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ASIC has suspended the Australian Financial Services Licence of a financial advice dealer group for breaching its obligations and failing to obtain AFCA membership.
Write comment (6 Comments) " ["fulltext"]=> string(1503) "ASIC has suspended the Australian financial services (AFS) of financial services provider Australasia Wealth Services Management Pty Ltd (AWSM) until 25 June 2019.
According to the corporate regulator, AWSM had breached its financial reporting and audit obligations and the requirement to obtain membership of the Australian Financial Complaints Authority (AFCA).
AWSM’s licence suspension took effect from 27 March 2019. ASIC will consider whether to cancel the licence if, at the end of the suspension period, AWSM is unable to demonstrate that it has complied with its obligations as an AFS licence holder.
"AWSM has since obtained AFCA membership. However, it is yet to fulfil the financial reporting and audit obligations," ASIC said.
"Licensees need to be aware that failure to meet obligations such as membership of AFCA and lodging annual financial reports and audit statements are serious breaches of the law. ASIC will take action where it finds licensees are failing to comply with the law."
AWSM also held an Australian credit licence (ACL), which has been cancelled effective from 27 March 2019, for failure to maintain competence to undertake the credit activities it was licenced for and for not complying with credit legislation.
AWSM has held AFS licence no. 450303 since 30 April 2014 and ACL no. 450303 since 11 February 2014. AWSM may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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Write comment (6 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#5572 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-09-05 01:40:34" ["created_user_id"]=> string(4) "1090" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5527 (3) { ["data":protected]=> object(stdClass)#5379 (1) { ["options"]=> object(stdClass)#5531 (2) { ["options0"]=> object(stdClass)#5532 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#5528 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5529 (3) { ["data":protected]=> object(stdClass)#5535 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "0" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(7) "Digital" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(51) "/news/26728-non-aligned-dealer-group-afsl-suspended" ["image"]=> string(26) "images/News/asic-ifa-3.jpg" ["image_alt"]=> string(4) "ASIC" } [1]=> object(stdClass)#5400 (59) { ["id"]=> string(5) "26727" ["title"]=> string(41) "What an RBA rate cut means for investors " ["alias"]=> string(40) "what-an-rba-rate-cut-means-for-investors" ["introtext"]=> string(351) "With weak inflation figures adding pressure on the Reserve Bank to cut rates, analysts and economists are weighing up the impact of a 1 per cent cash rate by year end.
Write comment (0 Comments) " ["fulltext"]=> string(5330) "The RBA has been on a cutting cycle since November 2011, right around the time the Sydney and Melbourne housing markets started their respective meteoric booms. The cash rate peaked at 4.75 per cent in October 2011 before being reduced; slowly at first then quite dramatically.
By the end of the following year it was down to 3 per cent and falling. The last 25 basis point reduction was made on Tuesday, 2 August 2016.
To understand what prompted the RBA to make its last rate reduction almost three years ago, one needs to simply read the statement by then-governor Glenn Stevens:
“Recent data confirms that inflation remains quite low. Given very subdued growth in labour costs and very low-cost pressures elsewhere in the world, this is expected to remain the case for some time,” he said.
“The board judged that prospects for sustainable growth in the economy, with inflation returning to target over time, would be improved by easing monetary policy at this meeting.
Now, in 2019, it seems as if we have a case of history is repeating. Less than a week ago the ABS released the Consumer Price Index, which measures underlying inflation.
“Australia’s inflationary pressures continued to ease in the March quarter, setting the scene for a rate cut later in the year,” Morningstar Australasia head of equities research Peter Warnes said.
“The headline consumer price index was unchanged from the December quarter and the y/y change down from 1.8 per cent y/y at December to 1.3 per cent. Markets were expecting a quarterly increase of 0.2 per cent and a y/y rate of 1.5 per cent.”
Core or underlying inflation, a measure the RBA takes more notice of when setting monetary policy, rose by 0.2 of a percentage point, well below expectations of 0.4 of a percentage point.
