The practice of white-labelling trading platforms is creating significant “operational vulnerabilities” for the securities and derivatives sector, a new AUSTRAC report has found.
The government’s proposed Australian Financial Complaints Authority (AFCA) will not have the requisite structure or power to prevent financial scandals, says the Credit and Investments Ombudsman.
ASIC is seeking industry feedback on its plans to impose new reporting rules on AFSLs that hold “derivative retail client money” within the meaning of the Corporations Act.
The new tax exemption for retirement income stream products, effective from 1 July 2017, will be administered via a “cross-agency” process including both financial regulators.
Robo-advice has a “bright and profitable” future, according to the CFA Institute, but the sector is unlikely to become profitable in the short-term.
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