welcome to Piper Alderman s bulletin looking at competition and consumer law. In this bulletin we seek to inform on developments in these areas of law

More information

Competition Policy Review. SUBMISSION by the OFFICE OF THE AUSTRALIAN SMALL BUSINESS COMMISSIONER

Competition Policy Review. SUBMISSION by the OFFICE OF THE AUSTRALIAN SMALL BUSINESS COMMISSIONER SUBMISSION by the OFFICE OF THE AUSTRALIAN SMALL BUSINESS COMMISSIONER JUNE 2014 We are writing to provide some observations on small business aspects of the competition policy review. Importance & challenges

More information

How to Prepare Your Financial Plan - A Guide For Consultant

How to Prepare Your Financial Plan - A Guide For Consultant Ian Henry Financial Services Office 2, 253 Hampton Street Hampton Victoria 3188 P O Box 41 Hampton Victoria 3188 Telephone: (03) 9521 0303 Fax: (03) 9521 0107 Email: ianhenry@financialservices.net.au Website:

More information

SUBMISSION TO THE PRODUCTIVITY COMMISSION. Default Superannuation Funds in Modern Awards

SUBMISSION TO THE PRODUCTIVITY COMMISSION. Default Superannuation Funds in Modern Awards SUBMISSION TO THE PRODUCTIVITY COMMISSION Default Superannuation Funds in Modern Awards 5 April 2012 Introduction DEFAULT SUPERANNUATION FUNDS IN MODERN AWARDS The Australian Industry Group (Ai Group)

More information

Financial Services Guide

Financial Services Guide NOVATAX FINANCIAL PLANNERS Financial Services Guide Novatax Pty Limited ABN 57 003 811 Australian Financial Services Licence No: 227043 Trading as Novatax Financial Planners 2 Merewether Street Merewether

More information

Future of Financial Advice 2011

Future of Financial Advice 2011 Future of Financial Advice 2011 Information Pack 28 April 2011 1 Commonwealth of Australia 2011 ISBN 978-0-642-74685-6 Ownership of intellectual property rights in this publication Unless otherwise noted,

More information

Taking control of your superannuation. Good SMSF Advice helps business owners achieve their goals.

Taking control of your superannuation. Good SMSF Advice helps business owners achieve their goals. Taking control of your superannuation Good SMSF Advice helps business owners achieve their goals. Are you in the right superannuation structure? Many Australians outsource the management of their superannuation

More information

THE HON JOSH FRYDENBERG MP Assistant Treasurer SPEECH FINANCIAL SERVICES COUNCIL BT FINANCIAL GROUP BREAKFAST SYDNEY 15 APRIL 2015

THE HON JOSH FRYDENBERG MP Assistant Treasurer SPEECH FINANCIAL SERVICES COUNCIL BT FINANCIAL GROUP BREAKFAST SYDNEY 15 APRIL 2015 THE HON JOSH FRYDENBERG MP Assistant Treasurer SPEECH FINANCIAL SERVICES COUNCIL BT FINANCIAL GROUP BREAKFAST SYDNEY 15 APRIL 2015 **CHECK AGAINST DELIVERY** Introductory remarks Good morning. Thank you

More information

BECOME IN THE WORLD CERTIFICATION. THERE S no higher CFP PROFESSIONAL FINANCIAL PLANNING

BECOME IN THE WORLD CERTIFICATION. THERE S no higher CFP PROFESSIONAL FINANCIAL PLANNING BECOME A CFP PROFESSIONAL THERE S no higher FINANCIAL PLANNING CERTIFICATION IN THE WORLD THE CERTIFIED FINANCIAL PLANNER DESIGNATION IS the highest DESIGNATION FOR FINANCIAL PLANNERS GLOBALLY. AS A CFP

More information

Governance, Risk & Compliance Management. Julian Hunn, Operations Manager Professional Standards

Governance, Risk & Compliance Management. Julian Hunn, Operations Manager Professional Standards Governance, Risk & Compliance Management Julian Hunn, Operations Manager Professional Standards Session Plan GRC Governance, Risk & Compliance Management What is corporate governance? Directors duties

More information

19 February 2014. General Manager Retail Investor Division The Treasury Langton Crescent PARKES, ACT, 2600. Email: futureofadvice@treasury.gov.

