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Are you one of the 89% of the Licensee population who hasn’t lodged a breach report to ASIC?
Compliance obligations, Breach Reporting, ASIC, AFSL Guest User Compliance obligations, Breach Reporting, ASIC, AFSL Guest User

Are you one of the 89% of the Licensee population who hasn’t lodged a breach report to ASIC?

ASIC’s Report 775 released on 31 October shows that only 11% of licensees have lodged a report. This is a surprisingly low number and suggests that some licensees may not have in place the systems and processes required to detect and report breaches. Do you?

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Advice complaints on the decline but ‘getting more complex’: AFCA
Tangelo in the media, Financial Advice Practices, AFSLs, QAR, Quality of Advice Review, Regulatory Reform Guest User Tangelo in the media, Financial Advice Practices, AFSLs, QAR, Quality of Advice Review, Regulatory Reform Guest User

Advice complaints on the decline but ‘getting more complex’: AFCA

Tangelo Advice Consulting’s Conrad Travers was quoted in Money Management’s coverage of discussions at the FAAA’s 2023 United Association Roadshow in May 2023.

“Fellow panelist Conrad Travers, director and principal consultant of Tangelo Consulting, believed it was important in all this to make the actual advice the hero.

He said: “We need to balance out the efficiency you’re going to get with making sure the advice is actually clearly provided to the client. I would recommend new clients, even if they don’t ask for it, give them a simple summary of the advice. “It could be just five pages, [but] make the advice really clear — what are you recommending? Why are you recommending it? What are the next steps for the client?” He agreed with Singh that the client file was just as important as an actual advice document. “You’re probably sick of hearing of compliance about the file notes, but it’s going to become even more important. “Licensees will need to provide guardrails to advisers to explain to them how to get this win while protecting themselves but also treating the client with respect with a nice, simple summary of the advice,” he said. “

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‘Game changer’ ATO consultation on advice fees launched
Tangelo in the media, Financial Advice Practices, Tax deductability, Advice Fees Guest User Tangelo in the media, Financial Advice Practices, Tax deductability, Advice Fees Guest User

‘Game changer’ ATO consultation on advice fees launched

Conrad Travers of Tangelo Advice Consulting has been working with the FPA to campaign for expanding tax deductions for financial advice fees. “We believe there is a strong case under both 8-1 and 25-5 for all financial planning fees to be deductible,” Travers says. “We believe that in our current environment, around 75 per cent of the strategies an adviser recommends have a tax component to them.” Travers says the firm looks forward to a potential win for advisers and their clients.

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Tangelo’s submission for CP 332 - Promoting access to affordable advice for consumers
Regulatory Reform, Compliance obligations, AFSLs, Financial Advice Practices Guest User Regulatory Reform, Compliance obligations, AFSLs, Financial Advice Practices Guest User

Tangelo’s submission for CP 332 - Promoting access to affordable advice for consumers

Tangelo has made a submission to the CP 332 - Promoting access to affordable advice for consumers ASIC consultation. Working across the industry, on behalf of a variety of clients, we have strong views on what should be done to make high quality advice available to all Australians who need it.

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Structural rethink needed for advice industry
Tangelo in the media, AFSLs, Compliance obligations, Financial Advice Practices Guest User Tangelo in the media, AFSLs, Compliance obligations, Financial Advice Practices Guest User

Structural rethink needed for advice industry

One of the interesting insights to come out of the ‘How to Regulate Advice session at Professional Planner’s Best Practice Forum was ASIC’s assessment that licensees themselves were being too conservative around policy guidance. That is, it was observed that licensees were going far beyond ASIC’s guidance, which in some circumstances had been to the detriment of scaled advice.

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