Weekly wrap: ASIC bans bankrupt financial adviser

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ASIC has banned Victorian-based financial adviser, Allan Vissenjoux, from providing financial services.
Vissenjoux, who is an undischarged bankrupt, has been banned from providing financial services until 29 May, 2016. The ban expires when Mr Vissenjoux’s bankruptcy ends. Vissenjoux was most recently an authorised representative of Total Financial Solutions Australia Ltd until 30 October 2013. He has the right to lodge an appeal with the Administrative Appeals Tribunal for a review of ASIC’s decision to ban him.
 
The Association of Financial Advisers (AFA) has appointed Pina Sciarrone as Chair of the AFA Foundation.
AFA CEO Brad Fox said the AFA is looking forward to working with Ms Sciarrone who has a career in financial services spanning more than 20 years. “The role of the AFA Foundation chair is integral to making sure AFA members and corporate partners are involved in the charitable spirit of the AFA and are given the opportunity to make a difference in new ways within their local and national communities,” he said. The AFA Foundation has raised around $600,000 for various charities, including Multiple Sclerosis Research Australia, Red Cross (Tasmania Bushfires), Prostate Cancer Foundation of Australia, Ovarian Cancer Research Foundation, and Cure for Life Foundation.
 
The Government has released for public consultation an exposure draft for Tax and Superannuation Laws Amendment (2014 Measures No. 2) Regulation 2014: Calculating defined benefit contributions—final arrangements from 1 July 2013 and the accompanying explanatory material.
The draft Regulation prescribes the methodology for determining defined benefit contributions for Division 293 tax purposes in respect of the 2013-14 financial year and subsequent years. This Regulation is the final piece of subordinate legislation needed to fully implement the 2012-13 Budget measure, 'Superannuation – reduction of higher tax concession for contributions of very high income earners'.
 
Guardian Advice has launched a ‘Centres of Influence’ (COI) Strategy Guide to help advisers build a robust referral network to increase sales and build the asset value of their business.
Suncorp Life Head of Dealerships Simon Harris said finding new clients is the key to sustaining and growing a thriving practice. “Our goal is to train advisers to form new centres of influence, or reinvigorate existing networks they might not be getting much from, and help them secure the right kind of clients,” he said.

Wholesale superannuation solutions provider OneVue has made a number of changes to its board, resulting in its membership now comprising of 80% women.
OneVue CEO Connie Mckeage said following the business' proposal last year to list on the Australian Securities exchange in 2014, it was necessary for the board to undergoa renewal process. "It's important in the lead up to an IPO and going forward that we retain links to our history and at the same time have the right skills to take OneVue to its next stage of evolution," she said.
 
AMP’s Charter Financial Planning has announced the winners of its two national financial planning awards, the Gerald Lippman Perpetual Trophy and the National Value of Advice Award.
Dennis Bateman of TFC Financial was awarded the Gerald Lippman Perpetual Trophy and Troy Mickan of KTA Financial Services was recognised with the National Value of Advice Award. Charter Financial Planning Managing Director Kevin Stone said the awards shine a light on the community of professional financial planners who improve the lives and wellbeing of hundreds of thousands of Australians each year, helping them to live their best life. “Recognising advisers in this way acknowledges the passion and commitment they show in helping their clients navigate through life’s financial journey.”
 
PM CAPITAL has said that at times of geo-political or environmental disruption it is common for investors and markets to over-react and retreat from conviction positions or abandon a logical investment strategy.
According to the Portfolio Manager of PM CAPITAL’s Emerging Asia Fund, Kevin Bertoli, investors need to look beyond the headlines and daily events and follow a well thought out strategy. Bertoli said analysis of disruptions shows that for the most part, they are short lived, and that short-term events should not cause major concern for long-term objectives.  He said the reality is that the share market is far more volatile than the underlying businesses it represents, and this is more prevalent in times of crisis.  “At the same time, the financial markets in many Asian economies are under-researched compared to markets in the west and can represent excellent buying opportunities for those investors willing to take a bottom-up approach, which is exactly the PM CAPITAL formula for analysing and investing.” According to its latest report, this formula has seen the PM CAPITAL Emerging Asia Fund deliver a total return, since inception in 2008, of more than 190%, outstripping its benchmark by more than 170%.
 
 
 
 
 
 

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