In this article, we summarise FASEA’s CPD obligations for relevant providers and the TPB’s CPE obligations for those representatives who are individually registered as tax (financial) advisers. Financial Adviser Standards and Ethics Authority (FASEA) The Corporations Act 2001 requires the…

There are fundamental differences in the obligations of service providers to retail and wholesale clients.  However, there are many common misunderstandings of the relevant provisions involved in identifying and classifying investors as retail, wholesale or sophisticated.  Accountants are regularly asked…

6 simple questions to check that your representative agreements are up-to-date. A properly drafted representative agreement has the potential to save your business hundreds of thousands of of dollars. However, a large number of financial services businesses are making do…

One of the key elements of professional indemnity insurance coverage is the use of an approved products list(“APL”). Most PI insurance policies will only cover a licensee in respect of products that were included on the licensee’s APL at the…

Background about AFCA AFCA is an external complaints resolution scheme which resolves complaints about financial firms. AFCA can consider complaints made about credit, finance, insurance, banking deposits, investments financial advice and superannuation however it has rules that govern the types…

Sometimes, advisers need to obtain information from third parties when dealing with clients. Advisers need to protect themselves from the potential fallout from their clients if that information is incorrect. This can occur particularly in relation to superannuation contributions. The…

Read the White Paper by Licensee Solutions – Sole Adviser & Responsible Manager here