|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FICS / FOS changes: FSG & PDS reissue & Constitution |
 From 1 July 2008, the Banking and Financial Services Ombudsman (BFSO), Financial Industry Complaints Service (FICS) and Insurance Ombudsman Service (IOS) merged to become the Financial Ombudsman Service (FOS). SDIA was invited by ASIC to comment on the draft Constitution for the new scheme.
|
 Read More
|
|
|
|
|
Use of the Term ‘Stockbroker’ |
|
Recently, Members have expressed concerns about the use of the term stockbroker in reference to collapses such as the Geelong ‘finance firm’ Chartwell. SDIA is doing all it can to positively differentiate stockbroking from businesses outside the market.
|
|
Read More
|
|
|
|
|
Tax Office Alert – ‘Wash Sales’ |
|
As the end of the financial year approached, the ATO issued an alert on what it calls ‘wash sales’. These usually involve the sale and buy-back of shares. The alert may have important ramifications for investors who endeavoured to crystallise a capital loss before year-end in this manner. (see Taxpayer Alert TA2008/7 on www.ato.gov.au ).
|
|
Read More
|
|
|
|
|
ASX Settlement Arrangements |
|
ASX published a circular in May announcing that fail fees would be increased, and that a new rule would be introduced ‘…to require..close-out (of) any settlement shortfalls after T+5’. Members met with ASX last month to discuss these measures.
|
|
Read More
|
|
|
|
|
|