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Publications - Peter Bobbin
| All Publications | by Category |Prev|Next|
2006
"Rotten
to the core" by Peter Bobbin
Financial services licensees can face a dilemma when they need
to warn clients about unprofessional behaviour of a departing adviser.
The ‘bad apple’ adviser often moves on to another licensee,
taking unsuspecting clients with them. Many dealers have refused to
disclose to a new licensee the reason for a "bad apple's"
departure, out of fear of a misrepresentation claim or following a threat
of a defamation suit. Peter Bobbin explains how the industry will benefit
from ASIC’s Bad Apples Project, and what disclosures licensees
should make about fraudulent or non-compliant behaviour of former employees.
Originally published in Asset
Magazine,
December 2006.
"Where
the buck stops" by Peter Bobbin
While ASIC is happy to tell us where to invest our tax refund,
there is an irony in the fact that the ATO refuses to answer questions
about our self-managed super funds. Since 1999 the ATO has had responsibility
for the prudential management and regualtion of SMSFs, and yet it refuses
to provide private and binding ruling support. Peter Bobbin explains
why there needs to be an urgent Senate inquiry. Originally published
in Asset
Magazine,
October 2006.
"What
Price Advice" by Peter Bobbin
New rulings put the onus on financial planners
to tread carefully with clients, especially those with small sums. Peter
Bobbin explains the lessons learnt from the recent ASIC/AMP Financial
Planning enforceable undertaking, and concludes that the undertaking
also raises more questions than it answers. Originally published in
Asset magazine, September 2006.
"Sum
of all tax fears" by Peter Bobbin
On April 6, 2006, the Australian Taxation Office was empowered with
the tax promoter laws. Peter Bobbin explains the new legislation, and
argues that a simple, poorly crafted or mistakenly drafted negative
gearing plan will fail the new law and make its adviser a tax promoter.
The ATO view of the tax promoter law is the only one that matters unless
a federal court judge rules otherwise, and there is potential for heavy-handed
implementation. Originally published in Asset magazine, August 2006.
"ASICzophrenia
threatens" by Peter Bobbin
The
Australian Securities and Investments Commission issued a discussion
paper in April 2006: Managing conflicts of interest in the financial
services industry. In this article, Peter Bobbin states that a fully
developed, I-don’t-trust-them,'ASICzophrenia' leaps from the pages
of the discussion paper, particularly with reference to the dominant
theme of fees vs commissions, and he gives reasons why the paper should
be withdrawn. Originally published in Asset
magazine,
July 2006.
"Back
to super future" by Peter Bobbin
Changes
to superannuation in the 2006 Budget will benefit men, but women won’t
be so super secure. Peter Bobbin canvasses the various stages of a typical
working life - under 35, middle age, over 50 - and makes the case that
the 2006 proposals to streamline and simplify superannuation are aimed
at male baby boomers. Originally published in Asset
magazine,
May 2006.
"Breaking
the Barriers? by Peter Bobbin
The
ultimate legal defence for financial planners is informed clients able
to make and take responsibility for their own decisions. But it’s
easier said than done. Peter Bobbin shares his top ten tips for achieving
clear, concise and effective communication that is legally secure and
liability limiting. Originally published in Asset
magazine,
May 2006.
"Ineffective
principals." by Peter Bobbin
The
Financial Planning Association’s conflict of interest principles
are unlikely to prevent another Westpoint fiasco from happening. Peter
Bobbin explains the implications for financial planners and their compliance
officers. Originally
published in Asset
magazine, April 2006.
“Compliance
when it really matters” by Denise Eastabrook and Peter Bobbin
Ensuring
your practice is compliant can result in real business benefits. The
Argyle Partnership’s practice director, Denise Eastabrook, and
partner Peter Bobbin explain the benefits of quality accreditation for
professional services businesses in general, and financial planning
businesses in particular. ‘Comply or die’ can become: comply
and thrive. Originally published in Money Management’s “Argyle
Advocate” column, 30 March 2006.
"Dear
John ..."
by Peter Bobbin
Section
279D of the Income Tax Assessment Act 1936 operates to enable a super
fund trustee to increase the death benefit to the family, by clawing
back through the taxation system the taxes paid on the taxable contributions
the fund received over the years. Peter Bobbin explains the workings
of section 279D, including why so few funds are able to take advantage
of the section, and proposes an amendment to rectify defects in the
legislation. Originally
published in Asset
magazine,
"Trusts: A 21st Century Look at a Centuries Old Tool" by Peter BobbinWithout doubt trusts are the most favoured investment and business vehicles today, yet most professionals have completed less than 40 hours formal education in the law of trusts and taxation of these. In this detailed paper, Mr Bobbin presents the fundamentals followed by discussion of stamp duty, estate planning, family law, and taxation issues relevant to the law of trusts. Useful 'Practice Points' are given throughout this article. Updated May 2008.
"Conduct
unbecoming" by Peter Bobbin
The ATO will
find the sacrificial financial planner who it will impale on the new
Tax Promoter, Let's Get 'Em Law: ASIC will become jealous of this law.
The usual suspects will feature heavily in 2006, refusing to let some
old issues die and finding new onces to get stuck into. Peter Bobbin
writes. Originally published in Asset
magazine, February
2006.
"Fraud,
stupidity and trust," by Peter Bobbin
Peter Bobbin
predicts that fraud will be the next major ‘growth opportunity’
in the financial services industry – followed closely by fraud
investigation, fraud litigation, and fraud induced bankruptcy of representatives
and licensees. Taking examples from the Crimes Act (NSW) and recent
caselaw, Mr Bobbin explains why a culture of ethical conduct is so important
to your organisation. Originally published in
Asset magazine December/January
2006.