Financial Services Regulation and ASIC Refer to the ASIC Resource - Accounting Assignment Help

Assignment Task:

Task:

Topic – Financial Services Regulation and ASIC

Background Refer to the ASIC resource 'Professional standards for financial advisers' link
https://asic.gov.au/for-finance-professionals/afs-licensees/professional-standards-for-financial-advisers/Task In 2017, the Federal Government passed the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017, which introduced significant reforms to raise financial planners' ethical and professional competency standards.
From the perspective of an AFSL Responsible Manager ( the person that ASIC can write to), write a report arguing whether or not the new standards will benefit consumers.
In this context, consider: - the purposes of financial services regulation and the Government's objectives with the bill that we are talking about; what is gov trying to achieve this and why do they want this?- whether the standards will raise competency levels and improve integrity; (what was it before and what is it now and will it be successful in raising competency and integrity)- the impact of increased regulation and cost of and accessibility to advice for consumers. (are there any consequences. Impact on this regulation on cost. Is the regulation overwhelming or reduced accessibility?)
You should consider the scope of the reform and the perspectives of relevant stakeholders, including regulators, industry participants and consumers.
Assignment Purpose This research report is to help students develop writing and analytical skills on legal and regulatory issues concerning topics studied in AYB232. The assignment requires you to demonstrate:
An understanding of the practical application of the law and regulations; Structuring research materials to form an argument and justify solutions and, or recommendations; Evidence of research beyond the textbook; You have considered policy issues, such as advantages and disadvantages of the current law, opportunities for reform and comparative perspectives.

• The topic requires you to analyse the subject matter based on exploration and discussion of the issues. There is no right or wrong answer for this part, but you must justify your answer. Furthermore, you must demonstrate that you understand the relevant issues and can reach a suitable conclusion. The task requires you to do additional research beyond the text and lecture information.
• Report Structure The research report should be in an academic format. You should apply relevant legal principles, case law and legislation to present your arguments clearly, concisely, and coherently and ensure you arrive at a logical conclusion. Please refer to the assessment criteria sheet for further information.
• Referencing You can choose whether to use APA referencing systems.
• Case Citations You must cite a reference, case or legislative section as authority to any primary source legal principles. Cases and legislation are important features of law-based case studies and should be mentioned in the body of the text rather than in the footnotes. Any case names or legislation should be underlined or in italics. You do not need to refer to the Corporations Act repeatedly. Sections mentioned directly after an Act will be taken as having come from that Act unless otherwise indicated.
• Privacy Act – extend to which prvacy aolies to financial planning, u get to know about client personal information, personal affairs and aspirations, risk insurance you will get to know their personal lives etc. Important to understand how to understand principle in day to day life of financial planner. How to minimuise risk as a panner eg. Life risk insurance, process called fill out tele underwriting forms and send it to insurance companies. Now insurance companies can get that information direct instead of planners. Thts one example of how law can be applied in finaincial planning practice.

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