Maryann Joubert

The next Internal Dispute Resolution (IDR) Reporting period is now open. Your January to June 2024 report is due by the 31 August 2024! Most financial firms, which primarily include smaller firms, are now required to submit their IDR data to ASIC. This includes collecting and collating your data and reporting it into ASIC. Sophie Grace can assist you with all your reporting needs, visit our website and contact us! #compliance #regulation #financialservices #asic

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What is Solvency Resolution? If you are a director or company secretary of an Australian company, you likely have an obligation to pass a solvency resolution annually. This is a report, which may require submission to ASIC, to declare whether the company can or cannot pay their debts by the due date. Our newest Youtube video details information around Solvency Resolution including: - What a Solvency Resolution is - Exemptions - What companies are required to submit a Solvency Resolution to ASIC? - How we can help you at Sophie Grace? Click on the link below to watch our Solvency Resolution video on Youtube, or click this link to read our blog post on the Sophie Grace website: https://lnkd.in/gjke-8d3. Don't forget to subscribe to our Youtube channel so you don't miss another video like this! #financialservices #compliance #regulatory

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Are you a Financial Adviser considering your licensee options? This article is worth a read.

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Power in Protection: Did you know most young and middle-aged Australians are underinsured? Don't be one of them. There are many different types of personal and life insurance but our expert Insurance and Risk Advisers can help you secure the right level of cover for you. Download our free eBook through the link below to explore the ins and outs of insurance. We understand it can be confusing but we promise to make it easier for you. Download here: https://lnkd.in/g_H4Cqi4 #Hewison #FutureThinking #Insurance #Wealth

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75% of Australians aged 50 and over find it challenging to navigate the complexities of retirement. Are you confident in your retirement plan? Join our Retirement Planning Webinar on 10 Sept and gain insights into: ✅ Essentials of retirement planning ✅ Four steps to secure finances ✅ Maximising retirement savings ✅ Strategic case studies for financial enhancement 📅 Date: Tuesday, 10 September ⌚ Time: 9:30am - 10:30am 🔗 Register here: https://lnkd.in/gv3Nqcy2 Reserve your spot now and take control of your retirement journey! #RetirementPlanning #FinancialFreedom #NexiaAustralia #Webinar

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The prudential regulator has made clear to a room full of the biggest super funds in the country that they are obligated to have a strategy that works for all members from high-net-worth to low balance members. The message to the Conexus Retirement Conference was simple: outsourcing to external advisers will not fulfill their Retirement Income Covenant obligations. Margaret Cole Simone Constant The Conexus Institute #conexusretirementconference #retirementincomecovenant #apra #asic #retirement #financialadvisers #financialplanning #financialservices

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We know most SME’s look at #EOFY as their time to pay the Tax Man 💲 ... but did you know it's also peak season for #Brokers to ensure that you have the right insurance cover in place for your business? If you haven't had a chat with your broker lately, it's probably time to ask why 🤷‍♂️ . With #Gallagher brokers nationally supporting over 125000 small to large businesses in all #industries, professional expertise is just a conversation away 😁 . #Insurance #Broker #ProfessionalExpertise #financialservices #relationships #EOFY #lookingoutforSME's Glenn Kemp William Unger Paul Broughan Natasha Jackman Bianca Prewer Molly Jacob Linda Johnson Mike Williams Kate Davis Leanne Gracias

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Is your #governance structure setting your fund up for success in #retirement and better #outcomes for your members? How do you prioritise important activities and strategic transformational changes? See two very important questions below ⬇️

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The Australian Financial Complaints Authority has seen a reduction in its backlog of complaints, closing more than it received in FY24. The resolved cases included one related to Dixon Advisory that ruled in favour of the maligned conflicted advice business where the claimant wasn’t worse off. Australian Financial Complaints Authority Patrick Hartney Alexandra Sidoti Shail Singh Eunice Sim #afca #dixonadvisory #smsf #complaints #financialadvisers #financialplanning #financialservices

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Explore the dynamics of superannuation and insurance with industry experts Join us on June 18th for an insightful webinar know the ins and outs of superannuation and insurance. Phil and Ashleigh will provide valuable strategies to optimise your superannuation benefits. Register now and empower yourself with knowledge to make informed decisions about your financial future. Tap this link to join: https://lnkd.in/gqB8bJSw #Superannuation #FinancialPlanning #ProfessionalGrowth #Webinar #FreeWebinar

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💡 Financial Regulations Weekly Update (New Zealand & Australia) 🌏 NEW ZEALAND FMA files criminal charges against former financial adviser FMA cancels Integrity Advisers Insurance Limited’s Financial Advice Provider licence for engaging in serious misconduct - The breaches relate to Integrity’s treatment of clients who wanted to cancel their respective insurance policy between September 2022 and June 2023 (Integrity told some affected clients that failure to pay the fee would result in Integrity reporting them to Immigration New Zealand, which Integrity said may result in an affected client’s visa being cancelled or deportation. Integrity did not make any report to Immigration New Zealand but seriously misled an affected client when it told him that it had made a report). FMA has cancelled Rockfort Markets Limited’s (Rockfort) Derivative Issuer (DI) licence. The cancellation took place on 19 July 2024.  Rockfort’s licence was cancelled because the FMA was satisfied Rockfort materially contravened eight of its licence obligations. AUSTRALIA ASIC updates misconduct reporting guidance for external administrators and controllers  ASIC wins against Rent4Keeps for overcharging vulnerable consumers on essential household goods  ASIC and APRA host Superannuation CEO Roundtables

