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Written by Michael Vrisakis General issue The issue has been raised as to if and how advisers can satisfy the best interests duty (BID) when selling annuity products, particularly in a low interest rate environment and in the context of intra-fund advice. As noted below, the general issue here is the extent to which selling single … Read more
THE ISSUE The issue of differential pricing of financial products on investment platforms has arisen as a news item over the past several weeks. This edition of FSR Australia Notes sheds some light on this topic, and the legal furphies and controversies surrounding it. THE STARTING POINT The starting point is to articulate the concept … Read more
As a body for securities regulators globally, the International Organization of Securities Commissions is an important standard setter for compliance, including in respect to the work of the Australian Securities and Investments Commission (ASIC). Given policy development in respect to outsourcing in Australia in recent times, IOSCO’s recent consultation in this area is a valuable … Read more
This edition of Regulatory Rinkles follows on from our previous edition on Spotlight on Conflicted Remuneration and focuses on the transitional issues facing product issuers and advice licensees who are looking to end or deal with their existing grandfathered arrangements before the grandfathering exemption is removed from 1 January 2021. LEGISLATIVE BACKGROUND – THE END … Read more
There are several tectonic forces at play which are all converging to impact on sales and distribution of financial products. The key forces are: general law developments affecting general advice and personal advice; the new anti-hawking changes; the evolution of the efficiently, honestly and fairly obligation (click here to read our detailed discussion in previous … Read more