19 February 2014. General Manager Retail Investor Division The Treasury Langton Crescent PARKES, ACT, 2600. Email: futureofadvice@treasury.gov. 19 February 2014 General Manager Retail Investor Division The Treasury Langton Crescent PARKES, ACT, 2600 Email: futureofadvice@treasury.gov.au Dear Ms Sim, AFA Response to the Exposure Draft on FoFA Amendments

More information

OANDA Australia Pty Ltd

OANDA Australia Pty Ltd OANDA Australia Pty Ltd Australian Financial Services Licence No. 412981 ACN 152 088 349 FINANCIAL SERVICES GUIDE (FSG) PURPOSE AND CONTENT OF THIS FSG The financial services referred to in this Financial

More information

APES 230 Financial Planning Services Issues for discussion CPA Australia and the Institute of Chartered Accountants Australia

APES 230 Financial Planning Services Issues for discussion CPA Australia and the Institute of Chartered Accountants Australia APES 230 Financial Planning Services Issues for discussion CPA Australia and the Institute of Chartered Accountants Australia April 2014 Since the release of APES 230 CPA Australia and the Institute of

More information

Nine ways sales incentives have been brought back to financial advice

Nine ways sales incentives have been brought back to financial advice Nine ways sales incentives have been brought back to financial advice Industry Super Australia (ISA) has identified nine ways the Government's regulations have brought back commissions and other incentives

More information

FINANCIAL SERVICES GUIDE (FSG)

FINANCIAL SERVICES GUIDE (FSG) FINANCIAL SERVICES GUIDE (FSG) This Financial Services Guide ( FSG ) must be read in conjunction with the Authorised Representative Profile or Adviser Profile. Together these two documents form the full

More information

AND IT IS A JOURNEY. KEEP IN MIND THERE ARE VARIOUS OPTIONS AVAILABLE THE KEY IS FINDING A GOOD FIT FOR YOU, YOUR BUSINESS AND YOUR CLIENTS

AND IT IS A JOURNEY. KEEP IN MIND THERE ARE VARIOUS OPTIONS AVAILABLE THE KEY IS FINDING A GOOD FIT FOR YOU, YOUR BUSINESS AND YOUR CLIENTS REGULATION What accountants really need to know about licensing In the first part of a new series on licensing options for accountants, Kath Bowler explains that accountants should not be agonising over

More information

DISCUSSION PAPER: GREY AREAS - AGE BARRIERS TO WORK IN COMMONWEALTH LAWS

DISCUSSION PAPER: GREY AREAS - AGE BARRIERS TO WORK IN COMMONWEALTH LAWS Professor Rosalind Croucher President Australian Law Reform Commission GPO Box 3708 SYDNEY NSW 2000 30 November 2012 Via email: age_barriers_to_work@alrc.gov.au Dear Professor Croucher DISCUSSION PAPER:

More information

How To Get A Limited Accountants Exemption Licence

How To Get A Limited Accountants Exemption Licence Information guide: Accountants exemption reform This information guide has been developed for members of CPA Australia and Chartered Accountants Australia and New Zealand (Chartered Accountants ANZ). 1.

More information

NATIONAL INSURANCE BROKERS ASSOCIATION (NIBA) RESPONSE TO THE CORPORATIONS AMENDMENT (FUTURE OF FINANCIAL ADVICE) BILL 2011 (CTH)

NATIONAL INSURANCE BROKERS ASSOCIATION (NIBA) RESPONSE TO THE CORPORATIONS AMENDMENT (FUTURE OF FINANCIAL ADVICE) BILL 2011 (CTH) NATIONAL INSURANCE BROKERS ASSOCIATION (NIBA) RESPONSE TO THE CORPORATIONS AMENDMENT (FUTURE OF FINANCIAL ADVICE) BILL 2011 (CTH) About NIBA NIBA is the voice of the insurance broking industry in Australia.

