Financial Services Reforms Act

Financial Services Reforms Act SECTION 1 INTRODUCTION What are the main aims of the two financial services reforms from 2001—2012? There are two major reforms from 2001-2012 in the financial service industry, such as: Financial services reforms Act (2001) The FSRA introduced in October 2001, administrated by ASIC, become mandatory on 11th March 2002. The FSR amendments to the Corporations Act 2001 (the Act) introduced three main changes which are: Licensing and conduct of financial service providers. The FSR amendments to the Corporations Act 2001 (the Act) introduced a single licensing regime for financial advice and dealings in relation to financial products. An entity that operates a financial services business must now hold an Australian financial services (AFS) license or be authorized by a licensee. Introduced the training policy Known as RG 146, required to get the new AFSL (Australian Financial service License). The Act also seeks to provide consistent and comparable disclosure in relation to financial products and services (including) advice. A single authorization procedure for financial markets and clearing and settlement facilities Future of Financial Advice (FOFA) reforms:- FOFA became mandatory on 1 July 2013 (and was voluntary from 1 July 2012). The objectives of FOFA are to improve the trust and confidence of Australian retail investors in the financial services sector and improve access to advice. The FoFA reforms key elements are: A legal requirement for financial advisers to act in the best interests of their clients. A ban on conflicted remuneration being monetary and non-monetary benefits given to a licensee or representative who provides financial product advice (personal and general) to retail clients which could reasonably be expected to influence the choice of financial product recommended or the financial advice given. On-going fee arrangements requiring the provision of fee disclosure statements and renewal notices to retail clients receiving personal advice. Increased ASIC powers to enforce elements of the FOFA reforms. What does the best interest of the client mean? From the July 1st, 2013, as per new legislation known as The Future of Financial Advice (FOFA), financial advisors and planners in giving advice to their retail clients gives priority to the best interests of the customers. Now advisors didnt only advise their clients about only the products they have on their approved product list (APL) but also refers to their retail clients to other advisors APL, if it is in their best interest. They should not focus on their own fees, but it’s their duty as per legislation (FOFA) to consider the client interest ahead of their own interest. ASIC has explained this duty in the ASIC Regulatory Guide 175 as: Acting in the best interests of the client: best interests duty (s961B) Advice providers must act in the best interests of their client in relation to the advice. One way an advice provider can demonstrate they have done this is by showing they have carried out certain steps in advising their clients. These steps, which act as a ‘safe harbour’ for complying with the best interest duty, are set out in s961B (2). To satisfy the steps for safe harbour in s961B (2), an advice provider must: 1. Identify the objectives, financial situation and needs of the client that were disclosed by the client through instructions. 2. Identify the subject matter of the advice sought by the client (whether explicitly or implicitly). 3. Identify the objectives, financial situation and needs of the client that would reasonably be considered relevant to the advice sought on that subject matter (client’s relevant circumstances). 4. If it is reasonably apparent that information relating to the client’s relevant circumstances is incomplete or inaccurate, make reasonable inquiries to obtain complete and accurate information. 5. Assess whether the advice provider has the expertise required to provide the client with advice on the subject matter sought and, if not, decline to provide the advice. 6. If it would be reasonable to consider recommending a financial product: conduct a reasonable investigation into the financial products that might achieve the objectives and meet the needs of the client that would reasonably be considered relevant to advice on that subject matter; and assess the information gathered in the investigation. 7. Base all judgements in advising the client on the client’s relevant circumstances. 