BC Financial Services Authority’s Post

Great News for Financial Services!!! The Delivering Better Financial Outcomes (DBFO) package has hit a major milestone with the first part of the legislation now officially in effect, hectic stuff I know. This package will significantly improve financial advice and outcomes for everyone within Australia. Key Highlights: > Legislation Approved: The DBFO Act received royal assent on 9 July 2024. Key Changes: • Clear rules for superannuation trustees to charge members for financial advice. • Simplified fee renewal and consent requirements. • More flexible Financial Services Guide (FSG) requirements. • Improved rules on conflicted remuneration and new consent requirements for insurance commissions > Implementation Timeline: • Different parts of the changes will take effect at different times, from immediately to 12 months after royal assent. > Regulatory Support: • ASIC is updating guidelines and regulatory instruments to help the industry comply with these changes. This is a huge step forward in making financial advice more accessible and effective for everyone in Australia. Proud to be part of this journey towards better financial outcomes! #FinancialAdvice #ASIC #DBFO #Legislation #FinancialServices #QualityOfAdvice

Did you know that the Financial Ombudsman Service (FOS) sometimes appear to bend their own rules? In my experience, if the FOS decide they want to handle a complaint, they will find a reason to interpret time-barred rules and may appear to bend them. However, if the FOS prefer not to deal with the complaint, they will adhere to the law. The FOS is not bound by the legal principle of precedent and have zero obligation to remain consistent. This flexing of the rules can be very frustrating, and potentially costly. 💰 An example we have seen of this concerned a pension transfer complaint that was directed straight to the FOS. The complaint related to advice given in 2012 and was unable to rely on the fact that the complaint should be time-barred. So, what did we do? We gathered the facts and delivered further indisputable arguments to protect the IFA from costly damages. In this instance, the complaint was withdrawn without further redress, but there’s little to guarantee that this will always be the case. Even if you believe that a complaint focuses on events too far in the past to be considered by the FOS, it’s always wise to deliver a rigorous and robust defence, if that is fair in the circumstances.

Curious about the tax implications for SMSFs? 📺 In a recent interview, Irene Guiamatsia, our Head of Research at Investment Trends, sat down with ausbiz to talk about the significant regulatory challenges and complexities of managing SMSFs in Australia. She also shares key insights on the impact of ATO event-based reporting on financial advisors and emphasises the importance of strategic partnerships for SMSF trustees who seek control over their investments. Interview Highlights: 💡 Regulatory hurdles like ATO event-based reporting significantly impact financial advisors. 💡 SMSFs control 25% of super assets, affecting 1.1 million members. 💡 The regulatory burden is a key factor in winding down trusts. 📺 Watch the interview via the ausbiz site here - https://lnkd.in/gRceRm6e #SMSF #Superannuation #FinancialAdvisors #Regulations

🔍 New RRSP Reporting Rules: What Every Investor Needs to Know 💡 The landscape of financial planning is ever-evolving, and with the 🇨🇦 Canada Revenue Agency (CRA) sharpening its focus 🎯, the introduction of new reporting measures for RRSPs and RRIFs marks a significant shift. Starting from the 2023 taxation year, financial institutions will now need to report the year-end fair market value of assets within these plans, aligning RRSPs and RRIFs with the scrutiny previously applied to TFSAs. This change aims to curb aggressive tax planning and day trading within retirement accounts, providing the #CRA with valuable data 📊 for enhanced risk assessment. For investors and advisors, this means a renewed emphasis on compliance and the strategic selection of "qualified investments." 🚀 For investors, staying informed and proactive is key to navigating these changes successfully. Advisors must guide their clients away from risky tax-avoidance schemes, ensuring investments remain compliant and aligned with CRA regulations. #RRSP #RRIF #TaxPlanning #TFSA #FinancialPlanning #InvestmentStrategy #CRA #QualifiedInvestments #RetirementPlanning #CanadianFinance #RealEstateInvestor #Mindset #Wellness #Abundance #Gratitude #PropertyManagement #PropertyInvestment #Mortgage #Broker #Realtor #RealtorLife

NEW: Guidance for VCSE organisations on navigating local government financial difficulty 📢 Financial difficulties within many local authorities, sometimes leading to the issuing of a section 114 notice (s114), is affecting communities across England. We know that this also affects many NAVCA members, who often receive funding from and work in partnership with local government. Working with Lloyds Bank Foundation for England and Wales, we commissioned cross-sector consultation and engagement to understand how section 114 notices work in practice, and the changes to the local operating environment that they bring. Organisations from the local government sector and a range of voluntary, sector organisations, including local infrastructure organisations (LIOs), were interviewed. We have created guidance for local and smaller VCSE organisations operating in areas where the council is experiencing financial difficulties, has issued a section 114, or may be likely to in the future. Read the full guidance, and our accompanying policy report, on the NAVCA website now: https://lnkd.in/eS4di8nG

Update on Tranche 2 of the Delivering Better Financial Outcomes Reforms https://lnkd.in/g49P8T5r #aamctraining #lms #cpd #TPBCPD #fns40821 #fns50322 #bsb50120

The FAAA wants the Minister for Financial Services to act now to curtail the escalating costs of the CSLR driven by Dixon complaints. https://lnkd.in/gCEyUNq5 #afca #cslr #dixonadvisory #faaa

ESFA Financial Health Guidance - Be Aware and Be Warned ! An article worked this morning. Just look at the impact of reviewing parental accounts on those PE providers - £135m of negative shareholder funds in just three providers !!! - I hope the DFE have a team that can actually read a set of accounts because the ESFA teams couldn't. If the rules are applied correctly, nearly all PE backed providers would have INADEQUATE financial health and have a £0 contract value. That is why contracting has to be co-ordinated between Combined Authorities and DFE. I also did predict in 2021 (see the article sent to the PAC) that AEB tendering would result in litigation against the ESFA. Whether the litigant wins or not, the outcome (as with our case) will be interesting. Contact me if you want to discuss peter@marplesft.co.uk or 07979857438

An interesting analysis of the new ESFA Guidance into assessiong the financial health of PTPs.

Update on Tranche 2 of the Delivering Better Financial Outcomes Reforms https://lnkd.in/g49P8T5r #aamctraining #lms #cpd #TPBCPD #fns40821 #fns50322 #bsb50120