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Financial Services

Financial Services

Financial Services

Corrs recognises that the high level of regulation in the financial services industry represents significant risk. Every day we work with our clients to help them recognise and manage the issues relevant for their business and turn risk and reform to an advantage.

As market leaders, we have been called to advise on growing market trends affecting the sector. One recent example is the increasing number of mergers and demergers by major financial services players, often in response to the strains of the global financial crisis. We’ve also been involved with major submissions and industry consultation associated with the Cooper Review, The Future of Financial Advice, and personal property securities reforms.

Corrs has a dedicated national group of advisors in financial services, superannuation, insurance, pension and sovereign wealth, funds management and investment. They combine industry experience across many sectors with expertise in varied and complex issues.

Our Thinking

APRA’s RSE governance reforms on hold – for now

In a letter to all RSE licensees, APRA has confirmed its proposed amendments to SPS 510 Governance and other prudential standards (on which we have previously reported) will not be progressed in the immediate future.

More

Consultation commences on commission restrictions in life insurance

The exemption from the FOFA conflicted remuneration provisions for life risk insurance products will be significantly amended from 1 July 2016 under draft legislation released by the Federal Government for consultation.

More

New laws target financial adviser competency

Minimum education standards, a professional training year, a mandatory exam and continuing professional development requirements will be developed by a new independent standards body for financial advisers.

More

APRA’s enforcement priorities for RSEs in 2016 – know them well and be prepared

Conflicts of interest, insurance in superannuation, investment governance, liquidity management, remuneration disclosure and risk management frameworks are high-priority areas for APRA.

More

Life insurers on life support: Proposed reforms threaten industry business models

ASIC will be given new powers to set caps on commissions and enable “clawbacks” of commissions paid under planned amendments to the Corporations Act following new reforms announced by the Federal Government.

More

Our Thinking

APRA’s RSE governance reforms on hold – for now

In a letter to all RSE licensees, APRA has confirmed its proposed amendments to SPS 510 Governance and other prudential standards (on which we have previously reported) will not be progressed in the immediate future.

Consultation commences on commission restrictions in life insurance

The exemption from the FOFA conflicted remuneration provisions for life risk insurance products will be significantly amended from 1 July 2016 under draft legislation released by the Federal Government for consultation.

New laws target financial adviser competency

Minimum education standards, a professional training year, a mandatory exam and continuing professional development requirements will be developed by a new independent standards body for financial advisers.

APRA’s enforcement priorities for RSEs in 2016 – know them well and be prepared

Conflicts of interest, insurance in superannuation, investment governance, liquidity management, remuneration disclosure and risk management frameworks are high-priority areas for APRA.

Life insurers on life support: Proposed reforms threaten industry business models

ASIC will be given new powers to set caps on commissions and enable “clawbacks” of commissions paid under planned amendments to the Corporations Act following new reforms announced by the Federal Government.