Bert Van Mannen News Today

QSuper will have to communicate clearly with members of Sunsuper, ahead of their merger in February, that they could be liable to pay a fee for fines or penalties incurred by the fund’s activities.

QSuper will have to communicate clearly with members of Sunsuper, ahead of their merger in February, that they could be liable to pay a fee for fines or penalties incurred by the fund’s activities.

However, ASIC made clear to Queensland Liberal backbencher, Bert Van Mannen, that the provision of administrative assistance could not be specifically referenced and charged out in the same terms as the provision of financial advice. ASIC outlined what the relevant legislation currently says and suggested that the provision of ongoing administration assistance might fall short of those requirements. “Financial product advice is defined in s766B of the Corporations Act 2001 (the Act) as a rec...

“A smaller subset of 15% of files indicated that the member was at risk of suffering financial or non-financial detriment.” “ASIC does not have a pre-determined compliance rate or test pass rate. When ASIC undertakes advice reviews in its projects, it assesses the advice records for compliance and reports on the outcome of the assessment. Further work undertaken by ASIC as a result of the advice reviews depends on the nature and scale of concerns identified. For example, for files reviewe...

The Australian Securities and Investments Commission is arguing that obtaining professional indemnity insurance is not as big a problem for financial planning licensees as some might suggest.

The Australian Securities and Investments Commission is claiming licensees shouldn’t be needing to remediate clients beyond a seven-year horizon, but has left open the question of longer periods if the licensees records are not appropriately kept.