8. Take any other step that, at the time the advice is provided, would reasonably be regarded as being in the best interests of the client, given the client’s relevant circumstances. The licensee or authorized representative will bear the financial liability for any breach of duty. Individual advisors may be subject to administrative sanctions, but not financially liable for any breach of the duty. Prepare a checklist of what documents you must provide to your clients as per the reforms. As per Financial Service Reform Act 2001 the financial planners must provide FSG (Financial Service Guide) to the existing as well as new expected retail clients. The FSG is an important disclosure document as it helps the clients to decide whether to get financial services from a licensed. FSG must be given to the client as soon as practicable after it becomes apparent that the client will or likely to acquire financial service and in any event before the financial service is provided. It is important to know that FSG is not required when the client is not a retail client and where no financial service is provided. As per section (942 C), FSG must include:- The title â€Å"Financial Service Guide †on the cover of or at or near the front of the Financial Service Guide document. The FSG must be dated. The name and contact details of the licensee and (their license number) and the authorized representative and the statement showing that the advisor is an authorized representative of the licensee. Information about the types of financial services (as authorized under the license) offered to retail client. Information that a (SOA) statement of advice (not required for general advice) and /or a Product Disclosure Statement (PDS) may be provided to the client. Information about all the remunerations (including commission) and other benefits received or likely to be received on provision of financial services, including for referrals. Details of any associations/ relationships that may reasonably influence the licensee or the authorized representative in providing the services to the client. Information regarding client concern and the licensee dispute resolution systems. Details regarding the privacy of clients personal details and how such details will be used and handled (as per the privacy act regulation). Describes the different types of client leads? There are three types client leads:- Cold leads, generally referred to just name with little or no other information normally obtained from sources like database, phone book or third party. Their priority to contact is very low as they lack of qualifying information. When making contact with cold leads, it’s important to know that Hawking provisions may relate. Warm leads there is some prospect that contact will be productive and their detailed and specific information availability will ensure that they do not breach the hawking provisions must be specific. Hot leads are the ones where the prospect is known to be interested to take services of a financial planner. They may have asked directly for a product or service and these leads should be contacted at as early as possible. Which of the six basic steps in the financial planning would include lodgement of the paperwork and obtaining all the signatures necessary for the recommendations in the financial plan to be actioned? The six basic steps in the financial planning process are:- i. Preparation Fact Finding Data Analysis and developing a recommendation Preparing a written Recommendation Implementation Review On Implementation stage – Presenting recommendations and gaining agreement to proceed. At this stage after preparation of written recommendations, financial planner plan to take appointments from the client and well prepared financial planner at this stage have all the relevant documents ready for the clients signature. On completion of presentation, interview the paper work needs to be lodged promptly so that recommendations can be implemented and the plan commenced Why a financial plan may need to be reviewed? With the passage of time many things changes, so the financial plan also requires regular reviewing and change in order to make it more realistic. Here are a few reasons that call for to review and change of your financial plan. Variation in financial conditions: changes in the financial / economic condition in the economy have a greater effect on many investment decisions when you feel that your progress towards the achievement of planned goals becomes slow besides the required time lapsed because of changes in external conditions then you should modify /change your investment goals, make them achievable and profitable in present situations. Changes in income / Job: Because of uncertainty and unemployment in the market it is possible that any time may be you lose your job or your income not increase as expected, in both situations your contributions towards your financial goals will be reduced. On the other hand, if your salary increases beyond your expectations as because of promotion / bonus, this enables you to achieve your current financial goal earlier than planned or because of surplus funds you may look for new investments. Unexpected increase in expenses: Sudden medical / accident expenses rise in household expenses as overall prices of goods and services have increased may require to cut down your savings and if you have no other contingency fund in yours plan this can upset your financial goals and enforce to review and bring changes in your financial plan. New Goals: Trend in market change e as time passes like if you have invested in savings accounts, then you may want to invest your funds in building societies or credit unions or s unit trust if they are now offering better interest rates and lower tax benefit. Number of dependent: At the time when your children are small dependent on you then the yours financial goals will be to increase life insurance coverage, but as they grown up and settled in