Sent: 22-11-2012 18:29:02
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Accounting Professional and Ethical Standards Board bans commissions and asset fees on financial products
You've no doubt heard that the Accounting Professional and Ethical Standards Board has formalised APES230 that bans commissions and asset fees on financial products. The standard begins operating in July '13 and contains some transitional measures which I'm sure some financial organisations will be studying very closely!
This is a very significant event in the life of the financial planning industry. It'll be fascinating to see how the other advice associations react to this standard.
The standard is binding on ICAA, CPA and IPA practising members.
On another note, Federal Parliament will be sitting next week for the last time in 2012. It'll resume in early February '13.
The last sitting week of a calendar year is always a frantic time as both the House of Reps and Senate sit very late to deal with a backlog of legislation and other business.
The key interest next year will be election. It must be held before 30 November. The first possible date for a lower house vote and half Senate election appears to be 3 August. (Both major parties don't seem keen on breaking the nexus between dual House of Reps and Senate voting.)
At this point in time the Government doesn't have a double dissolution trigger - that is, legislation rejected twice by the Senate. If such a trigger existed then the election would be held before Easter 2013 (Good Friday is 29 March).
As a result there will be intense focus on the Federal Budget which will be handed down on 14 May.
The Essential SMSF Guide
My book which I first self-published in 2009 is now published by Thomson Reuters as The Essential SMSF Guide. Thomson Reuters are responsible for distributing the book (which is now up to date to 30 June 2012). The book has been endorsed by the Institute of Chartered Accountants. Further details are available here:
This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.