By 31/12/2020, all existing advisers need to pass the professional exam to continue to operate in the industry. FASEA has outlined the examination parameters and nominated Australian Council for Education Research (ACER) to run the exam. The cost of the exam will be $540 plus GST.
Read MoreFASEA Update – CPD Requirements
In early January FASEA finalised a number of the requirements to meet the new Professional Standards that have become effective on 1 January 2019. This is the first article in a small series that I am preparing to assist licensees and advisers in meeting their new requirements. I have selected the update to the CPD requirements as the first article as there is some immediate action required.
Read MoreWhy your compliance professional should be your best friend
Hopefully the title got your attention as compliance is not normally considered from this perspective. And I suppose I do have a vested interest in making compliance, well, interesting.
Read MoreReminder to all Licensees to update ASIC with AFCA membership details
As at 1 November 2018, AFCA is open for business. This means that all Licensees need to take a number of actions to comply with the changes from FOS, the CIO or SCT:
Licensee must update their membership details with ASIC by 30 November 2018. If you have not already done so, please see ASIC’s update here.
Any references on website, brochures, etc to your old scheme must be updated to refer to AFCA.
All complaints responses must now include the referral to the AFCA as escalation option if a client is not satisfied with the response.
By 1 July 2019, disclosure documents such as the FSG and PDS must be updated with the AFCA details.
If you have any questions or require any assistance, please feel free to contact me.
Article - Are Managed Accounts the 'Bitcoin of 2018'?
I was recently asked about my views on managed accounts by Assured Support. Managed accounts are certainly an interesting topic and one that has been very much front of mind in the services provided by Albrecht Compliance Consulting and MDA Guru. Please click here for the full article.
If you have any questions, please feel free to contact me!
Audacity In Compliance
Recently, the GRC Institute held their annual conference with the theme of 'audacity'. I had the opportunity to consider what audacity means in compliance.
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