John Brogden, CEO, Financial Services Council, Australia, discusses the impact of new Australian regulations that came into effect on July 1st, 2013. They include: a best interest duty, the abolition of commissions (except for life insurance agents) and proposed new tougher new rules for accreditation. Impacts of the new legislation include a 1.8 billion dollar cost to implement, a drop in the number of Advisors in Australia, and the hope -- of a revival for the role of advisor as a profession.
Office will focus on institutional investors
Bill would preventing anyone who is not a qualified financial planner or financial advisor from using those titles
Mutual recognition of cap-and-trade carbon units to begin July 2018
The Australian Securities Exchange has selected 10 research providers to produce three standard research reports with analysis and commentary on approximately 30 companies
Mutual recognition of advisors will take effect July 6
Arrangement with AMF, OSC, ASC and BCSC to assist the supervision of companies that operate in Canada and Australia
ASIC working to identify the source of the intrusions
Australia has a lot going for it, and analysts are optimistic about the country’s prospects following the global recession
