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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.
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Use of the Term ‘Stockbroker’ |
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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.
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Tax Office Alert – ‘Wash Sales’ |
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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 ).
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ASX Settlement Arrangements |
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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.
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Anti-Money Laundering update |
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The series of Education and Awareness sessions jointly organised by SDIA and AUSTRAC were delivered to SDIA members in mid-June. A further series of presentations will be delivered later in the year dealing with the next tranche of changes.
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Proposals to Regulate Credit Rating & Research Agencies |
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SDIA, together with other industry representative bodies, attended a Roundtable Meeting convened by Treasury regarding proposals to regulate Credit Rating and Research providers. Further regulation of equities research is not presently considered to fall within the scope of the project.
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SDIA applies for ShareGift AML/CTF exemption |
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ShareGift Australia is a registered charity which provides a facility for people to sell shares and donate the proceeds to charity at no cost. It is particularly aimed at holders of small parcels of shares that may be otherwise uneconomic to sell. Proceeds of sale are donated to charity, and the donor receives a tax deduction.
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FICS / FOS changes: FSG reissue & Constitution |
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From 1 July 2008, the Banking and Financial Services Ombudsman (BFSO), Financial Industry Complaints Service (FICS) and Insurance Ombudsman Service (IOS) will consolidate their operations to form a national Financial Ombudsman Service (FOS).
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