THE Financial Adviser Standards and Ethics Authority (FASEA) issued a Summary of Standards for the professional standards framework for financial advisers at 7:30pm on Friday November 16, 2018, as well as two draft legislative instruments.

The Summary of Standards provides an overview of the key parameters for each of the standards which will be reflected in the forthcoming legislative instruments and associated documentation.

The Financial Planning Association of Australia (FPA) is now working through the detail and these FASEA developments will be the focus of an FPA Board meeting taking place on Wednesday November 21 in the morning before the start of the 2018 FPA Professionals Congress that afternoon.

The FPA is keenly aware of the many questions and concerns of its membership, the public, and the financial planning profession about the implications of this latest update, and is applying the necessary time and resources to a considered response.

"We will not be commenting in detail on this latest FASEA update until the right people and the FPA Board specifically has given it due priority attention," FPA CEO Dante De Gori, CPF said.

"What I can say is that one of our major priorities is to ensure that further detail is sought from FASEA regarding the practical operation of the proposed Recognition of Prior Learning (RPL) and what study/courses will be included in this process. There are more questions that naturally arise out of this Summary of Standards, and we're working closely with FASEA and our members to advocate for what we believe are the right answers, in due course."

Stephen Glenfield, CEO of FASEA, will be addressing delegates at the FPA Professionals Congress at ICC Sydney on Thursday morning November 22 and is expected to share more details of the announcement with those already registered to attend the event.

Following this, FPA Head of Policy and Standards, Ben Marshan CFP will run a Congress workshop at
10:30am titled FASEA: The new standards explained.

Over the coming weeks, FASEA will continue to release the legislative instruments for each of the standards. The two already announced are:
● Provisional Relevant Provider Expression Legislative Instrument
● Work and Training (Professional Year) Legislative Instrument.

There will be a very short consultation period for each legislative instrument, before FASEA then finalises each. The FPA is working closely, actively and with full advocacy for the interests of the Australian public, and current and future financial planning professionals. 

About the FPA
The Financial Planning Association of Australia (FPA) represents the interests of the public and Australia’s professional community of financial planners. The Association is unrivalled in its reach of the financial planning market, influence on government and regulators, standards set through a world-class Code of Professional Practice, unique position as the certification body in Australia for the global CFP® designation, and reputation for quality professional development. With a growing membership of more than 14,000 members and affiliates, the FPA is home to Australia’s 5,700 CFP professionals. Building on a 20 plus year legacy, the FPA represents the changing face of the financial planning profession.

For more information, visit www.fpa.com.au

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THE Queensland Resources Council (QRC) has urged Victorian manufacturers and large gas users to relocate to Queensland if they want access to the gas needed to keep people in their jobs.

QRC chief executive Ian Macfarlane said an announcement on Friday from the Andrews Government in Victoria that it intended to permanently ban unconventional gas exploration and development means there would be less investment, fewer jobs and higher gas prices down south, but instead more opportunities in Queensland.

“Victoria is shutting up shop when it comes to gas exploration. That means it’s also shutting down opportunities for manufacturers and other gas users,” Mr Macfarlane said.

“If Victoria doesn’t want the jobs and investment, then Queensland does.

“In complete contrast to what’s happening in Victoria, in Queensland our gas industry is continuing to invest and explore to supply the gas the East Coast market needs and to keep people in their jobs.

“Just yesterday we saw the Palaszczuk Government call for tenders on a block designed specifically to supply local manufacturers. On top of that the Queensland Government awarded Armour Energy and a Shell/Santos Joint Venture (JV) rights to explore for more than 900 square kilometres of land near Surat, with conditions that the gas supply the domestic market.

“Queensland has a long and successful history of balancing the development of the resources industry with the ongoing prosperity of the agricultural industry. That’s translated to more than $387 million in payments to farmers who co-exist with the gas industry, proving to be an important extra source of income during the drought.

“Not only is Victoria sending a message that it doesn’t want to keep jobs and investment at home, the fact is it will also rely on Queensland gas flowing down south to keep the lights on.

“Victoria’s loss is Queensland’s gain. Our Queensland resources industry supports more than 300,000 jobs, pays more than $4 billion in royalty taxes and creates opportunities for regional communities. The more resources investment we have, the better for all Queenslanders.”

www.qrc.org.au

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FOLLOWING the sentencing of former tax agent Mr Md Zahidul Kabir to five years’ jail for fraud and money-laundering in the Sydney District Court this week, the Tax Practitioners Board (TPB) has confirmed it terminated his registration on October 15 this year.

