UCCCMC has released some FAQ’s for consumers on the effect of the Consumer Credit Code ecommerce amendments.

ASIC Chair Jeffery Lucy recently addressed the Financial Planning Association to give the Regulator’s Perspective.

He discussed the current issues ASIC was concerned about (including the quality of advice being given to consumers and advisers’ remuneration models) and concluded :

Where conflicts of interest arise because of the remuneration you will receive if your client accepts your recommendation or an association between the recommended financial product and your licensee, this must be clearly disclosed or, in certain situations, avoided completely. This ensures that your client can understand how your advice may have been influenced but, of course, does not eliminate the requirement that the advice must be in the clients’ best interests. Disclosure does not eliminate the need for the advice to be appropriate.

Speaking at the ASFA 2006 National Conference and Super Expo in Perth, APRA Deputy Chair Ross Jones has given an overview of the Australian superannuation industry in the last 5 years.

• At 30 June 2006, it was estimated that total assets were $914 billion, a 76 percent increase over five years.
• In the five years to 30 June 2006, the number of superannuation entities increased by 47 per cent from 222,971 to 327,832. This is due largely to the large increase in self managed superannuation funds, which have increased 52 per cent from 210,667 at June 2001 to 320,003 at June 2006. Conversely, the number of funds with more than four members has fallen by 77 per cent from 3,730 to 870 over the same period.
• At 30 June 2004 there were 1275 trustees. At 30 June 2006 there were 307 licensed trustees

The Parliamentary Secretary to the Treasurer
has released the Corporate and Financial Services Regulation Review
Proposals Paper. The 35 proposals include suggestions to simplify
and improve regulation in the areas of:

• financial services;
• company reporting obligations;
• auditor independence;
• corporate governance;
• fundraising;
• takeovers; and
• compliance.

The time for submissions closes on 22 December 2006.

The corporations and financial services law reform proposals will be included in a Bill, to be introduced into the Parliament in 2007, entitled the Simpler Regulatory System Bill.