FASEA Exam Questions: When is it Personal Advice, General Advice or Factual information?

I’m often asked by Advisers as they prepare for the exam… Question: “Personal advice needs to be financial product advice. Your notes also follow this. However, RG175 suggests that client (personal) advice may not be product specific.” ANSWER: Personal advice is given when the adviser has considered the person’s specific objectives, situation or needs, or …

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FASEA Standards Newsletter (NOVEMBER Edition)

In the NOVEMBER Edition of our FASEA Standards Newsletter, we discuss: FASEA Exam:  August Results & Analysis Over 50% of Advisers have sat the ExamOver 11,180 advisers have sat the exam with 9 in 10 demonstrating they have the skills to apply their knowledge … to the practical scenarios tested in the exam? Regulations:  FASEA Code …

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Bonuses & Referrals can be FASEA compliant (IFA Article – Joel Ronchi)

IFA.com.au analysed my recent video regarding Standard 3 of the FASAEA Code of Ethics (see full video here.) The article summarises a key aspect of the video content, which is the fact that Advisers receiving other forms of remuneration outside of a fixed salary can ensure they are FASEA compliant by following a simple test. …

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FASEA Standards Newsletter (SEPTEMBER Edition)

In the SEPTEMBER Edition of our FASEA Standards Newsletter, we discuss: Legal Issues:  ASIC takes on well-known Boutique Advisory ASIC enforces its “why not litigate” mantra Do you want to see what it looks like when ASIC goes after a LICENSEE and its FINANCIAL ADVISERS who alledgedly breached Section 961 of the Corps Act? Regulations:  Single Disciplinary …

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FASEA Code of Ethics – Standard 3 Explained (Video)

In this video from myIntegrity’s recent FASEA Exam Prep Masterclass (Webinar) Program, I explain how Standard 3 of the FASEA Code of Ethics operates. Importantly, I explain how Standard 3 operates in conjunction with Standard 7 of the Code, as well as how Financial Advisers can still take in to account the requirements of Standard …

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Best Interest Obligations (BIO) – Mortgage Brokers & Financial Advisers in the same boat

Financial Advisers may not be aware of the fact the Mortgage Brokers will have a similar BEST INTEREST DUTY, CONFLICT PRIORITY RULE, & CONFLICTED REMUNERATION framework imposed on them through legislation, effective the 1st January 2021. Similar to s961 of the Corps Act, the relevant legislation is s158 of the NCCP (Credit) Act in which …

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ASIC uses its “why not litigate” mantra

ASIC has launched Federal Course proceedings against well-known financial advisory group Dixon Advisory & Superannuation Services Ltd. Dixon Advisory, arguably once a “sweet heart” of the advice world with full page ads in a leading national newspaper, is alleged to have constructed a network or related entities in breach of the Corporations Act for the …

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Single Disciplinary Body delayed up to 2 years

“Legislation to implement the single disciplinary body will … now be introduced at the end of next year.” says the Assistant Minister for superannuation, financial services & financial technology. This means the force of the new legislation will not be in place for another 18-24 months. IMPORTANT NOTE – AFSLs must CONTINUE to monitor & …

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Remember that thing called the FASEA Code of Ethics?

This discussion about the practicalities of the Code of Ethics is exactly what’s needed. As pointed out, there still tends to be two camps – those who are embracing the Code and seeking industry evolution, and those who are trying to maintain the “old ways” and seeking work around. Consider a recent post on LinkedIn, …

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