Page 42 - Danielle Press News Today : Breaking News, Live Updates & Top Stories | Vimarsana

In the words of ASIC Commissioner, Danielle Press “By clarifying the distinction between tailored, quality, personal advice in the customer’s interest, and general advice given via a sales campaign, today's judgment will provide clear guidance to those financial institutions that develop campaigns to sell financial products through direct approaches to retail clients”. However, on ASIC’s current interpretation of intra-fund advice, the High Court’s decision may not be relevant, with the regulator having said that it regards intra-fund advice as limited personal advice. What is more,...

Can advisers and ASIC get on the same page? Can advisers and ASIC get on the same page? There is one common theme that flows through many of the industry submissions to ASIC’s consultation on affordable advice – and unfortunately it can’t be fixed with the stroke of a pen. A A Announcing the forthcoming release of what would become the regulator’s Consultation Paper 332 on promoting access to affordable advice for consumers, ASIC commissioner Danielle Press seemed to suggest the regulator was hoping for a quick fix that would solve the problem of soaring advice costs. “Out of this p...

The SMSF Association’s CEO, John Maroney, has accused licensees of putting self-interest and profit ahead of advisers and consumers in a submission to ASIC’s consultation on access to affordable advice. Maroney said SMSF Association members have indicated the layer of compliance levied by some AFSLs “prioritises their own self-interests” rather than the provision of advice. Further, the CEO states, “some AFSLs have a bias towards revenue generation and ensure that their compliance guidance attracts the least number of complaints.” Echoing a charge made by ASIC Commissioner Daniell...

ASIC has revealed why it chose to take minimal action following a report that showed more than half of super fund advice files were non-compliant with best interest duty. Responses to questions on no

The corporate regulator has rejected an assertion from liberal MP Bert Van Manen that its advice lookback requests “back as far as 2008” assess advisers on the basis of standards that did not exist at that time. Speaking at the Parliamentary Joint Committee inquiry into ASIC’s oversight on December 16, Van Manen voiced a common line of complaint from the industry – that benchmarking advisers against today’s regulatory standards for work completed many years ago is contributing to undue fear and forcing the sector to overcompensate compliance. “Does ASIC acknowledge that these circ...