More information

The General Manager Business Tax Division The Treasury Langton Crescent PARKES ACT 2600. Dear Sir/Madam. Tax Agent Services Bill

The General Manager Business Tax Division The Treasury Langton Crescent PARKES ACT 2600. Dear Sir/Madam. Tax Agent Services Bill The General Manager Business Tax Division The Treasury Langton Crescent PARKES ACT 2600 Financial Planning Association of Australia Limited ABN 62 054 174 453 Level 4, 75 Castlereagh Street Sydney NSW

More information

CHC42608 Certificate IV in Celebrancy

CHC42608 Certificate IV in Celebrancy CHC42608 Certificate IV in Celebrancy 1 The Course To seek appointment as a Marriage Celebrant in Australia, you must first complete the course Certificate IV in Celebrancy CHC42608. The other criteria

More information

Thank you for the opportunity to make this submission regarding the Future of Financial Advice.

Thank you for the opportunity to make this submission regarding the Future of Financial Advice. General Manager Retail Investment Division The Treasury Langton Crescent PARKES ACT 2600 futureofadvice@treasury.gov.au Dear Sir/Madam, Re: Future of Financial Advice Consultation Thank you for the opportunity

More information

Financial Services Guide. A guide to our relationship with you

Financial Services Guide. A guide to our relationship with you Financial Services Guide A guide to our relationship with you Shadforth Financial Group Limited ABN 27 127 508 472 AFSL 318613 Part of the IOOF group Version 11.0 15 January 2016 Purpose and content This

More information

Position Statement on Doctors' Relationships with Industry 2010

Position Statement on Doctors' Relationships with Industry 2010 Position Statement on Doctors' Relationships with Industry 2010 This document provides guidance for doctors on maintaining ethical relationships with the pharmaceutical industry, medical device and technology

More information

Board Charter. HCF Life Insurance Company Pty Ltd (ACN 001 831 250) (the Company )

Board Charter. HCF Life Insurance Company Pty Ltd (ACN 001 831 250) (the Company ) Board Charter HCF Life Insurance Company Pty Ltd (ACN 001 831 250) (the Company ) Board approval date: 27 October 2015 Contents 1. Introduction and Purpose of this Charter...1 2. Role of the Board...1

More information

Protect Your Business with Key Person Insurance

Protect Your Business with Key Person Insurance Protect your business and insure your key people Chick St Clair & Partners Pty Ltd, ABN (29 110 058 618), is a Corporate Authorised Representative (CAR No. : 313611) of The Advice Exchange Pty Ltd (ABN

More information

Submission to lifting the professional, ethical and educational standards in the financial services industry.

Submission to lifting the professional, ethical and educational standards in the financial services industry. Submission to lifting the professional, ethical and educational standards in the financial services industry. May 2015 About National Seniors Australia National Seniors Australia is a not-for-profit organisation

More information

15 April 2014. Mr Ian Taylor Chair Tax Practitioners Board PO Box 126 Hurstville BC NSW 1481. Email: tpbsubmissions@tpb.gov.au.

15 April 2014. Mr Ian Taylor Chair Tax Practitioners Board PO Box 126 Hurstville BC NSW 1481. Email: tpbsubmissions@tpb.gov.au. 15 April 2014 Mr Ian Taylor Chair Tax Practitioners Board PO Box 126 Hurstville BC NSW 1481 Email: tpbsubmissions@tpb.gov.au Dear Mr Taylor Re. Exposure Draft tax (financial) adviser policy documents The

More information

Vocational Education and Training Reform Submission

Vocational Education and Training Reform Submission Vocational Education and Training Reform Submission Prepared by: Suresh Manickam Date: 23 rd July 2014 Page 1 NECA response to VET reform draft RTO standards As a lead player in the electrical training

More information

FIDUCIAN AUSTRALIAN SHARES FUND

FIDUCIAN AUSTRALIAN SHARES FUND PRODUCT DISCLOSURE STATEMENT FIDUCIAN AUSTRALIAN SHARES FUND ARSN 093 542 271 2 MARCH 2015 This Product Disclosure Statement (PDS) provides a summary of significant information about the Fiducian Australian