their life your priority changes and now you want to spend more for your health insurance, secondly no of children (dependent) or death of any family loved one also impact upon yours cash flows and yours financial plans Risk Tolerance Fator: When a person is young, he may take risky investments young and energetic and have less responsibilities, but as the time passes that person in older age will try to go for investments where the risk factor is very low as to safeguard his principal. What are the key recommendation areas? In developing the recommendations the key areas which the financial planner will consider are:- How the financial position can be improved - share, property, bonds, unit trust. Ways to accumulate funds for retirements. superannuation. Options to generate funds in retirement rollovers, pensions. Protection of beneficiaries will, life insurance, estate planning. How to protect lifestyles income protection, disability insurance. Protection of assets general insurance cover. Keeping in view the above mentioned key main areas, financial planner also follow the rule of â€Å"Know your client† which means trying to understand clearly what your clients want to achieve from investments of their fund. After clear understanding of the clients needs/ goals, following the rule ofâ€Å" Know your product† financial advisor determine by which available products or strategies the clients needs can be fulfilled in the planned time frame. Selection of different investment options /product advisors also keep in mind that there are certain external factors like economic and financial conditions in the economy, which may call for a change in investment strategies or increase in planned time frame of objectives. Finally, the advisors develop the actual recommendations of a financial plan and discuss these recommendations with the client so that at this stage they can be reviewed or altered as per client input. According to best business practice, how often should a client review interview take place? Financial advisors frequently review the financial plan to access its progress as it is still appropriate or required alteration with the consent of the client. Short term reviews normally take place in every six months on the basis of following reasons: Significant changes in the clients current life circumstances, such as get married, increases or decrease in dependents, change in income status or loss of job etc. Changes in the economic conditions like establishment of new monetary laws, inflation, changes in tax rates as these can affect the investments. Its clients own desire to have more frequent reviews However, routine reviews should take place about approx, every 12 months.

Discuss the contribution of material culture Essay

The aim of this essay is to explore how useful material culture studies is to understanding societies which existed under Roman rule, especially those of Gaul and Britain. These provinces of Rome adopted Roman culture and used Roman objects for their own use, which could come under the heading of cultural bricolage, where new cultural items are obtained by attributing new functions to previously existing ones, however I shall address this later on in the essay. Woolf comments that anthropologists and archaeologists use the concept of culture as a way of making sense of the diversity of human societies that cannot be expressed simply in terms of biological variation. It is seen by many to be a more precise way of understanding societies rather than seeing how advanced or rich a society was.1 Studying and understanding social identity can also be seen as an excellent alternative to relying on narratives written by Roman authors who were biased and wrote from a ‘Romano-centricâ₠¬â„¢ position, and it also allows us to consider other elements, for instance class,status, gender, age, occupation, and religion. Material culture can be defined as â€Å"the study through artifacts (and other pertinent historical evidence) of belief systems–the values, ideas, attitudes, and assumptions–of a particular community or society, usually across time. As a study, it is based upon the obvious premise that the existence of a man-made object is concrete evidence of the presence of a human mind operating at the time of fabrication. The common assumption underlying material culture research is that objects made or modified by humans, consciously or unconsciously, directly or indirectly, reflect the belief patters of individuals who made, commissioned, purchased, or used them, and, by extension, the belief patterns of the larger society of which they are a part.† 2 Concerning Roman culture, Woolf defines it as â€Å"the range of objects, beliefs and practices that were characteristic of people who considered themselves to be, and were widely acknowledged as, Roman.