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

Policy Issues


Changes to record-keeping obligations for Australian financial services licensees when giving personal advice

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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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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Economic security for women in retirement

The FPA is pleased that the Senate Economics References Committee report on the economic security of women in retirement has, for the most part, followed our recommendations. Specifically, the Committee has recommended that: The Superannuation Guarantee be paid on the Commonwealth Paid Parental Leave Scheme; and that mechanisms for improving the retirement incomes of carers […]

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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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FoFA

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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Anti-Money Laundering & Counter Terrorism Financing

Financial Planning AML/CTF Risk Assessment In December 2016, Minister for Justice, Michael Keenan, released Australia’s first risk assessment report of money laundering and terrorism financing within the financial planning industry Australia’s financial planning industry raised $4.6 billion in revenue in 2016 and is accessed by one in five Australians, so it’s crucial that it is […]

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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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Tax White Paper

As part of the Coalition’s 2013 election commitment to review the Australian taxation system, the Government began the Tax White Paper process. The process is designed to achieve a better tax system that delivers taxes that are lower, simpler and fairer. The tax discussion paper was released on 30 March 2015, and includes 66 discussion […]

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Aged Care

Changes to aged care started 1 July 2014. The Department of Social Services has published an information kit on the changes to aged care. The information in this kit will help you to: understand the changes to aged care explain the changes to your clients encourage your clients to think about and plan for their […]

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Financial Planning Services for ADF members

Former and current members of the Australian Defence Force sometimes face complex decisions with respect to their financial affairs. As well as considering the additional risks and lifestyle factors that are relevant to veterans and current members, there is additional legislation that affects their entitlement to social security benefits and Government departments with which they […]

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