More information

Financial Advice - sales and advisory step by step guidance

Financial Advice - sales and advisory step by step guidance Financial Advice - sales and advisory step by step guidance This guidance is of particular relevance to Class 2 licenceholders with sub-class (3) & (7) permissions or sub-class (3), (6) & (7) permissions

More information

Self-Managed Superannuation Funds as wholesale clients Issues for accountants

Self-Managed Superannuation Funds as wholesale clients Issues for accountants Self-Managed Superannuation Funds as wholesale clients One of the means of classifying a client as a wholesale client for the purposes of the financial services laws is to obtain a certificate from an

More information

Understanding Agile Project Management

Understanding Agile Project Management Understanding Agile Project Management Author Melanie Franklin Director Agile Change Management Limited Overview This is the transcript of a webinar I recently delivered to explain in simple terms what

More information

Supplementary Financial Services Guide

Supplementary Financial Services Guide Supplementary Financial Services Guide Dated 27 July 2015 This Supplementary Financial Services Guide (SFSG) supplements Version. February 2015 of the Crowe Horwath Financial Advice Pty Ltd Financial Services

More information

APRA S FIT AND PROPER REQUIREMENTS

APRA S FIT AND PROPER REQUIREMENTS APRA S FIT AND PROPER REQUIREMENTS Consultation Paper Australian Prudential Regulation Authority PREAMBLE APRA was created out of the Government s financial sector reforms that were implemented as a result

More information

RICE WARNER VALUE OF DIFFERENT MODELS OF FINANCIAL ADVICE

RICE WARNER VALUE OF DIFFERENT MODELS OF FINANCIAL ADVICE RICE WARNER VALUE OF DIFFERENT MODELS OF FINANCIAL ADVICE Fee for service (time based/hourly rate) financial advice, such as that provided by Industry Fund Financial Planning (IFFP), delivers up to 6 times

More information

Public consultation paper

Public consultation paper Public consultation paper September 2013 Proposed expanded endorsement for scheduled medicines Draft Registration standard for endorsement of registered nurses and/or registered midwives to supply and

More information

Good practice for annual reports

Good practice for annual reports Guidance note Good practice for Contents: 1 Introduction 2 How the best reports set themselves apart 3 Examples of the best May 2015 1 Introduction An annual report can generate more value if viewed as

More information

Financial Services Guide

Financial Services Guide Financial Services Guide FOR YOUR QUADRANT FIRST FINANCIAL PLANNER VERSION 5 ISSUE DATE 1 JULY 2013 It is important that you understand this FSG as it is a legal document. If any part of this document

More information

NECA response to Industry Engagement in Training Package Development Towards a Contestable Model Discussion Paper

NECA response to Industry Engagement in Training Package Development Towards a Contestable Model Discussion Paper NECA response to Industry Engagement in Training Package Development Towards a Contestable Model Discussion Paper Prepared by: Suresh Manickam Date: 19 th December, 2014 NECA National Office 1 19 th December

More information

Frontier International

Frontier International International research insights from Frontier Advisors Real Assets Research Team Issue 15, June 2015 Frontier regularly conducts international research trips to observe and understand more about international

More information

Principal Members. February 1, 2007. Review of Australia s Consumer Policy Framework Productivity Commission PO Box 1428 Canberra ACT 2616

Principal Members. February 1, 2007. Review of Australia s Consumer Policy Framework Productivity Commission PO Box 1428 Canberra ACT 2616 February 1, 2007 Principal Members Review of Australia s Consumer Policy Framework Productivity Commission PO Box 1428 Canberra ACT 2616 Via email: consumer@pc.gov.au The Australasian Compliance Institute

More information

NORTHERN TERRITORY OF AUSTRALIA HEALTH SERVICES ACT 2014. As in force at 1 July 2014. Table of provisions

NORTHERN TERRITORY OF AUSTRALIA HEALTH SERVICES ACT 2014. As in force at 1 July 2014. Table of provisions NORTHERN TERRITORY OF AUSTRALIA HEALTH SERVICES ACT 2014 As in force at 1 July 2014 Table of provisions Part 1 Preliminary matters 1 Short title... 1 2 Commencement... 1 3 Principles and objectives of