† It is believed that every man-made object required the operation of some thought and design. Therefore it is the assumption of material culture studies that this thought is a reflection of the culture that produced the man-made objects. With this theory we can see, in some way, how a culture, which had no written records of its existence, lived. One advantage of material culture studies is that it is beneficial to social historians who wish to know about an entire group and not just the elites of a particular society. A useful definition of the term archaeology is that it uses â€Å"fieldwork and excavation, and the comparative study of sites and objects to compile information about the past†¦which can illuminate aspects of Roman life which were never recorded†. However it does have its limitations as it cannot achieve certainty as â€Å"all known sites and artefacts are merely a surviving sample of what once existed- and not necessarily a representative sample.†4 So in understanding identity we may be able to place these artefacts in context as we will know what particular objects are used for certain practices, for instance burial customs or forms of pottery produced.5 Jones defines cultural identity as â€Å"that aspect of a person’s self-conceptualization which results from identification with a broader group in opposition to others on the basis of perceived cultural differentiation and/or common descent.†.6 Concerning material culture, Pitts chose 12 areas of study, these were: â€Å"architecture, art, epigraphy (inscriptions in stone), faunal remains(animal bones), floral remains, funerary evidence, literature, monumentality, pottery, settlement (morphology and landscape archaeology) and small finds(portable material culture other than pottery)†.7 Epigraphic inscriptions allows us to observe how literacy spread through Gaul and Britain, along with helping us to trace an â€Å"outline of the cultural geography of Roman Gaul†8 Woolf also comments that inscriptions are useful as they represent a wide range of Roman cultural customs which included political, cultic, and funerary practices. He adds to this by suggesting that inscriptions should be seen as attempts made by people to assert their identities and to show their achievements in terms of status. Art and architecture are important as it gives us some insight into cultural ideologies, however this type of evidence only really survived if it was owned by the elites of the society, and the art and mosaics were only limited to this class, so it has its biases. Although it does have its uses as we can see how the adoption of villa architecture by the British and Gaulish tribes shows the acceptance and spread of Roman culture throughout the conquered countries.

Instagram

Introduction to entrepreneurship Midterm assignment Kevin Systrom, founder and CEO of Instagram Introduction Kevin Systrom is an American entrepreneur most known as CEO and founder of Instagram, the most popular worldwide sharing application. This program has 85 million users and 4 billion photos were shared. So what makes it so special? It is a combination of passion for photography and weal to make it easy and available for everyone by just using your mobile. Kevin says â€Å"It’s one thing to share the photo but another for that photo to look gorgeous and be something you would like to keep forever. †(Systrom,2012)The reason why I decide to report Kevin Systrom is in my opinion he gives the best example how great idea can be transformed into successful company in very limited amount of time. Second after completing my research I realized that innovation made by him would have huge influence on social network in future. Last but not least his set of mind, values and p ersonal characteristics fulfill my vision of perfect entrepreneurial set of mind. Entrepreneurial path and mind-set Kevin Systrom was interested in entrepreneurship from very young age; his mother used to work for a monster. com back than and currently is an employee of Zip Car.Since that time technology was exiting for him, he took decision to go to private school that was an hour drive away in order to take computer science classes, as he considered them fun and useful. With the age of 12 he found the way to block his friend cursors and knock them offline. In his free time Kevin was creating websites for his friends and classmates, an example can be PhotoBox created in order to post pictures from latest keg party. He applied to Stanford with the intent to study computer science, but after taking the first course in advance programing he realized it was probably not a right thing for him.He used to spend 40 hours per week studying it and could barely get B. So he switched to manage ment science. He says, â€Å"It basically taught me how to be an investment banker. †(Systrom,2012) What really stands out for me is Kevin,he is really open minded and ready to explore new things. He is always looking for opportunity to get some experience even if it doesn’t seem applicable at the moment he believes it can be useful in long-term perspective as long as you do intellectual activities. During his junior years in Stanford he went to Florence, Italy in order to study Photography.Combing this experience with his technological background helped him to create open platform for visual media, which gained such a success. Being in Florence he also applied for a program created for young entrepreneurs, the core idea of it put students in groups of 12 people and paired them with successful entrepreneurs in order to share experience about structure of deals, fundraising and recruitment of people. The program’s co-director, Tina