Mr Kabir was found guilty of fraud and money-laundering offences to the value of around $100,000. The TPB terminated Mr Kabir’s registration based on information provided by the Australian Federal Police and the Commonwealth Director of Public Prosecutions, and his guilty plea to the offences.

He has been disqualified from practising as a tax agent and may not re-apply for registration for five years.

In the wake of the Kabir hearing, the TPB Chair, Ian Taylor, said the TPB has been pursuing the case for the former tax agent’s termination.

"The termination of Mr Kabir’s registration, before the sentence was handed down by the Sydney District Court, is evidence of the effectiveness of compliance monitoring undertaken by the TPB," Mr Taylor said.

About the Tax Practitioners Board:

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow on Twitter @TPB_gov_au and LinkedIn

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THE Australian Retailers Association (ARA) has commended Tasmanian Premier, Will Hodgman MP and the Tasmanian Government on their initiatives to implement the Tasmanian Bag Check Code of Conduct (the Code) ahead of the Security and Investigations Agents Amendment Bill 2018 (the Bill) debate in Parliament next week.

Tasmanian Minister for Resources, Sarah Courtney MP, will be making an announcement this Sunday regarding the Bill, which fulfils the Tasmanian Government’s election commitment to crackdown on shoplifting.

Russell Zimmerman, executive director of the ARA, said the Bill and the Code together will assist in alleviating the significant financial burden shoplifting places on small and large retailers.

"Annual retail industry turnover amounts to over $310 billion across Australia and in Tasmania alone, retail turnover is in excess of $6.1 billion. With an approximate loss of $216 million from theft in Tasmania, this is an ongoing concern for the retailers and the industry," Mr Zimmerman said.

"With Christmas just around the corner, shoplifting is set to be at its highest across this peak trading period. Current laws stipulate that retailers must employ a licensed security guard if they want to search a customer’s bag when on the business premises, which adds further costs to retailers."

The Tasmanian Government is legislating to allow retailers large or small to enable bag checks to be physically inspected by retail staff as a condition of entry. The Bill is intended to protect the livelihood of Tasmanian retailers and provide stability to protect the longevity of the retail industry.

"The passage of this legislation will deliver certainty to consumers, by assisting in reducing retail theft by ensuring bags checks are conducted in an appropriate and regulated manner," Mr Zimmerman said.

"We would like to thank the Tasmanian Government for not inventing new guidelines, but for using the ARA guidance material that was originally developed for retailers in New South Wales," Mr Zimmerman said.

"The ARA encourages all States and Territories across Australia to follow in the lead of New South Wales and Tasmania in implementing the ARA’s guidelines to ensure a nationally consistent approach."

Retailers can stay informed and up-to-date with the latest developments and guidance by visiting www.retail.org.au.

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $310 billion sector, which employs more than 1.2 million people. As Australia’s leading retail peak industry body, the ARA is a strong pro-active advocate for Australian retail and works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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THE Joint Standing Committee on Electoral Matters will hold a public hearing on cyber interference in elections. The hearing is part of the Committee’s inquiry into the 2016 Federal Election.

”Although there has been no evidence of cyber manipulation or ‘fake news’ interference in Australia’s elections to date, from international events, it is important that the Electoral Matters Committee takes the initiative and is at the forefront of investigating ways to tackle this issue before it is of concern to future elections in Australia,” said Committee chair, Senator James McGrath.

The Committee will hear from a range of experts on the use of intentional dissemination of disinformation and micro targeting to influence voters; the use of data harvesting by social media platforms and associated apps and measures to bring more transparency to social media, particularly during elections.

”This Committee is just one of many parliamentary committees around the world grappling with this issue. The Committee is watching events in other jurisdictions closely and will be making recommendations in its final report aimed at safeguarding the integrity of Australia’s electoral system,” Senator McGrath said.

Public Hearing Details: 9:00am – 12:00pm, Tuesday, 20 November, Committee Room 2R1, Parliament House, Canberra.

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THE Financial Services Council welcomes the new Free Trade Agreement with Hong Kong but urges the Australian Government to expedite the long overdue Double Tax Agreement with Hong Kong at the conclusion of the FTA negotiations.

“Yesterday’s announcement that the agreement will feature a new Bilateral Investment Treaty to enhance two-way investment flows is welcomed,” FSC CEO Sally Loane said.

“The agreement is an important building block to improve export of Australian financial services into Asia and further enriches Australia’s trade relationship with Hong Kong

 “To ensure the benefits are maximised for Australia, we need to ensure our tax and regulatory settings are competitive with Hong Kong, otherwise we Australia will lose out.

