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Applied Financial Planning Articles
Can Foreign Financial Services Providers Operate in Australia?
With Australia showing a resilient economy through the global financial crises and looking like having a booming financial services industry, it's no surprise that overseas companies want a share of the Australian market. John Bassilios explores the requirement for foreign financial services providers (FFSP) to hold an Australian Financial Services Licence (AFSL) when operating a financial services business in Australia. He sets out the various options available to FFSPs as laid out in the Corporation Act, clarifies definitions and goes on to explain exemptions and circumstances under which such exemptions would apply. Bassillios also notes how financial planners can advise on foreign financial products from issuers that do not operate in Australia.
Toward Transparency and Sustainability: Building a New Financial Order
In this report, Suzanne L. Duncan and Shanker Ramamurthy from the IBM Institute for Business Value endeavour to find answers for the question: How will the financial markets industry make money in the future? The global financial crisis has exposed the problems with creating and exploiting “pockets of opacity” across the system. It also altered the competitive landscape in which the industry operates, thereby changing how it does this and the way in which its clients behave. Given the changes, many senior executives are now wondering how to make profits in the future. In its latest study of the sector, more than 2,700 financial services industry participants were surveyed to determine: which forces disrupt the industry; how competition will change; and what steps financial services firms should take to prosper in the next three years. In short, where will the money come from? Exploiting "pockets of opacity" has not proven sustainable and new solutions are now needed for the industry to thrive in the future. If the industry is to deliver sustainable returns, it has to embrace change. It needs to begin by working with regulators to build a financial system that is stable while still allowing for healthy innovation.
Back to Basics
The past few years has seen the role of financial adviser and the financial services industry come under intense scrutiny. While much of this scrutiny is welcome, there is a need to clearly and logically separate fact from fiction and to address the key question … “What do financial advisers do, and how do they add value to their clients?” This is the focus of this research conducted by CoreData-brandmanagement on behalf of the Association of Financial Advisers. The results, not surprisingly, are diverse and give a real sense of what consumers value, what they need and how the advice profession needs to deliver value.
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