Seelig, says, â€Å"Systrom st ood out as an obvious  ­entrepreneur, he was always building things—always experimenting.It was in his nature to be looking at the world through the lens of ‘Where’s the opportunity here? ’† (Bertani, 2012) He completed his first summer internship at Odeo (that would later create Twitter), it was where he realized that he wanted to become and entrepreneur and got the first real feel of it. During this internship an important contact was made, he was working in a pair with Jack Dorsey, later the creator of Twitter. In future he will help Instagram to gain that popularity. Once Systrom was hired for a project manager position at Google.After about a year working there he realized his hunger for a start up. Soon after he came up with the idea of Instagram, called Burbn back than. In winter 2010 Stanford education and his ability to communicate helped him to make right connections for the future. It is important to meet people, communicate and keep in touch, that what in the end really makes difference. Steve Anderson, whom he met during his VC meet ups, got interested in his idea and agreed to invest $250,000 needed to start the company with the only condition, he wanted Systrom to bring in cofounder.He contacted Mike Krieger, another Stanford graduate with a majored degree in symbolic system, and proposed to join Burbn as cofounder. Mike got interested in this offer. It was the first check in service that he actually liked, so he accepted the offer. Systrom was able to identify a gap in a market place; it was decided to create photo- only, mobile-based service. He says, â€Å"It was an opportunity to create a new type of service, a social network that wasn’t based on a computer but computer in your hands†(Systrom,2012) His creativity and ability to come up with not obvious decision were crucial for the company development.Once during his holidays in Mexico, his girlfriend told him she wanted her pictures to look a s beautiful as pictures of their friend, who was a fan of photography and used different filters. It was a point where Kevin realized what Instagram was missing and spent the rest of the day working on this idea. Not long after first filter was added to program features and users loved. It helped to make even average mobile picture special. On the 6th of October 2010 Instagram became available in apple app, over the night it was downloaded by 25,000 users.With a help of Adam D’Angelo, whom he knew from flat party in Stanford they managed to get on Amazon com servers. In a meter of month 1 million users were using Instagram on regular bases. In April this year Mark Zuckenberg offered to purchase Instagram for $1 billion, with Systrom’s skake of 40% or $400 million. It is quite shocking as Instagram is a company with zero revenue and only 14 employees, however Facebook is highly interested in a mobile platform with 85 millions users. â€Å"This is the first thing I†™ve seen that feels like it’s truly native to mobile,† says Matt Cohler, the former VP of product management at Facebook. Bertani, 2012) It was decided that even after buying out, Kevin Systrom would run Instagram independently. The company is at the beginning stage of its growth. It’s currently working only with AOS, but Android and web will also be considered in future. Failure and actions As company activities are based on innovation the risk of is failure is quite high. There is a myth that successful startups based on single great idea Kevin however claims that there are only couple that entered and ended up doing exactly same thing.Idea is not something you can just wake up one day with, you have to take steps, find solutions and solve problems in order to create something valuable. In fact the idea of Instagram is based on another application created by Systrom, called Burbn. It was really simple and basic with only four different tabs, created as check in service, the innovative thing about it was like no other service Burbn gave people an option to attach their photos together with a location. It was discovered users are not checking in that much however they love to share their pictures.Burbn didn’t become successful. It was too hard to explain to people outside their friend group. Kevin and his team even joked that it didn’t pass the Bar test, meaning the idea was not clear enough to be explained in a noisy bar. It is important to present your product to customer as quickly as possible; it is a big mistake to wait for too long. The â€Å"right way to fail† is to fail early and often, in this way you don’t waste your recourses and you are able to identify if the direction in which you are working is right to fulfill people’s needs.Kevin believes that it’s totally normal to fail in the organization. Failure is required in order for right solution to be found. When Burbn was presented to p eople it turned out to be most Eye opening experience and he realized the idea has to be refined. The company was continuously failing with Burbn, so based on this experience the idea was changed. The check in was demoted and photos were promoted, in a new program (Instagram) you start with a photo and then optionally you can add a location and it turn out to make a huge difference.During the