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𝗧𝗵𝗲 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝗰𝗲 𝗼𝗳 𝗱𝗶𝘀𝗰𝗹𝗼𝘀𝗶𝗻𝗴 𝘄𝗵𝗼 𝘆𝗼𝘂 𝗮𝗰𝘁 𝗼𝗻 𝗯𝗲𝗵𝗮𝗹𝗳 𝗼𝗳 Little-known, Section 911C of the Corporations Act is simple, yet packs a powerful consumer-protection punch. Section 911C provides: 𝗣𝗿𝗼𝗵𝗶𝗯𝗶𝘁𝗶𝗼𝗻 𝗼𝗻 𝗵𝗼𝗹𝗱𝗶𝗻𝗴 𝗼𝘂𝘁 A person must not hold out: 1. that the person has an Australian financial services licence; or 2. that a financial service provided by the person or by someone else is exempt from the requirement to hold an Australian financial services licence; or 3. that, in providing a financial service, the person acts on behalf of another person; or 4. that conduct, or proposed conduct, of the person is within authority (for example, as an Authorised Representative) in relation to a particular financial services licensee; if that is not the case 👈 [This is the really important bit]. A breach of s911C is an offence. 𝘾𝙤𝙢𝙥𝙡𝙮𝙞𝙣𝙜 𝙬𝙞𝙩𝙝 𝙨911𝘾 You should obtain legal advice on s911C however, in my experience as a compliance specialist: A 'representation statement', is critical, that includes: 1. The full legal entity name & trading names of all relevant parties; 2. AFSL and AR numbers (& ABN); 2. All the parties involved in the distribution or claims handling end-to-end value chain & their role; & 4. Who is representing who [acting on behalf of]. 𝙈𝙮 '𝙣𝙤-𝙘𝙡𝙞𝙘𝙠' 𝙧𝙪𝙡𝙚 The representation statement should be included in all business documents (including marketing materials) & on your website (& as a seperate regulatory requirement in your TMD, FSG & PDS, as relevant). I frequently, due to my compulsive compliance appetite, explore representation statements on websites of underwriting agencies, insurance brokers, insurance claim managers and claimant intermediaries. I expect to be able to easily find and read your representation statement on your website without having to click on any further links or images on your website. The statement should be prominent, clearly displayed & written in plain english however I accept that business practice is often to have the statement included in the terms & conditions located in the footer of the webpage. 𝘾𝙪𝙨𝙩𝙤𝙢𝙚𝙧-𝙘𝙚𝙣𝙩𝙧𝙞𝙘 𝙖𝙥𝙥𝙧𝙤𝙖𝙘𝙝 𝙩𝙤 𝙘𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 A customer-centric approach to compliance is being able to clearly & honestly explain to a consumer, the financial services & products that you are providing, and on whose behalf you are acting. It is not your role to determine that, '𝘯𝘰-𝘰𝘯𝘦 𝘤𝘢𝘳𝘦𝘴 𝘢𝘣𝘰𝘶𝘵 𝘰𝘳 𝘳𝘦𝘢𝘥𝘴 𝘵𝘩𝘪𝘴 𝘴𝘵𝘶𝘧𝘧', your role is to be upfront, transparent & honest with consumers & not hold-out that you are something that you are not. #compliance #insurance #generalinsurance

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Andrew Gregory, head of advice for the $135 billion profit-for-member fund UniSuper, is confident qualified advisers will complement the advice landscape and is “excited” about how they will sit in the fund’s business model. However, he is clear there needs to be well-defined guardrails over what advice is given and an effective way to triage into holistic advisers when the need arises. #financialservices #financialadvisers #financialplanning

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** SMSF Advice #1 ** Are you a financial adviser who provides SMSF advice? Are you an RM or Compliance Manager of a licensee that offers SMSF advice to retail clients through its adviser network? The CSLR chief executive, David Berry, recently commented that SMSFs and property seem to be “on almost every” (AFCA) determination on poor advice. Berry commented ... “There are certain structures like self-managed super funds and borrowing money for property and going into debt [and] doing those things when they’re older and they’re looking to retire soon. They just seem like no-brainers, but we seem to see them on a regular basis coming through.” At Fourth Line, we also analyse a reasonable portion of SMSF advice. And, on the whole, most of the advice is appropriate and in the client's best interest and is well documented and evidenced. More importantly, the file needs to show why the client wants an SMSF, the benefits they are likely to receive, why it's in their best interest and appropriate advice, and that they understand the increased level of obligations and responsibilities they carry (relative to being a member of a retail super fund). Lack of diversification in SMSFs, particularly due to excessive property exposure, has long been an issue flagged by AFCA, as well as its predecessor, the Financial Ombudsman Service, and Singh noted this is what he speaks to the industry about all the time.

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Upcoming tax reductions are likely to increase your borrowing capacity. In fact, some lenders have already factored this change into their lending criteria. If you’re considering a home loan, get in touch today to see how this could benefit you. www.finscape.au [email protected]

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