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In a massive policy win, advisers will no longer need to fulfil unnecessary and burdensome 'nil reporting' requirements as part of the incoming Design and Distribution obligations after Treasury announced a last-minute amendment based on feedback from industry.
ASIC has conceded that it has discretion on the ballooning adviser levy, not long after outgoing chair James Shipton implied that the corporate regulator’s hands were tied due to the “mechanical” industry funding model.
In a recent response to a question from Liberal MP Andrew Wallace, which was taken on notice at the PJC enquiry in late March, ASIC explained how it consulted on industry funding arrangements through its Cost Recovery Implementation Statement (CRIS) with Treasury and the Finance Minister, but took control thereafter.
“ASIC, as an independent regulator, has discretion over the allocation of resources,” the regulator stated. “ASIC has the discretion to waive levies in exceptional circumstances. ASIC also considers applications to pay levies via a payment plan in cases of financial hardship.”
Fortnum CEO Neil Younger
Platform provider HUB24 has released a whitepaper detailing the need for advice industry participants to collaborate and use standardised data tools to record processes and information, which it says is key to overcoming what licensees see as a dearth of “quality” data.
The paper, released this week, outlines how difficult it is for licensees to monitor what is happening in their advice practices when advisers “label and store documents their own way”.
“Moreover, much of the data held is unstructured and not visible, contained in emails and PDFs of SoAs, RoAs and FDSs,” the paper continues.