process of development filters were added and it was a break through for Instagram, as they realized they want to make photos better for people. Kevin states, â€Å"We were thinking how to encourage people to take more photos and we realized we want their photos to look better†. (Systrom,2012) Motivation The main drive and motivation for Kevin Systrom is a strong belief in what he is doing. The company Instagram didn’t want to build just a fun application, what it is aiming for is an application that solves problems and making people’s life better.The idea of Instagram in l ong term is a program that helps you to explore the world, your way to get news and experience events you were not able to attend. The ability to tune in any place in the world and see what is going on. They want to become world-changing company. It is first truly International network, as you don’t need to speak the same language in order to communicate through visual media. The obsession with his idea is highly beneficial for the company. As entrepreneur he works all the time, sometimes he skips birthday parties and has luck of sleep in order to solve the problem that may appear.He is exited about what he is doing and always looking for solutions and ways how to give world something it was asking for during a long period of time. Conclusion The goal of this report was to research and analyze the entrepreneurial path of Kevin Systrom. And to find an answer what is a key to his success. Through the report I have learnt few important lessons that can be useful for my future ca reer. The first of them is you can fail in order to find the right answer, it is completely normal to make mistakes, what is more important is to be able to find solutions and ways to improve.Usually the idea you will start with it’s not going to be exactly the same with your final idea. Second thing that I would like to keep in mind after finishing this report is its importance to hire right people. With the example of Instagram we can see that 14 really talented people can run a company in such a successful way. As well it is critical to find people who share passion for what you are doing.Reference Bertoni, S. (2012, August, 01). Instagram's Kevin Systrom: The Stanford Billionaire Machine Strikes Again. Retrieved October,10,2012, from http://www. forbes. com/sites/stevenbertoni/2012/08/01/instagrams-kevin-systrom-the-stanford-millionaire-machine-strikes-again/4/ Kevin Systrom,Mike Krieger (2011,May 11). From Stanford to Startup [Video file] [Video file]. Retrieved October 10,2012, from http://ecorner. stanford. edu/authorMaterialInfo. html? mid=2735 Noer, M. (n. d. ). 30 under 30 [Video file] [Video file]. Retrieved from http://video. forbes. com/fvn/30-under-30/30-under-30-kevin-systrom/

Bayard Rustin And The Civil Rights Movement - 1338 Words

Bayard Rustin was one of the most influential organizers and also key members of the civil rights movement. A gay man and once a member of the communist party, Rustin went on to play a significant role in fighting for the rights of African Americans and later on the gay community in the United States. Mostly working behind the scenes, he was able to mold the movement into a symbol of non-violent resistance in the United States and even the world over. He was also an influential figure who sculpted Martin Luther King Jr, who previously had bodyguards for his family and also carried a personal hand gun, to a fundamental understanding of non-violence (Kates and Singer). Throughout his career in the civil rights movement, Bayard Rustin had to†¦show more content†¦These events were a great influence on him and can be said to have contributed to his interest in campaigns against the racially discriminatory Jim Crow laws during his teenage years and the civil rights as well as LGBT rights later on in life. It is in high school, where he excelled in academia as well as sports, where Rustin first protested against racial segregation by refusing to sit on a balcony that was reserved for blacks only in the local movie theater. He also organized fellow athletes in his high school to protest segregated accommodation when they were in out of town trips. As a young man, Rustin attended Cheyney State Teachers College but later dropped out and went to live with his aunt in Harlem where the Young Communist League (YCL) was active in fighting against the Jim Crow laws (Robinson 1132). His fiery personality and strong speaking skills saw him easily ascend to a leadership position where he played an influential role in organizing protests and movements calling for desegregation. Quaker values such as absolute pacifism and a strong belief in equal rights for allShow MoreRelatedThe American Civil Rights Movement1519 Words   |  7 PagesAmerican Civil Rights Movement is personified through several p rominent personalities. These figures exhibited strong character throughout their careers in activism that revolutionized the ideals and opportunities of the 20th century, standing as precedents for courage and perseverance in the face of widespread systemic oppression. However, not all of these figures received the acknowledgment and acceptance that their legacy deserved. 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