Hope everyone has been well and enjoying the anticipated "reveal" of IAM trading halt announcement. Should be a cracker.
Thanks for posting this (no, it hasn't been posted before).
It is unlikely to directly affect IAM significantly, but has the potential to be a positive thing for IAM. In short, RG256 is about how licensees need to conduct remediation programs and this has come about because of the numerous EU (Enforceable Undertakings) dished out by ASIC over the past 5 years, such as AMP, Macquarie, PIS, CBA etc.
The nature of remediation is to repair and resolve previous/historical advice provided by a licensee where it was found to be "inappropriate" and as a result, have to go back to the client and re-issue them with new advice (and therefore new SOA). In many cases this puts huge burden on the practice to complete existing business PLUS, go back and review past advice.
The good news: For a company like IAM, they could receive higher volumes of work from the licensee/FP Practice as a result of new SOAs being issued. This depends on whether the licensee chooses to offshore/outsource this work and would most likely be beneficial for them to relieve themselves of the admin burden. Not much would need to change for IAM's processes.
IAM Price at posting:
3.7¢ Sentiment: Buy Disclosure: Held
