Regulatory

  • ASIC Update December 2019 from IMAP Regulatory Group

    ASIC Update 8th December 2019 Dr Rhys Bollen, Senior Executive Leader of the Investment Manager Team within ASIC spoke at the Professional Planner Researchers Forum. Read on for IMAP's view of the high level takeouts from his presentation and  considerations for licensees who advise on managed accounts.

  • Advice in a volatile market

     CEO Angus Mason talks with Anne Hamieh of Xplore Wealth about how Cashel Family Office is using managed accounts and technology to better manage market volatility.

  • Advice on managed accounts: A legal perspective

    Simon Carrodus considers the legal and regulatory obligations for advisers when advising on managed accounts. This IMAP presentation was moderated by Jenny Mulders, Chair of the IMAP Regulatory Group.

     

  • ASIC Managed Accounts Project - IMAP Regulatory Group Background

    The IMAP Regulatory Group was formed in September 2018. A key reason for the formation of the group was to ensure that the broad managed account community was well represented in issues that specifically affect providing and advising on managed accounts.

  • ASIC suspends work on MDA consultation paper

    ASIC Regulatory work on MDAs suspended

    ASIC has announced that as at 23 March 2020 it has immediately suspended a number of near-term activities which are not time-critical,including a consultation paper on Managed Discretionary Accounts...

  • ASIC updates Regulatory Guide 97: Disclosing fees & costs in PDSs & Periodic Statements

    Updated guidance gives more clarity on how superannuation & managed investment product issuers & platform operators should disclose fees & costs.

  • Design & Distribution Obligations

  • FASEA announces one-off CPD relief for advisers

    FASEA Update

    Financial advisers will be granted an additional three months to meet their required 40 hour CPD requirement. The decision to provide relief for advisers with their CPD requirements was made by the Financial Adviser Standards and Ethics Authority (FASEA) in response to business disruption caused by COVID-19. 

  • Four key regulation issues facing advisers

    The IMAP Regulatory Group is currently focusing on a range of issues impacting the managed accounts sector. The Chair of the IMAP Regulatory Group, Jenny Mulders, outlines four of these key issues

  • How to obtain a copy of the FSC / IMAP Template for DDO

    IMAP and the Financial Services Council (FSC) have developed a template specifically for Managed Accounts that complies with the FSC developed industry data standards to facilitate compliance with the new Design & Distribution obligations (DDO) laws that take effect on 5th October 2021.

  • IMAP calls for FASEA Standard 3 review

    Jenny Mulder QRC Consulting

    The IMAP Regulatory Group, chaired by Jenny Mulders of QRC Consulting, has written to FASEA CEO, Stephen Glenfield, outlining existing structural problems with the FASEA Code of Ethics, and calling for calls for a review of FASEA Standard 3. This standard became a legal requirement for all financial advisers from 1 January 2020

  • IMAP coordinates a Managed Account Submission to Royal Commission - PDF Download available

    IMAP coordianted a submittion from teh managed accounts industry as a response to the Royal Commission Interim Report to illustrate that managed accounts can have positive putcomes for the end investor. This submission makes reference to 5 of the particular issues raised in the Interim Report

     

  • Managed Accounts Post Royal Commission

    The adoption of managed accounts over the past three or four years – there is now approximately $60 billion invested in various forms of SMA and MDA – has been driven by a number of separate factors.

  • Regulatory Group in key discussions

    The Chair of the IMAP regulatory Group, Adam Seccombe, provides a review of the work done by the group and looks ahead at the work to be completed.

  • Regulatory reviews on top of agenda - IMAP Regulatory Group

    IMAP Regulatory update

    The IMAP Regulatory Group was invited to participate in an open forum with ASIC, based on the surveillance ASIC conducted during 2019 on platform operators, SMA and MDA providers. PLease read on for an update as at March 2020.

  • Regulatory Update - Compensation Scheme of Last Resort - Important for Advisers to Comment

    Following the Royal Commission's recommendation, the Australian Treasury released a consultation paper just before Xmas 2019 on the proposed Compensation Scheme of Last Resort (CSLR).

    This is a fund which will compensate clients of most financial services who win a compensation payment through AFCA or some other process. 

    Comments required by 7 February 2020

  • Royal Commission and Managed Accounts

    By mapping your clients’ journey to the advice process, you can ensure your clients are getting optimum engagement at all their interactions and touchpoints with your business. Here are some tips from Netwealth for mapping your clients’ journey.

  • Royal Commission and Managed Accounts

    The IMAP Regulatory Group reviewed the Royal Commission’s Final Report, with an emphasis on how the 76 recommendations handed down by Commissioner Kenneth Hayne will impact the managed accounts sector.  Find out more about the "key takeouts" emanating from this report.

  • Royal Commission challenges planners

    The number of clients seeking advise from planners continues to decline, as the move by more planners to self-licence increases.

    These were two of the key findings to emerge from the 2018 Planner Business Model Report, which is an annual study of Australia financial planners and their business models by research company, Investment Trends.

  • Royal Commission offers blueprint for reform

    Perspectives provides a round-up of the key recommendations in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. This analysis concentrates specifically on the impact the recommendations will have on the financial advice sector in relation to managed accounts.

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