The corporate regulator will be appreciative of the compliance burden now facing financial advisers, putting in place a seven-month transition period following the Senate’s FOFA vote.
“ASIC will take a practical and measured approach to administering the law as it now stands following the disallowance of the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014,” the statement said.
“We will take into account that – as a result of the change to the law that applies to the provision of financial advice – many Australian financial services (AFS) licensees will now need to make systems changes. ASIC recognises this issue may arise in particular areas, including fee disclosure statements and remuneration arrangements.
“We will work with Australian financial services licensees, taking a facilitative approach until 1 July 2015.”
An adviser association has warned that costs charged to the industry by ASIC could blow out even further under proposed legislation for the single dis...
Super funds are looking at digital advice as a must-have as they scramble to retain older, wealthier members leaving for SMSFs, an industry technology...
The corporate regulator has warned of surging numbers of crytpocurrency-related scams recruiting investors through seemingly legitimate news stories. ...
Get notifications in real time and stay up to date with content that matters to you.