“It was the weakest quarterly increase on record, pushing the March 2016 reading out of the record books. It was after the March 2016 slide, the RBA cut rates twice,” Mr Warnes said.
AMP Capital chief economist Shane Oliver is confident the Reserve Bank could cut rates as early as next week, betting on a 1 per cent cash rate by year end.
The Aussie equity market surged on the weak inflation data, comforted by the expectation of lower rates.
Low inflation is generally good for shares, according to Mr Oliver, as it allows shares to trade on higher price to earnings multiples.
“But deflation tends to be bad for shares as it tends to go with poor growth and profits and as a result shares trade on lower PEs. The same would apply to assets like commercial property and infrastructure,” he noted.
Those with a mortgage will be the obvious beneficiaries, depending on whether or not the banks pass on the rate cut in full.
Some worry that rate cuts won’t help as they cut the spending power of retirees and many of those with a mortgage just maintain their payments when rates fall. However, there are several points to note regarding this. First, the level of household deposits in Australia at $1.1 trillion is swamped by the level of household debt at $2.4 trillion. So the household sector is a net beneficiary of lower interest rates,” Mr Oliver said.
“Second, the responsiveness to changes in spending power for a family with a mortgage is far greater than for retirees.
Third, even if many with a mortgage just let their debt get paid off faster in response to falling rates this still provides an offset to the negative wealth effect of falling house prices, reducing pressure to cut spending.
“Fourth, the fall in rates since 2011 has helped the economy keep growing as mining investment collapsed. And of course, RBA rate cuts help push the Aussie dollar lower. So, while rate cuts may not be as potent with higher household debt levels today and tighter bank lending standards, they should provide some help.”
In terms of broader investment trends, a rate cut will certainly prolong the chase for yield as the low interest rate environment shows no signs of turning around anytime soon.
Mr Oliver sees this supporting the demand for alternative assets like commercial property, infrastructure and equities that offer sustainable high yield dividends.
Bank deposit rates will remain unattractive for some time, but the chief economist doesn’t anticipate a 1994-style bond crash given the lack of inflationary pressure.
“Due to the slowdown in economic growth flowing partly from the housing downturn we have been looking for two rate cuts this year since last December. We had thought that the RBA would prefer to wait till after the election is out of the way before starting to move and coming fiscal stimulus from July also supports the case to wait as does the still strong labour market,” Mr Oliver said.
However, with underlying inflation coming in much weaker than expected the RBA its arguably too risky to wait until unemployment starts to trend up. And the RBA has moved in both the 2007 and 2013 election campaigns.
“So, while it’s a lose call, our base case is now for the first rate cut to occur at the RBA’s May meeting. Failing that, then in June.”
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Write comment (0 Comments) " ["fulltext"]=> string(4442) "A review of APRA’s 2013 superannuation prudential framework has found it met its original objectives but must keep evolving to ensure members’ interests are protected.
APRA commenced a post-implementation review of the framework introduced as part of 2013’s Stronger Super reforms in May last year, to assess how it had performed in the five years since it was introduced. Until the package of 13 prudential standards, supporting guidance and reporting standards came into force, registrable superannuation entity (RSE) licensees were not subject to legally binding prudential standards in the same way as other APRA-regulated entities.
The review found the prudential framework had materially lifted industry practices in key areas such as governance, risk management and outsourcing. But it also highlighted the need for APRA to continue strengthening prudential requirements in several areas, including board appointment processes, management of conflicts of interest and life insurance in superannuation.
APRA’s review stated that appropriately managing conflicts of duty and interest is critical to ensuring that RSE licensees comply with their overarching obligation to act in the best interests of members.
“However, the royal commission noted a number of areas where RSE licensees appeared not to have managed their conflicts of interest appropriately, particularly with respect to related party arrangements,” the regulator said.
