Risk Regulatory Updates

FAAA: FPA and AFA merger complete

The Financial Advice Association Australia (FAAA) is now in effect, taking over after the merger of the Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA).

The office has merged staff, however the AFA will continue to operate under its brand until 30 June, when members can renew to the FAAA.

The board has been confirmed as David Sharpe as chair, Michelle Veitch as deputy chair, and Diana D’Ambra, Kearsten James, William Johns, Jade Khao, Julie Matheson, Angela Martyn, Julian Place, Katherine Hayes, Patricia Garcia and Shaun McDonagh as directors.

NobleOak found in breach of standards

The Australian Prudential Regulation Authority (APRA) has found NobleOak Life Limited in breach of its prudential and reporting obligations as it relates to capital. The breaches involve the measurement and reporting of NobleOak’s reinsurance exposures and the associated asset concentration risk. APRA is satisfied with NobleOak’s remediation plans, which didn’t affect consumers.