“This agreement emphasises the need for Australia to put in place a long overdue Double Tax Agreement (DTA) with Hong Kong, one of the largest fund management industries in the region.

“The FSC congratulates the Australian and Hong Kong Governments and the respective central banks for achieving this significant outcome for financial services.”

About the Financial Services Council

The Financial Services Council (FSC) has over 100 members representing Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. The industry is responsible for investing almost $3 trillion on behalf of more than 14.8 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange and is the fourth largest pool of managed funds in the world. The FSC promotes best practice for the financial services industry by setting mandatory Standards for its members and providing Guidance Notes to assist in operational efficiency.

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THE Financial Planning Association of Australia (FPA) is delighted to confirm Stephen Glenfield, CEO of the Financial Adviser Standards and Ethics Authority (FASEA), is addressing delegates at the FPA Professionals Congress at the International Convention Centre (ICC) on Thursday 22 November 2018 from 9am.

Notably, it will be his first public address since assuming the post of FASEA CEO in June. Mr Glenfield will be on stage to discuss the upcoming changes to the education and professional standards framework for financial planners.

Commenting on Mr Glenfield’s choice to make his first public address at the FPA Congress, FPA CEO, Dante De Gori CFP® said: “This is a powerful opportunity for delegates to hear direct from the CEO of FASEA for the first time about issues we know are weighing on their minds, such as mandatory education and training requirements, financial planner examination, and the formation of a code of ethics for all advisers.

“As we prepare for FASEA to announce the final professional and education standards framework, one thing is for sure – the financial planning profession is at a pivotal moment. We look forward to Mr Glenfield providing more clarity on the new standards, so we can work together to the advantage of all Australians."

The FPA has previously published a summary of its key recommendations for each area of the FASEA framework, and has also made copies of its full submissions available on the FPA website. As FASEA begins to confirm each of the standards for the adviser framework, the FPA is focused on developing resources for members to help them navigate the new landscape. 

About the FPA

The Financial Planning Association of Australia (FPA) represents the interests of the public and Australia’s professional community of financial planners. The Association is unrivalled in its reach of the financial planning market, influence on government and regulators, standards set through a world-class Code of Professional Practice, unique position as the certification body in Australia for the global CFP® designation, and reputation for quality professional development. With a growing membership of more than 14,000 members and affiliates, the FPA is home to Australia’s 5,700 CFP professionals. Building on a 20 plus year legacy, the FPA represents the changing face of the financial planning profession. For more information, visit www.fpa.com.au

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THE Australian Retailers Association (ARA) has commended Will Hodgman and the Tasmanian Liberal Government on their initiatives to legislate Tasmanian Bag Check Guidelines  ahead of the Security and Investigations Agents Amendment Bill 2018 debate in Parliament next week.  

Minister Courtney will be making an announcement this Sunday regarding the Tasmanian bag check legislation, which fulfils the Tasmanian Government’s election commitment to crackdown on shoplifting.

Russell Zimmerman, executive director of the ARA, said the legislation will assist in alleviating the significant financial burden shoplifting places on small and large retailers.

"Retail industry turnover is over $310 billion across Australia and in Tasmania alone, retail turnover is in excess of $6.1 billion. With an approximate loss of  $216 million from theft, this is an ongoing concern for the retailers and the industry,” Mr Zimmerman said.

“With Christmas around the corner, shoplifting is at its highest during this peak trading period. Current laws stipulate that retailers must employ a licensed security guard if they want to search a customer’s bag when on the business premises which incurs further costs to retailers.”

The re-elected Hodgman Liberal Government will legislate to allow retailers large or small to authorise bag checks to be physically inspected by retail staff on the condition of entry. The legislation is intended to protect the livelihood of Tasmanian retailers and provide stability to the longevity of the retail industry.

“The passing of this legislation will deliver certainty to consumers, assist in reducing retail theft and will also protect consumers by ensuring bags checks are conducted in an appropriate and regulated manner, ” Mr Zimmerman said.

“We would like to thank the Tasmanian Government for not reinventing new guidelines, but for using the ARA guideline that was developed for NSW,” Mr. Zimmerman said.

“The ARA encourages all States and Territories across Australia to follow in the lead of NSW and Tasmania in implementing these guidelines.”

Retailers can stay informed and up-to-date with the latest developments and guidance by visiting www.retail.org.au.

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $310 billion sector, which employs more than 1.2 million people. As Australia’s leading retail peak industry body, the ARA is a strong pro-active advocate for Australian retail and works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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