Supavest’s Post

The Financial Ombudsman Service (FOS) has increased the number of complaints it is predicting to receive in the 2024/25 financial year to 210,000. #complaints #regulation #financialservices https://lnkd.in/eV4GXiuq

The Financial Ombudsman Service wrote to its customers earlier this month with an update about its motor finance commission cases. Download the Auxillias briefing which provides a summary, looks at what this means and what firms should do: https://lnkd.in/eEVjeXDa #FOS #MotorFinance #commission #complaints

Good read!! It's important that the courts curtail the wide powers of the Commissioner General of URA. Much as the Commissioner has powers to issue agency notices, this should be done with in the precepts of the law as whole. The Constitution grants a right to a fair hearing and right to own property which would be violated if the Commissioner issued a agency notice and chooses not to serve it on the taxpayer. This amounts to an illegality that courts should frown on...

From 1 July 2024, there are new changes to the Security of Payment statutory trusts framework. According to the Queensland Government, the reforms have been introduced in response to industry feedback and are designed to reduce the complexity and cost of complying with the framework. In this article, we outline the 5 key changes to the Queensland statutory trust framework. Click here to read more – https://lnkd.in/gJPxcNXv

This is a welcome increase for a lot of federal grant recipients that are running programs at a deficit. Meaning that today it costs many organizations money just to implement the federal program due to the lack of full cost recovery on the indirect side. Will 15% get these organizations to full cost recovery? In my experience for many the answer will be “No”. But with some strategic budgeting, they should be in a much better position financially as a result of this change.

Taxpayers, be informed! The Bureau of Internal Revenue (BIR) released RMC No. 84-2024, which resolved a few issues with the distribution of BIR revenue issuances and other informative papers. Click here to read the full article: https://lnkd.in/g-Y_eR3b #PAGrantThornton #GrowWithUs #GreatPlaceToGrow

The answer to this big question all depends on your circumstances and if you're willing to pay some penalties.

From police on guard for thee: The Canadian government is coming to terms with the knowledge that they are not as infallible as they believed in their ability to enact laws without accountability or, more importantly, without liability. The Supreme Court of Canada confirmed that they should be held to account when enacting unconstitutional laws that infringe upon our rights, specifically those which are "clearly wrong, in bad faith or an abuse of power." The decision, described as intending to “strike a balance between the protection of constitutional rights and the need for effective government” states, "The government and its representatives are required to exercise their powers in good faith and to respect the 'established and indisputable' laws that define the constitutional rights of individuals.” When legislation is passed that is found to meet “the very high threshold of being clearly unconstitutional, passed in bad faith or that amounts to an abuse of power,” the state can be found liable and be forced to pay reparations. As expected, the Trudeau government argued they have absolute immunity, based on parliamentary privilege and sovereignty, and the constitutional principles of the separation of powers. They expressed concerns that “damages for enactments of even clearly unconstitutional legislation would open the floodgates to claims and chill them from passing constitutional laws out of concern they would later be on the hook for payments.” Chief Justice Wagner and Justice Karakatsanis clarify; “By shielding the government from liability in even the most egregious circumstances, absolute immunity would subvert the principles that demand government accountability”. Section 24(1) of the Charter confirms that damages are available where “appropriate and just in the circumstances.” Recent history has demonstrated our government’s willingness to trample the rights of Canadians without accountability; we need only look at the freezing of bank accounts as one obvious example. We can only imagine how concerned they must be now that they know, without a doubt, that we have the ability to dissect all of their decisions with this same scrutiny. To read the decision, visit our website https://policeonguard.ca/

The general election isn't the only important event taking place on the 4th of July. The Financial Ombudsman Service's consultation on charging professional representatives, including CMCs, also closes.    The FOS is still consulting on what action should be taken - this is still a significant and live issue. You may have experienced the actions of claims firms or been watching from the side lines, but CMCs continue to move into different sectors.    Many thanks to those CCTA members who have used the online tool we created to help you develop a consultation response. We have had a good number of responses, but we need more members to add their voice to our campaign.   If you have the time, please submit your consultation response directly to the FOS by the 4th July. You need to send it to consultations@financial‑ombudsman.org.uk A consultation drafted in your words is always going to be powerful. If you want some help, then please use our consultation tool. The consultation can be reviewed here: https://lnkd.in/eeJR3Xry

🗳️ Why You Should Vote YES on the Proposed Dues Adjustment! 🗳️ Learn how this change will strengthen NCRA's ability to support members, enhance services, and advance our profession. Your vote matters! 💪 Get the details: (https://lnkd.in/er6f-VX6) #YesNCRA #NCRA