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14 October 2011 |
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MacGillivrays |
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It seems that every day there are developments that affect those in the finance industry.
Some of the more interesting recent snippets of news include:
A draft bill to implement the Government’s Future Of Financial Advice (FOFA) reforms has now been released for comment - Submissions are due by 19 October 2011. As you are probably aware the draft bill proposes to ban commissions and volume payments and introduces the concept of “conflicted remuneration”. However, there is a limited carve out for basic banking products where commission based remuneration is still permitted. Review the proposed reforms via this link Who is now in charge of early release of superannuation? As from 1 November 2011 the Department of Human Services will assume administrative responsibility for the Superannuation Early Release Program. To date APRA has been in charge of this scheme. Link to notification issued by APRA Financial Claims Scheme – New disclosure obligations New disclosure obligations commence from 12 October 2011 in relation to the financial claims scheme (the Government guarantee). This is a result of amendments made to the Corporations Regulations in 2010. Link to Corporations Amendment Regulations 2010 (No. 2) PDS documents need updating and for non-PDS products, additional disclosure requirements are imposed. Quoting Australian Credit Licence Numbers ASIC has now taken the view (Information Sheet 103) that a reference to the Australian Credit Licence Number has to be quoted in full – it is not acceptable to refer to “ACL” or “CRN”. To our mind this is a surprise ruling and inconsistent with the rules applying to ACN’s, ARBN’s and AFSL’s. For now, Credit Licensees need to quote “Australian Credit Licence 123456” not “ACL 123456”. The same goes for Credit Representative Numbers. Deferral of commencement of PPS It might be old news, but please remember that commencement of the Personal Property Securities Scheme has now been deferred to 30 January 2012. Home Loan Key Facts Sheet Just a reminder that these Key Fact Sheets need to be issued as from 1 January 2012.
Article by Richard Williams, Partner - Banking Services
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PLEASE NOTE: This article is not legal advice and our comments are of a general nature only. This document is not to be relied on as substitution for proper detailed legal advice. Liability limited by a scheme approved under professional standards legislation.
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