Explain Australia's Corporate, Markets And Financial Services Regulator.
Professional Application Questions
1.2
Australia’s corporate, markets and financial services regulator an independent Commonwealth Government body. set up under and administer the Australian Securities and Investments Commission Act (ASIC Act), and it carries out most of its work under the Corporations Act
1.3
(a) Because of the length of time before they can access their money, for a 30 year old it is between 25 and 35 years before they have access. The payments of the regular amounts may seem relatively minor and other more immediate priorities may exist (such as a family). Hence, the long term benefit is far removed from most people’s reality.
(b) Most people need a level of education and knowledge to understand portfolio
differences and the related risks and rewards. People need an understanding of the long term volatility and returns to assist them in their own selection choice.
1.5
Product disclosure statement (PDS) is a document, or sometimes a group of documents, that contains information about a financial product including any significant benefits and risks, the cost of the financial product and the fees and charges that the financial product issuer may receive. Supplementary PDSs may be issued from time to time and must be read in conjunction with the PDS to which they relate.
Financial services guide (FSG)
Describes the financial services offered by, and important information about, a financial services licensee. Westpac Banking Corporation holds an Australian Financial Services Licence (AFSL). AFSL No 233714.
Statement of advice (SOA)
A document that sets out the advice given to a consumer by their licensed financial planner or adviser. It must include the basis on which the advice is given, details of the providing entity, and information on any payments or benefits the adviser or licensee will receive.
1.2
Australia’s corporate, markets and financial services regulator an independent Commonwealth Government body. set up under and administer the Australian Securities and Investments Commission Act (ASIC Act), and it carries out most of its work under the Corporations Act
1.3
(a) Because of the length of time before they can access their money, for a 30 year old it is between 25 and 35 years before they have access. The payments of the regular amounts may seem relatively minor and other more immediate priorities may exist (such as a family). Hence, the long term benefit is far removed from most people’s reality.
(b) Most people need a level of education and knowledge to understand portfolio
differences and the related risks and rewards. People need an understanding of the long term volatility and returns to assist them in their own selection choice.
1.5
Product disclosure statement (PDS) is a document, or sometimes a group of documents, that contains information about a financial product including any significant benefits and risks, the cost of the financial product and the fees and charges that the financial product issuer may receive. Supplementary PDSs may be issued from time to time and must be read in conjunction with the PDS to which they relate.
Financial services guide (FSG)
Describes the financial services offered by, and important information about, a financial services licensee. Westpac Banking Corporation holds an Australian Financial Services Licence (AFSL). AFSL No 233714.
Statement of advice (SOA)
A document that sets out the advice given to a consumer by their licensed financial planner or adviser. It must include the basis on which the advice is given, details of the providing entity, and information on any payments or benefits the adviser or licensee will receive.