Jamie Williamson
@jayellewill
Editor @ Financial Standard. Soft spot for financial advice. Views are all my own.
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The most entertaining part of today's Standing Committee hearing on financial advice so far is watching all the senators watch the Olympics and complain about COVID while struggling to get Easton Investments back on the line #Tokyo2020
@AMP_AU, @CFS_AU, @Equity_Trustees, @IOOFEvents, @IntrustSuper, @netwealthInvest and @Suncorp have been called out by @asicmedia over wrongfully charging 'smoker' premiums to new members. bit.ly/3iehp4y
#COVID-19 will see US pension funds approach point of no return, according to @Wirepoints research. bit.ly/2WOSo87
financialstandard.com.au
US pension funds approach point of no return
A new report ranking US public pension funds by their ability to pay future benefits suggests several will likely go insolvent as a result of COVID-19.
The founders of Storm Financial Group have lost their appeal against ASIC's 2016 decision.
BREAKING: Full Federal Court confirms Storm Financial directors breached duties. bit.ly/33NRlHu
The ASX is breaking tradition and holding it's ground despite Wall St tumbling overnight, but can this be sustained? #volatility #markets #WallSt #ASX bit.ly/2xKG52H
BREAKING: @UniSuperNews suspends stock lending #superannuation #coronavirus bit.ly/2UfbmT8
How do you make the case for diversity? "I don't. And if someone asks you that, tell them to make the case for homogeneity" - @arielfunds' Rupal Bhansali at @womeninsuper's NSW #InternationalWomensDay 2020 event. #EachforEqual
BREAKING: ASIC takes action against @TALaustralia over RC case #bankingRC #finserv bit.ly/36CvxyA
Half of super fund advice fails to meet the best interest duty, while 15% of that poor advice put super fund members at risk. #FinServ @FinStd
BREAKING: Just 49% of advice provided by super funds is compliant, says ASIC #finserv @jayellewill bit.ly/3847nyT
"The regime of disclosure and management has not worked, so we took the view that not acting was better" - FASEA chief Stephen Glenfield on why the Code goes above common law in regards to removing and avoiding conflicts of interest.
"I have much better things to do on January 2 than to come knocking on your door to check you've got a system in place" - Danielle Press on Code of Ethics implementation.
"The Code of Ethics does not seek to remove scaled or limited scope advice" but consultation continues on how it will apply, Glenfield confirmed at #FPACongress.
"Advisers should use this period to assess how they stand against the values... The Code does not seek to ban any particular remuneration. An adviser needs to consider their remuneration in the context of the entire code" - FASEA chief Stephen Glenfield tells #FPACongress.
Danielle Press on grandfathered remuneration: "We've met with some people who seem to think there is a transition period from 1 January 2021. This is your transition period, so get prepared." #FPACongress
"We expect planners to abide by the Code from 1 January... We realise standards 3 and 7 still need clarity. We do not expect licensees to change their remuneration models ahead of the guidance being clear" - Danielle Press at #FPACongress.
"We are working hard to make sure all the investigations that the Royal Commission initiated are up and running by the end of the year" - ASIC commissioner Danielle Press at #FPACongress #finserv
The Federal Court has today handed down its ruling in the ASIC vs. Dover and McMaster case.
Dover, McMaster found guilty in Federal Court #asic @jayellewill #finserv bit.ly/2rb8jAl
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