While APRA’s review found that the key procedural requirements of its conflicts management framework (SPS 521) have “generally been met at an industry-wide level”, the regulator said it is not clear that the importance of effectively managing all potential conflicts of interest through a member’s best interests lens is embedded within the culture of all RSE licensees.
APRA’s proposed enhancements to mitigate conflicts of interest in superannuation include requiring RSE licensees to explicitly assess the impact of conflicts of interest on member outcomes and introducing a two-stage process for the consideration of conflicts of interest.
“First establish interests held, then establish whether those interests give rise to a conflict,” the regulator said.
APRA’s thematic review noted that policies underlying the conflicts management framework were in some instances too narrowly focused on conflicts arising in relation to responsible persons and did not cover conflicts arising for the RSE licensee as a whole.
“This narrow approach undertaken by some RSE licensees tended to be characterised by a lack of consideration of how these conflicts might be perceived by external stakeholders,” the regulator said.
“The thematic review also noted that, in many cases, the conflict identification process relied solely on self-identification by directors or responsible persons, with no independent review undertaken. It also found a lack of consistency across the industry in the identification and management of conflicts when dealing with intra-group services and product providers and other related parties. These inconsistencies arose, in part, due to inadequacies in the conflicts management framework for these types of RSE licensees.”
APRA deputy chair Helen Rowell said it was important that the prudential framework continued to evolve as the industry developed and regulatory priorities changed.
“The Stronger Super reforms deliberately focused on ensuring superannuation trustees, [which] often manage billions of dollars on behalf of members, had the necessary frameworks in place to effectively administer the fundamentals of operating their business,” Mrs Rowell said.
“As the industry has matured and lifted its practices, we have shifted our emphasis to ensuring trustees are focused on enhancing member outcomes, especially with last December’s package of reforms.
“We are already taking steps to strengthen the prudential framework in many of the areas highlighted by the review, and we will look to make further changes to incorporate its findings as we progress our superannuation policy priorities. This will include consideration of measures to address relevant recommendations in the financial services royal commission report and the report on the Productivity Commission’s superannuation review.”
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Write comment (7 Comments) " ["fulltext"]=> string(1893) "In his welcoming address to delegates of its UK Study Tour 2019, Netwealth joint managing director Matt Heine revealed some findings from its most recent AdviceTech Report, which he said would be released in two weeks.
On the technology front, 36 per cent of those surveyed said AI and machine learning will have the greatest impact on financial advice practices in the next five years.
Regtech was also cited as a major impact with 36 per cent of respondents, and was closely followed by robo advice at 34.8 per cent and scaled advice at 34.2 per cent.
Managed accounts (28.6 per cent) and big data (27.7 per cent) were also cited as likely to have a major impact on financial advice in the futures.
“Technology is going to improve every single part of your business. I don't think anyone can argue with that,” Mr Heine said.
“What was interesting for us though was the type of technologies that advisers are now thinking about. When we first did this report three years ago, AI was so far down the bottom of the list it wasn't funny. It wasn't in anyone's thinking.
“Whereas I think there's a very good recognition now that AI is going to be leading the charge in pretty much everything we do. Whether you know it or not, it will be sitting in the background and delivering value.”
Mr Heine noted the rising impact of regtech on advice, and remarked that robo-advice in the post-royal commission world has a place in the market, calling on delegates to provide feedback on what it should be doing for advisers in the robo-advice space.
Further, Mr Heine said it was also interesting that managed accounts are getting closer to reaching maturity.
“All the early adopters are well and now truly on the path to managed account implementation and hopefully are seeing the benefits,” he said.
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ASIC has suspended the Australian Financial Services Licence of a financial advice dealer group for breaching its obligations and failing to obtain AF...
With weak inflation figures adding pressure on the Reserve Bank to cut rates, analysts and economists are weighing up the impact of a 1 per cent cash ...
The prudential regulator has identified conflicts of interest as a key area where superannuation providers are falling short of their regulatory oblig...
An upcoming whitepaper reveals the rise of machine learning and artificial intelligence will transform every aspect of advice over the next five years...
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