Thursday, November 14, 2019

Government Increases FMA Litigation Budget

The Government has announced an increase of $4 million to the Financial Markets Authority’s litigation fund for 2019/20 to strengthen enforcement capability. The increase, which will bring the regulator’s litigation fund annual budget to $6...

Call For Ban on Life Insurance APLs in Australia

In Australia, bank whistleblower, Jeff Morris, has called for the government to ban the use of life insurance Approved Product Lists by vertically-integrated advice licensees, citing the inability of institutions to properly manage conflicts...

Trevor Slater Joins FDRS Advisory Council 

Financial Dispute Resolution Service has announced the appointment of Trevor Slater to its Advisory Council, effective from 1 October 2019. The Advisory Council provides guidance and support to FDRS, an approved dispute resolution scheme for...

Change to Transitional Licensing Start Date

The FMA has announced a revised start date to transitional licensing of 25 November 2019, following MBIE’s confirmation that a number of regulations relating to the new financial advice regime have been published. MBIE stated...

Adviser Focus

Is Your Business Ready for Licensing?

The Adviser Platform has put together a two-minute quiz for advisers to help them find out if their business is ready for licensing. Managing Director, Ryan Edwards, is concerned that many advisers are struggling...

Fidelity Life Reports Solid FY19 Result

Fidelity Life has reported a solid result for the 2019 financial year as it steps up its customer-focused transformation. The insurer reported a growth in total comprehensive income (profit after tax) from $16.7 million in...

IFSO Supports Draft Disclosure Requirements

The IFSO has voiced its support for the draft disclosure requirements released by the Government last week. The Government is seeking feedback from the industry on whether the draft regulations achieve the policy intent and...

Partners Life to Launch New Software Tool

Partners Life has announced a new tool for advisers, the Partners Life Underwriting Management Engine (PLUME), which will launch on 4 November 2019. The insurer is running a number of launch sessions across the country...

Poll

Poll Results – Own Licence Preferred 

Our latest poll asked if you would be applying for your own licence under the new regime for financial advice. Applications for transitional licensing open on 4 November and the regime itself will commence in...

Financial Advisory Business Closes Digital Advice Tools

Sydney-based Australian financial services licensee, Lime FS, has agreed to close down two digital advice tools following concerns raised by ASIC. Lime FS’ corporate authorised representatives, Plenty Wealth and Lime Wealth, are digital advice providers...