Finance News

From the monthly archives: September 2021

We are pleased to present below all posts archived in 'September 2021'. If you still can't find what you are looking for, try using the search box.

COVID relief still available, and risk returns to the market

Posted on Wednesday, September 29, 2021
Despite the (admittedly shaky) roadmap to recovery from the pandemic having been recently unveiled in Victoria and NSW, there are still some relief payments available to businesses and individuals, so it’s worth checking what you might be eligible for.   In NSW and Victoria commercial tenants struggling with rent payments will benefit from rent relief, with the Commercial Tenancy Relief Scheme. Depending on which state you are in, the scheme will help small and medium businesses with an annual turnover of less than $50 million that have experienced a fall in turnover of more than 30 per cent during the pandemic.    Eligibility for rent relief has been broadened, with tenants now able to choose three consecutive months between 1 April and 30 September 2021 to compare to their turnover in the same three months in 2019.  And from an individual point of view, if you have had your pay or your hours cut through no fault of you own, you can register for ... Read the rest of entry »

Lockdowns, riots & earthquakes - no longer the world's most liveable city!

Posted on Wednesday, September 22, 2021
Just when you thought you’d seen and heard it all through this pandemic, throw an earthquake in the mix!   We all felt the earth shake around 9:15am this morning and looked around wondering what on earth could possibly go wrong next?!   It was a big one too, by Australian standards – 5.3 on the Richter, epicentre 10km below the surface around Mansfield. Perhaps the earth is angry that all the Melbourne supporters are missing from the snowfields this year?!   Lockdowns, riots, and earthquakes – we should be a certainty to take out the World’s Most Liveable City title again any moment!   Jokes aside, fortunately the damage was minimal and we all quickly got back to our lockdown lives, including the many thousands of tradies now consigned to their homes, like the rest of us.   The events we’ve seen unfold in Melbourne over the past few days with a mob purporting to be disgruntled tradies running riot have been appalling. And the sooner these clowns ... Read the rest of entry »

FASEA fallout: What the industry is telling me (and it ain't pretty!)

Posted on Wednesday, September 8, 2021
Thanks to everyone who’s got in touch over the past week since I got my FASEA pass result. The response from clients, advisers, business leaders and political figures has been enormous.   It’s also revealed a strong negative sentiment from some in the industry about this compliance process.   To give you a taste of some of the feedback I’ve received in the past week, I’ve included some of the (de-identified) comments here: "This exam is of no benefit to the financial services industry. A waste of time and money and sadly a loss for the clients of older advisers who are leaving." "After 17 years’ experience I have begun to tell my clients I am being kicked out of the industry because I couldn't pass a this [BEEP!] ethics exam." "Scott, some advisers have spent their lives offering fantastic specialist advice and focus on shares or risk insurance. Imagine a 60-year-old specialist heart surgeon having to sit a GP exam - they would f ... Read the rest of entry »

FASEA - My result and industry impacts

Posted on Wednesday, September 1, 2021
GOOD NEWS: I passed the FASEA exam!   This means I’m fully compliant and qualified to continue acting as a financial adviser through 2026.   The exam became obligatory for all advisers and brokers in the wake of the Royal Commission into financial services. Designed to ensure that advisers act in an ethical way, and in the best interests of their clients, it is pivotal to the future of our industry.   However, the process has taken an enormous toll on those studying and preparing for it, particularly during the pandemic.   The exam itself is tough, and the news out of yesterday’s results is that only 60% of advisers and brokers who sat the exam, passed. That means that almost half failed. Some of those for the second time, which means they need to either exit the industry or apply for special dispensation to sit the exam again.   On the one hand, you might argue this is a good thing as it removes people lacking in the requisite competencies from the indus ... Read the rest of entry »

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