More information

Financial Services Guide

Financial Services Guide Financial Services Guide Version 19.0 Issue date: 22 October 2015 Important information We recommend you read this Financial Services Guide (FSG) because it contains important information designed to help

More information

90% SALES 10% ADVICE A SNAPSHOT OF THE FINANCIAL PLANNING INDUSTRY ISN BRIEFING NOTE

90% SALES 10% ADVICE A SNAPSHOT OF THE FINANCIAL PLANNING INDUSTRY ISN BRIEFING NOTE ISN BRIEFING NOTE 90% SALES 10% ADVICE A SNAPSHOT OF THE FINANCIAL PLANNING INDUSTRY ASIC REPORT EXPOSES CONFLICT OF INTEREST IN THE FINANCIAL PLANNING INDUSTRY AND UNDERSCORES CRITICAL NEED FOR REFORM

More information

This course has specialisations available in financial planning and banking

This course has specialisations available in financial planning and banking Education provider Course Duration Prerequisite Available majors Course description Charles Sturt University Master of Applied Finance 2 years full- time or equivalent part- time study CQUniversity Australia

More information

Mount Gibson Iron Limited Corporate Governance Policies and Practices Manual Shareholder Communication Policy

Mount Gibson Iron Limited Corporate Governance Policies and Practices Manual Shareholder Communication Policy 1 Introduction 1.1 Mount Gibson Iron Limited (the Company) is committed to the following objectives: (d) (e) Ensuring that shareholders and the market are provided with full and timely information about

More information

New Child Development Legislation, Legislation reform Discussion Paper No. 5 Submission from the AISSA

New Child Development Legislation, Legislation reform Discussion Paper No. 5 Submission from the AISSA New Child Development Legislation, Legislation reform Discussion Paper No. 5 Submission from the AISSA November, 2012 BACKGROUND The Association of Independent Schools of South Australia (AISSA) represents

More information

INSURANCE BROKERS CODE OF PRACTICE

INSURANCE BROKERS CODE OF PRACTICE INSURANCE BROKERS CODE OF PRACTICE BUILDING PROFESSIONAL COMPETENCE AND CONSUMER CONFIDENCE The insurance broking profession is about helping you to navigate the unavoidable complexities of insurance products

More information

FINANCIAL SERVICES GUIDE

FINANCIAL SERVICES GUIDE Cullinvest Pty Ltd ACN 088 486 364 Australian Financial Services Licence No. 225 705 7/114 Majors Bay Rd Concord NSW 2137 PO Box 25 Concord NSW 2137 02 9743 3850 admin@cullen.com.au FINANCIAL SERVICES

More information

A national framework for the development of decision-making tools for nursing and midwifery practice

A national framework for the development of decision-making tools for nursing and midwifery practice A national framework for the development of decision-making tools for nursing and midwifery practice Introduction The Nursing and Midwifery Board of Australia The Nursing and Midwifery Board of Australia

More information

Financial Services Guide (FSG)

Financial Services Guide (FSG) Authorised for distribution by: Eastwoods Wealth Management Pty Ltd trading as Beyond Bank Australia Wealth Management ABN 17 008 167 002 Australian Financial Services Licensee 237853 62 The Parade, Norwood

More information

What does student success mean to you?

What does student success mean to you? What does student success mean to you? Student success to me means to graduate with a B average with no failing grades. Ferris is ridicules tuition rates don t affect me since I was fortunate enough to

More information

Financial planning. A bespoke plan for your future

Financial planning. A bespoke plan for your future Financial planning A bespoke plan for your future ABOUT US Tilney Bestinvest is a leading investment and financial planning firm that builds on a heritage of more than 150 years. We look after more than

More information

Council of Financial Regulators: Review of Financial Market Infrastructure Regulation

Council of Financial Regulators: Review of Financial Market Infrastructure Regulation 1 December 2011 Manager, Financial Markets Unit Corporations and Capital Markets Division The Treasury Langton Crescent PARKES ACT 2600 By email: CFR-Review-FMI@treasury.gov.au Dear Treasury Council of

