Archived News for Finance Sector Professionals - September, 2012
The Australian Securities and Investments Commission (ASIC) has cracked down on West Australian-based Addwealth Financial Services Pty Ltd, imposing additional conditions on the company’s Australian Financial Services (AFS) licence after a surveillance of its advice business.
ASIC is concerned that Addwealth FS may have failed to provide advice that was appropriate to certain clients in light of their circumstances. ASIC is also concerned that Addwealth FS may have failed to have in place adequate arrangements for the management of conflicts of interest.
As part of its conditions, Addwealth FS has appointed an external compliance consultant who will regularly report to ASIC over the next 15 months. The consultant will test and report on matters including Addwealth FS' overall compliance arrangements and the quality of financial product advice provided to its clients. This includes the advice given with respect to their investment in the Addwealth Achiever Fund.
ASIC Commissioner Peter Kell said ASIC will seek the imposition of more onerous licence conditions and independent oversight where there are concerns advice may not be meeting required standards.
Addwealth FS provides advice on products and services including retirement planning and strategies, superannuation and rollovers (including strategies), self-managed superannuation, share market investments and managed funds.
More information is at http://www.asic.gov.au.
Information released by the Australian Taxation Office shows the majority of taxpayer disputes are resolved before reaching tribunal or court hearings when taxpayers and the ATO work closely together.
The Australian Taxation Office has announced it will publish all findings made by its external scrutineers and the outcomes and improvements from implementing suggested recommendations.
The Financial Services Council has submitted a supplementary submission to the Productivity Commission’s inquiry into Default Superannuation Funds in Modern Awards in response to matters raised in the Treasury and DEEWR (the Departments) joint submission, released by the Minister last month.
Australia will host an international symposium on regional financial market integration in 2013, bringing together private sector leaders and regulators in the financial services industry from across the Asia Pacific region.
Figures released in the Banking Job Loss Survey carried out by UNI Finance, the global union for the banking and insurance industries, show that the Australian finance sector has shed more than 10,000 jobs since the GFC, and a further 6300 positions have been outsourced offshore.