Articles sur financial planning

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Banking inquiries in their current form serve as political theatre, rather than as a genuine form of accountability. Lukas Coch/AAP

Banking inquiry findings – ask the wrong questions get the wrong answers

Members of House Standing Committee on Economics should be asking the directors of Australia's Big Four banks (not the CEOs) different questions, if they really want the right answers.
Prime Minister Malcolm Turnbull attending Westpac’s 199th birthday lunch in Sydney on Wednesday. Dean Lewins/AAP

Banks get a bollocking from Turnbull on ethics

Prime Minister Malcolm Turnbull has given banks a bollocking for unethical behaviour, suggesting they have not repaid the support they received during the global financial crisis.
Financial planners may be considered professionals, but there’s no national exam to put them through their paces. Shutterstock

Why we still don’t expect financial planners to sit an exam

While financial planning is on the pathway to professionalism, its education standards continue to be the subject of much discussion – and for good reason. The current standards set by ASIC mandate a comparatively…
Senator Jacqui Lambie has voted against changes to the Future of Financial Advice reforms. Alan Porritt/AAP

FOFA fiasco: no quick fix for the advice industry

Last week brought the latest instalment in the continuing Australian financial planning industry saga. Senators Jacqui Lambie and Ricky Muir blocked the Abbott government’s rollback of some of Labor’s…
Detroit has emerged from bankruptcy, but the process has been sharply criticized, which could impair its success. Reuters

What are the costs of Detroit’s rise from bankruptcy?

Earlier this month, we learned that the biggest municipal bankruptcy in history would also be among the swiftest. The emergency manager for Detroit filed for bankruptcy in the summer of 2013 without a…
A national financial planning register is unlikely to prevent future scandals similar to those of the Commonwealth Bank. AAP

National financial planning register will just list problem, not solve it

Under changes proposed by the government, financial planners will be required to register with the Australian Securities and Investment Commission from next March. They will need to provide details of…
The performance of ASIC in regulating financial fraud remains under question, despite Chairman Greg Medcraft’s recanted statement that Australia is a “paradise” for white-collar criminals. Britta Campion/AAP

Do the crime, do the time? Not if you’re a banker in Australia

Recently, the head of the Australian Securities and Investments Commission, Greg Medcraft, called Australia a “paradise” for white-collar criminals. Soon after he recanted, claiming he didn’t want the…
Finance Minister Mathias Cormann has rejected calls for government supervision of planners. AAP

A new regulator and new players - pressure mounts on financial planners

The Australian Bankers’ Association and Financial Services Council announced this week plans to establish an industry-led regulatory body for financial planners. However, whether such a body will be effective…
Despite the fact that Australians are getting wealthier, financial literacy is not increasing at the same rate. shutterstock

Millions of households are missing out on good financial planning

The wealth profile of Australian households has changed phenomenally over the past 25 years, according to a recent paper from the Australian Centre for Financial Studies. Thanks to increases in asset prices…
The path to good financial advice is littered with fees. Shutterstock

The one certainty of financial advice is unfettered fees

One of the main arguments made by Australia’s banks for the watering down of Future of Financial Advice (FoFA) reforms is that it would reduce the cost of financial advice to consumers. Specifically, the…
Australian accountants are concerned new industry standards which ban “conflicted remuneration” such as commissions on insurance in in conflict with financial planning legislation.

Accountants going ape over APES 230

Right now, the Australian accounting industry is in uproar about financial planning. The new standard APES 230 Financial Planning Services, issued by the Accounting Professional and Ethical Standards Board…
Founder of Storm Financial, Emmanuel Cassimatis, speaks before a parliamentary inquiry. AAP

Financial advice reform: have we learned enough from Storm?

When financial planning firm Storm Financial collapsed with $3 billion in investment losses, many of its investors were left destitute. A parliamentary joint committee inquiry into the company’s demise…

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