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Regulatory and Compliance Issues - Assignment Example

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Regulatory and Compliance Issues

This might include insurance policies (Corporations Act 2001, Section 763C). Non-cash payments refers generally to alternatives to cash payments such as cheques, credit cards, debit cards, travellers cheques and so on (Corporations Act 2001, Section 763D). B. Plain English Definition A plain English definition of financial advice is guidance and recommendations from an individual who is qualified and knowledgeable about financial products, estate planning and asset protection. Financial advice is not only based on knowledge, but also based on due diligence. In this regard financial advice is given after taken into account investment, savings, debt creation, debt management and so on that is compatible with the client’s needs and resources. C. Examples of Financial Products in Australia Examples of financial products available in Australia include, managed investment portfolios, derivatives, securities, and foreign exchange agreements. Managed investment portfolios refer to a collection of investments made by and on behalf of the owner of financial assets. The idea is to invest those assets in particular undertakings with the expectation that the owner of the assets will acquire some returns. ...
Securities are documents that substitute for actual assets or interests in assets. Examples of securities are bonds, stocks, debentures and certificates such as share certificates. Foreign exchange agreements are contracts in which a party agrees to purchase foreign currency at a specified rate on a specific date. Question 2: The Role of the Financial Planner The role of the financial planner in Australia is to evaluate the client’s financial needs and his or her financial circumstances with a view to preparing and implementing a financial plan that realistically helps the client meet his or her financial needs. In this regard, financial planners in Australia provide a variety of services including retirement plans, income planning, superannuation, fund investments, the acquisition of shares, managing risks, managing or reducing debts, implementing savings plans, investing in futures and/or securities, filing taxes, insurance plans, business planning, estate planning and so on (Toten, 2006). Each of these services are tailored toward financial planning and/or asset protection depending on the client’s needs and resources. For example, estate planning would involve the distribution of assets during the life time of the client with the expectation that the estate will not be subject to probate. In such a case, the client might be advised to create a trust deed in which trustees manage the client’s estate for the benefit of the client and his or her children. An insurance plan will also involve financial planning as it would involve making interim payments toward an insurance policy that would insure the client’s life or medical care and thus ensure that the client leaves money to loved ones upon death or has access to ...Show more


FOFA Reforms By Course Institution Date Question 1: Financial Product A. Formal Definition Under Section 763A of Chapter 7 of the Corporations Act 2001, as amended by the Financial Services Reform Act 2001, a financial product is defined as a transaction in which an individual either directly or indirectly, invests financial assets, “manages financial risk” or “makes non-cash payments” (Corporations Act 2001, Section 763A)…
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Regulatory and Compliance Issues
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