More information

MASTER OF FINANCIAL PLANNING COURSE BROCHURE. Your success is how we measure our own

MASTER OF FINANCIAL PLANNING COURSE BROCHURE. Your success is how we measure our own MASTER OF FINANCIAL PLANNING COURSE BROCHURE Your success is how we measure our own Contents Master of Financial Planning 4 Graduate Diploma of Financial Planning 5 Graduate Certificate of Financial Planning

More information

FSC SUPERANNUATION CORPORATE GOVERNANCE POLICY RAISING THE BAR

FSC SUPERANNUATION CORPORATE GOVERNANCE POLICY RAISING THE BAR FSC SUPERANNUATION CORPORATE GOVERNANCE POLICY RAISING THE BAR Australia s pool of managed funds is the fourth largest in the world at $AUD1.8 trillion, of which $1.3 trillion is held in superannuation.

More information

THE TRUTH ABOUT SMSFs

THE TRUTH ABOUT SMSFs THE TRUTH Doing it yourself with a Self Managed Super Fund ABOUT SMSFs by Nick Bedding 1 Doing it yourself with a Self Managed Super Fund Table of contents Introduction Chapter One What s it all about?

More information

Financial Planner Remuneration

Financial Planner Remuneration Financial Planner Remuneration Discussion Paper 28 February 2014 Background In 2011 the FPI formed a Remunerations Working Group ( WG ). The objective of the WG was to investigate, analyse and formulate

More information

Exposure Draft Legislative amendments relating to the use of the expressions Financial Planner and Financial Adviser

Exposure Draft Legislative amendments relating to the use of the expressions Financial Planner and Financial Adviser FPA Level 4, 75 Castlereagh Street Sydney NSW 2000 www.fpa.asn.au Date: 21.12.2012 Ms Irene Sim General Manager Retail Investor Division The Treasury Langton Crescent PARKES ACT 2600 By Email: futureofadvice@treasury.gov.au

More information

Financial ServiceS Guide

Financial ServiceS Guide Financial ServiceS Guide Your Service Provider is: Graham Financial Pty Ltd ABN 40 099 693 606 Australian Financial Services Licence Number: 327520 Membership: Financial Planning Association Pty Ltd Boutique

More information

Marketing Services Supplier Search & Selection (or New Business Pitching)

Marketing Services Supplier Search & Selection (or New Business Pitching) Marketing Services Supplier Search & Selection (or New Business Pitching) Industry Best Practice TrinityP3 June 2011 Overview 1. Expertise What we do Who we work with What Clients say And the Agencies

More information

Financial Services and Credit Guide

Financial Services and Credit Guide Financial Services and Credit Guide Why this Guide is important to you This Guide explains the financial planning and credit services we provide, as well as giving you important information that will help

More information

FSB response to BIS consultation on duty to report on payment practices and policies

FSB response to BIS consultation on duty to report on payment practices and policies Business Finance and Tax Spur 1, 3rd floor Department for Business, Innovation and Skills 1 Victoria Street London SW1H 0ET latepayment@bis.gsi.gov.uk 10 February 2015 Dear Sir / Madam FSB response to

More information

Referral fees, referral arrangements and fee sharing

Referral fees, referral arrangements and fee sharing Referral fees, referral arrangements and fee sharing This response to the consultation is prepared by the Association of Regulated Claims Management Companies (ARC). We act as an industry trade body for

More information

How to choose a financial planner. Helpful tips on choosing a financial planner

How to choose a financial planner. Helpful tips on choosing a financial planner How to choose a financial planner Helpful tips on choosing a financial planner Some tips to help you choose Often, choosing a financial planner can be the hardest step in seeking financial advice. Here

More information

REMUNERATION COMMITTEE

REMUNERATION COMMITTEE 8 December 2015 REMUNERATION COMMITTEE References to the Committee shall mean the Remuneration Committee. References to the Board shall mean the Board of Directors. Reference to the Code shall mean The

More information