Schedule A Free Call

Articles

Conduct Risk

Fixing Complaints

Fixing Complaints

August 16, 2021

One critical element of RG271 is the introduction of enforceable standards and requirements. In this article, we’ll do the heavy lifting for you and provide a shopping list that identifies what needs to be present in your IDR framework to avoid contravening your licence conditions or attracting regulatory scrutiny.

Not all planners: identifying fraud and misconduct

April 26, 2021

Smart compliance people know that, despite often ineffective controls, incidents of adviser fraud and deliberate misconduct are relatively low. This article examines ways that responsible licensees can tweak their compliance arrangements (and nudge staff) to further reduce these risks.
Five Wholesale Myths. Busted

Five Wholesale Myths. Busted

March 14, 2021

Wholesale client classification remains one of the most misunderstood areas of financial services law. This article examines five common wholesale myths, including SMSF treatment, AFCA exposure, disclosure obligations and adviser documentation expectations. Learn why technical eligibility alone may not justify wholesale treatment and how advisers can build more defensible, client-centred wholesale advice practices.
Privacy and Consumer Rights

Privacy and Consumer Rights

November 30, 2020

Smarter Compliance. As part of a broader cycle of regulatory review, the Privacy Act is currently being examined. In this article we share our initial thoughts . We lodged our submission on 29 November 2020, focusing on the significant impact of reforms and the need to harmonise requirements before advisers, and advice businesses, are overcome by regulatory fatigue and the increased costs of compliance.
Saved by the bell: BUPA v ACCC

Saved by the bell: BUPA v ACCC

October 16, 2020

Smarter Compliance. As every Licensee can attest, when the rubber hits the road, and regulators review your conduct, your compliance framework seriously gets tested. In the case of Bupa, it’s clear what regulators expect: a culture of accountability, cooperative engagement, an implemented compliance program, a commitment to improvement and remediation. This article outlines the lessons licensees can learn from BUPA’s example.
Head to Head: Best interests, mortgages and financial product advice.

Head to Head: Best interests, mortgages and financial product advice.

October 5, 2020

Smarter Compliance. Mortgage broking is either not at all similar to financial planning or not at all dissimilar to financial planning. In reality, it’s a tougher question to answer than might first appear. The obvious differences might be illusory and we might be looking at two industries divided by common obligations. In this article, two authors address the comments directed to us on the issue and, hopefully, address the presumptions and misconceptions.
Beyond wagyu and shiraz: a new world for mortgage brokers

Beyond wagyu and shiraz: a new world for mortgage brokers

August 10, 2020

Smarter compliance. More than a few Mortgage brokers have painstakingly explained to us that they always act in their clients’ best interests, but, from 1 January 2021 they have a statutory obligation to do so. This article explores ASIC released Regulatory Guide 273 “Mortgage Brokers: Best Interest duty” and, although the author stubbornly refers to ‘clients’ rather than consumers, still offers some insights to assist brokers, and their authorising licensees, to manage the new obligations.
AFSL Fundamentals: Balancing remuneration and incentives

AFSL Fundamentals: Balancing remuneration and incentives

May 18, 2020

Smarter Compliance. Our Licensee Review assesses licensees’ compliance risk framework including their systems, structure, policies, processes and people. Too frequently, Licensees focus their attention on outputs – advice processes and associated risks – rather than their incentive, remuneration and consequence management framework. This article addresses those topics and focuses on balanced scorecards and the challenges of reconciling duties and incentives.
The end of conflicts (and other fantasies)

The end of conflicts (and other fantasies)

October 29, 2019

Smarter Compliance. For both auditors and advisers, conflicts (whether caused by remuneration, relationships or structures) are a perennial issue. The release of the FASEA Code of Ethics and parliamentary approval of remuneration reform has increased apprehension. As margins decrease and costs increase, advice businesses are forced to pause and carefully consider their futures. This article looks at these pressing concerns and their practical impact.
Curious cats and compliance: Managing non-financial risks

Curious cats and compliance: Managing non-financial risks

October 14, 2019

Smarter Compliance. Unless you’ve just emerged from a decades-long coma, you probably realise that few licensees (particularly few large and vertically-integrated licensees) have effectively managed non-financial risks or ensured they operated “efficiently, honestly and fairly”. Some of this may have been intentional but, perhaps unknowingly, their failure to recruit and retain capable, confident and courageous compliance talent was a key reason for their public failures. This article looks at curiosity and shows why its critical to an effective compliance function and a sustainable advice business.

Step 1 of 8 - Your Role

This field is for validation purposes and should be left unchanged.

Assess your ASIC exposure

Answer a few targeted questions to identify where your compliance may not stand up under ASIC review.

Takes less than 2 minutes. No preparation required.

What best describes your role?