UPDATES | 28 NOVEMBER 2016

/UPDATES | 28 NOVEMBER 2016
UPDATES | 28 NOVEMBER 2016 2017-08-11T18:02:25+00:00

AN IMPORTANT UPDATE FROM PROFESSIONAL STANDARDS

ADVISER STANDARDS BILL INTRODUCED

Legislation was introduced to parliament addressing the compulsory education standards for new and existing advisers. The new regime will commence 1 January 2019 with transitional arrangements for existing advisers. Read more here.

AFA POLICY & PROFESSIONALISM UPDATE

TAX PRACTIONER BOARD

Financial advisers who registered with the TPB between 1 July 2014 to 31 December 2015 should begin preparing for renewal of their registration.  You might recall this was called the Notification Option.  It’s important to do this sooner rather than later because if a person does not have six in the last eight years’ experience providing tax financial advice, they will need to complete the TPB-approved courses on commercial law and Australian Taxation law.  It is likely to take at least 6 months to enrol in, complete and receive the course completion certificates for both courses.

The TPB says that there are about 18,000 financial advisers who registered during the Notification Option and their registrations will expire as follows:

DATE OF REGISTRATION (i.e. notified) DATE REGISTRATION EXPIRES
1 July to 31 December 2014  31 January 2018
1 January to 30 June 2015 31 October 2017
1 July to 31 December 2015  31 July 2017

 

Financial advisers can search the Public Register of Tax Practitioners (available at www.tpb.gov.au under the ‘Finding & using a practitioner’ tab) to see when their registration is due for renewal.

If an adviser fails to renew their registration on time, they will no longer be able to legally provide tax financial advice services for a fee or other reward. As the Best Interests Duty requires advisers who provide personal financial advice to ensure that clients understand all of the relevant consequences – including taxation consequences – of their recommendations, this means advisers risk being sanctioned by the TPB if they provide personal advice after the deadline to renew without validly renewing.

For more information on renewing a TPB Registration, go to the TPB website or check out the summary on the AFA’s website.

AUSTRALIA’S SUPERANNUATION SECTOR: MONEY LAUNDERING AND TERRORISM FINANCING RISK ASSESSMENT

Please find a copy of  a new AUSTRAC publication – Australia’s Superannuation Sector: Money Laundering and Terrorism Financing Risk Assessment.

The risk assessment is available on the AUSTRAC website.

‘THE GOOD, THE BAD, AND THE UGLY’ OF THE MOST FAR – REACHING SUPERANNUATION REFORMS SINCE THE 2006 BUDGET

Some of the most far-reaching superannuation reforms since the 2006 Budget were passed by both Houses of Parliament on 23 November 2016.

Peter Kelly recaps the more significant changes that have now passed into law, and has prepared a communication to share with your clients.

Click here to read more.

UPCOMING CPD EVENTS: NOVEMBER AND DECEMBER 2016

BEST PRACTICE FOR INSURANCE

This webinar will look at the key aspects you will need to deliver appropriate and quality insurance advice, tips, and pointers to deliver quality examples.

Presenter:  Rizwan Sunnivora, Professional Standards Consultant, Centrepoint Alliance

Suitable For: Financial Advisers, Paraplanners, and Support Staff

Knowledge Area: Insurance

BEST PRACTICE FOR INSURANCE
Tuesday 29 November 2016 10:30 am – 11:30 pm (AEST) Click here to Register.
Thursday 1 December 2016 2:30 pm – 3:30 pm (AEST) Click here to Register.