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ASIC releases reference checking and information sharing protocol for financial advisers and mortgage brokers

Date Time ASIC releases reference checking and information sharing protocol for financial advisers and mortgage brokers ASIC has made the ASIC reference checking and information sharing protocol (ASIC Protocol) that will give effect to the Financial Services Royal Commission’s recommendations to improve reference checking in the financial advice and mortgage broking industries. ASIC has also released guidance documents that will help Australian financial services (AFS) and credit licensees comply with their new reference checking obligations. The Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (the Act) introduces obligations on AFS licensees and Credit licensees to comply with an ASIC Protocol in relation to reference checking. The Act, and the ASIC Protocol, commence on 1 October 2021.

Financial sector reform hayne royal commission responseFinancial services royal commissionRoyal commission recommendationsFinancial sector reformHayne royal commission responseConsultation paperநிதி துறை சீர்திருத்தம் ஹேன் அரச தரகு பதில்நிதி சேவைகள் அரச தரகுநிதி துறை சீர்திருத்தம்ஹேன் அரச தரகு பதில்ஆலோசனை காகிதம்

ASIC releases adviser reference checking protocol

ASIC releases adviser reference checking protocol
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Australian banking associationHayne royal commissionInvestments commissionFinancial sector reform hayne royal commission responseFinancial sector reformHayne royal commission responseAustralian securitiesஆஸ்திரேலிய வங்கி சங்கம்ஹேன் அரச தரகுமுதலீடுகள் தரகுநிதி துறை சீர்திருத்தம் ஹேன் அரச தரகு பதில்நிதி துறை சீர்திருத்தம்ஹேன் அரச தரகு பதில்ஆஸ்திரேலிய பத்திரங்கள்

ASIC releases new reference checking protocol for advisers

ASIC releases new reference checking protocol for advisers
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Australian financial complaints authorityFinancial sector reform hayne royal commission responseRoyal commission recommendationsFinancial sector reformHayne royal commission responseConsultation paperAustralian financial complaintsஆஸ்திரேலிய நிதி புகார்கள் அதிகாரம்நிதி துறை சீர்திருத்தம் ஹேன் அரச தரகு பதில்நிதி துறை சீர்திருத்தம்ஹேன் அரச தரகு பதில்ஆலோசனை காகிதம்ஆஸ்திரேலிய நிதி புகார்கள்

FSCP appointees need to understand context of advice

It also said the issue of product failure should be recognised of the product issuer, not advisers, assuming all reasonable due diligence was carried out. Research houses and the Australian Securities Investments Commission (ASIC) should also take responsibility for the issue of documents such as product profiles and product disclosure statements of product providers. It also wanted the role of the licensee in providing administration and compliance assistance to be recognised and utilised to assist in reducing compliance costs that were ultimately passed on to clients. The streamlined regulatory function should also not lose the current expertise required to support a major transition period in the industry, while also recognising the way advice services were delivered.

Peter johnstonFinancial servicesRoyal commissionFinancial sector reform hayne royal commission responseCredit panelAssociation of independently owned financial professionalsAustralian securities investments commissionIndependently owned financial professionalsFinancial sector reformHayne royal commission responseபீட்டர் ஜான்ஸ்டன்நிதி சேவைகள்அரச தரகுநிதி துறை சீர்திருத்தம் ஹேன் அரச தரகு பதில்கடன் குழுசங்கம் ஆஃப் சுதந்திரமாக ஓஂட் நிதி ப்ரொஃபெஶநல்ஸ்

Don t enforce Standard 3 and 6 until Treasury review

“It is important the system not become clogged with minor, technical or inadvertent breaches that would not otherwise be significant. “SAFAA welcomes the change to the bill that provides ASIC must only convene a panel in prescribed circumstances. We hope that this ensures that the panel only deals with material matters.” It also recommended: To remove the requirement for additional education and training standards for tax (financial) advisers; To find a solution that enabled advisers who don’t provide advice to retail clients and were not on the Financial Adviser Register (FAR) to continue to provide tax (financial advice) to wholesale clients;

Financial advisers associationEthics authorityFinancial sector reform hayne royal commission responseSingle disciplinary bodyFinancial sector reformHayne royal commission responseFinancial adviser standardsFinancial adviser registerநெறிமுறைகள் அதிகாரம்நிதி துறை சீர்திருத்தம் ஹேன் அரச தரகு பதில்ஒற்றை ஒழுக்கம் உடல்நிதி துறை சீர்திருத்தம்ஹேன் அரச தரகு பதில்