The Financial Planning Association of Australia The Financial Planning Association of Australia

Policy Issues


FASEA

FASEA have announced that registrations are now open until 31 May 2019 for financial advisers to notify their intention to sit the FASEA exam. What you need to know Exam Dates The exam will be available to new entrants and existing advisers between 20 June 2019 and 24 June 2019. Subsequent exam sittings in 2019 […]

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Royal Commission into misconduct in the banking, superannuation and financial services industry

On 30 November 2017, the Government announced a Royal Commission (RC) into misconduct in the banking, superannuation and financial services industry. Former High Court Judge the Honourable Kenneth Madison Hayne AC has been appointed as Royal Commissioner. Proposed terms of reference The draft terms of reference require the Commission to inquire into certain matters, including: the […]

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Federal Budget

The 2019-20 Federal Budget, handed down on 2 April by the Treasurer, was delivered a month earlier than usual and is expected to be shortly followed by the proroguing of Parliament for the 2019 election. This budget focused on a return to surplus in 2019-20 and an accelerated program of tax cuts. Here are our insights […]

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Election 2019 update

21 May 2019 Defying both the polling and the pundits, Scott Morrison and the Coalition have been returned for a third term of government. While counting is still underway, particularly for the Senate, the Coalition will be able to form a majority government. We are eagerly awaiting the Prime Minister to announce his Ministry. While […]

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Witnessing Statutory Declarations

On 18 September 2018, changes to the Statutory Regulations 2018 commenced which included financial planners/advisers as professionals permitted to act as authorised witnesses for a Commonwealth statutory declaration. As an authorised witness you must ensure any Statutory Declaration you witness meets the form and content requirements that are set out in Schedule 1 of the […]

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Life Insurance

Parliamentary Inquiry into Life Insurance On 27 March 2018, the Parliamentary Joint Committee on Corporations and Financial Services released its Report on its inquiry into the life insurance industry. The Committee’s recommendations include: Financial Adviser audits – ASIC conduct random audits of 20 per cent of the life insurance adviser population over a three year […]

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Retirement income products

Comprehensive Income Products in Retirement (CIPRs) The FPA provided a submission to Treasury in response to its consultation paper on the development of a framework for Comprehensive Income Products in Retirement (CIPRs). Our key recommendations were for Government to ensure: the superannuation, tax and social security laws were flexible to permit appropriate product development, consumer […]

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ASIC industry funding model

Ahead of issuing final industry funding invoices in January 2019, ASIC has published estimates of what regulated sectors will pay under the new Industry Funding Model. Read ASIC’s media release here Read ASIC’s full report here. Read ASIC’s fact sheet covering key information on industry funding. A new obligation for ASIC’s regulated population Between July […]

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Product regulation and ASIC powers

  The Government has released a consultation paper on two key proposals from the Financial System Inquiry: design and distribution obligations for financial product issuers and distributors product intervention powers for ASIC to enable the regulator to intervene where a product is identified as creating a risk of significant consumer detriment. The FPA has strongly […]

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‘independent’, ‘independently owned’ and ‘non-aligned’

The terms ‘independent’, ‘impartial’ and ‘unbiased’ (or any other words “of like import”) are restricted under section 923A of the Corporations Act. Based on legal advice, ASIC now also prohibits the use of the terms ‘independently owned’, ‘non-aligned’, or ‘non-institutionally owned’ if you do not meet all the conditions of under s923A of the Corporations […]

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