News / Blog

Support Package Response to the COVID-19 pandemic

The Australian Government’s Support Package Response to the COVID-19 pandemic

The following is a broad summary of the key aspects of the Federal Government’s support package in response to the COVID-19 pandemic, as recently announced and enacted. 1. Cash flow assistance for businesses The Government is providing cash flow assistance for eligible businesses (to manage cash flow challenges and to help businesses retain employees), in…

new board member

New AIOFP Board Appointment

The AIOFP Board has appointed Philippa Hunt of Seachange Investments from the Sunshine Coast of Queensland to fill a casual vacancy on the AIOFP Board representing Principal Practice members with 20 or less authorised representatives. The balance of the term is to November 2021. The compliment of the Board is now: Peter Johnston – Executive…

Australian Currency

Changes to Annualised Salaries

Every 4 years the Fair Work Commission conducts a review of modern awards. As a result of the latest review, new clauses regarding annualised salary arrangements have been inserted into several awards, including the Banking, Finance and Insurance Award 2020 (the Award), which covers employees in financial planning profession. Effective 1 March 2020, employers who…

FASEA Code of Ethics

Best Interest Duties of Financial Advisers – More Law, More Confusion

Best interest is a commonly used and misunderstood phrase interpreted differently in the law, media, legislature and throughout the investment chain, sometimes glibly. For investors, best interest has been confused with oft-misguided concepts of undivided loyalty to their economic interests. These differing interpretations influence every financial advice relationship, including process. That process differs with varying…

Establishing a Compensation Scheme of Last Resort

Establishing a Compensation Scheme of Last Resort (CSLR)

Executive Summary The AIOFP and its members totally support a fair compensation scheme for consumers who suffer financial loss from the actions of industry stakeholders. We agree with the current general thrust of a Compensation Scheme of Last Resort (CSLR) and findings of the Hayne Royal Commission but want to propose a relatively simple internal…

tax practitioners board

TPB says spend some time today to save your registration

Are you one of over 2,200 tax practitioners due to submit their annual declaration or registration renewal to the Tax Practitioners Board (TPB) before 1 June 2019? The TPB has sent email and SMS reminders to alert tax practitioners their annual declaration or registration renewal is due before Saturday 1 June 2019. Check My Profile…

Financial advisers join forces with union movement

Financial advisers join forces with union movement

In a bold move to stave off new professional standards planned for their industry, financial advisers are planning to join forces with the union movement. The surprise move from a key adviser industry lobby group comes as the financial industry prepares for the potential election of a Labor government which would arrive in power with…

FASEA

THE FASEA FIASCO

If FASEA is a concern to you please read this document in its entirety and seriously consider participating in the suggested Political strategy. FASEA FIASCO PAPER & AFR ARTICLE HERE It is time for all Advisers to reunite and use our collective numbers and political clout to seek change to our professions greatest ever threat.…