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

Policy Issues

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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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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Tax Agent Services (TASA)

If you provide a tax (financial) advice service for a fee, you are required to register with the Tax Practitioners Board (TPB). As the three year transition period for TASA has ceased, if you are registering for the first time you are now required to register with the TPB under the standard registration option. If […]

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The ATO has released a range of the materials to assist financial planners and clients with the superannuation changes commencing 1 July 2017. Two videos with ATO Superannuation Deputy Commissioner James O’Halloran discussing the key things individuals and SMSFs need to be aware of before 1 July. Information sheets: Key things advisers should consider when […]

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Aged Care

The Government’s My Aged Care website includes fee estimators for Home Care and Residential Care that allow people to estimate the amount they may need to contribute towards the cost of their residential care or home care package. Further information about aged care requirements and charges, as well as information materials, are available to download […]

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Record keeping obligations

What is the existing record-keeping obligation? ASIC Class Order [14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice (the ‘principal class order’) imposes specific record-keeping requirements for Australian Financial Services (AFS) licensees when the licensee or their representative gives personal advice to retail clients. AFS licensees must ensure that, in relation to […]

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The Future of Financial Advice (FoFA) reforms require financial planners and licensees to comply with the following measures: Best interests duty – The best interests duty, including the “catch-all” provision (961B(2)(g) and 961E) Opt-in – The opt-in regime applies to all new clients (those who you sign up on, or after 1 July 2013).* Fee […]

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Managed Discretionary Accounts (MDA)

RG 179: Managed Discretionary Accounts and ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968 sets out how ASIC will regulate the provision of MDAs to retail clients. We have put together an overview of ASIC’s regulatory approach focusing on the MDA services typically provided by financial planners. It is important that you read these regulatory […]

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