The final tranche of the Future of Financial Advice (FoFA) draft legislation, the Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, was released last week on 28 September 2011.The Government also released the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011.Practice Areas: Insurance & Financial Services
The Personal Property Securities Register start date will be delayed from 31 October 2011.
The new date has not been announced but must be before 1 February 2012.
The extra time allows businesses to become familiar with obligations under the Personal Property Securities Act 2009 (Cth) (“PPSA”) and be ready upon commencement.
A recent Court of Appeal case discusses the ability of an Owners’ Corporation to enter into arrangements to use facilities on a site at a distance from the strata building.Author: Paul Anderson Practice Areas: Banking
The first tranche of FOFA introduces, among other things, the best interests test. The manner in which this test has been drafted however does not ensure an adviser who complies with the best interest steps mandated in the draft legislation will meet the obligation to act in the client’s best interests. In practical terms we would expect that an adviser who satisfies the prescribed best interest steps will more than likely have complied with the obligation to act in the client’s best interests absent exceptional circumstances.
This article will focus on the FOFA Bill in relation to the best interests test and how a licensee can show compliance with the obligation to take reasonable steps to ensure their representatives comply with the best interests test.
The NSW Court of Appeal recently re-examined the nature of the duties a trustee owes to its members when entering into a new policy of life insurance. The Court found that a trustee had not breached any duty owed to its members by entering into a group life insurance policy which contained different terms to an earlier policy.
The Court also revisited the relevance of capacity for part-time employment to TPD claims generally. The Court found that, generally, a claimant who can work part-time will not be TPD for the purposes of a ‘typical’ TPD definition.
The Government has today released the first tranche of draft legislation of the Future of Financial Advice (FOFA) reforms. The reforms are proposed to commence on 1 July 2012. Interested parties should consider the changes and the impact on their businesses. Written submissions on the draft legislation are due by 16 September 2011.Practice Areas: Insurance & Financial Services
A recent Federal Court decision considers at length the duties of directors in relation to the preparation of financial statements of listed companies.Author: Paul Anderson Practice Areas: Banking
The Supreme Court has found that it has the power to appoint a trustee to sell property under section 66G of the Conveyancing Act 1919, notwithstanding that there are proceedings in the Family Court which concern that property.Practice Areas: Commercial Disputes & Transactions