Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 1 - 10 of 158 results for "Fee disclosure"

Tranche one of advice reforms hits parliament

KARREN VERGARA  |  WEDNESDAY, 27 MAR 2024
... reforms will streamline ongoing fee renewal and consent requirements, including removing the requirement to provide a fee disclosure statement. This was under Recommendation 8 from the QAR. Under Recommendation 10, personal advice providers should have ...

Fee consent forms, FDS overhaul concerns FAAA

KARREN VERGARA  |  MONDAY, 18 DEC 2023
... Advice Association of Australia (FAAA) expressed concerns about Treasury's proposal to abolish fee consent forms and Fee Disclosure Statements (FDS) in its response to the first round of reforms. Currently, advisers must produce an annual Fee Disclosure ...

OnePath cops $5m fine over fees for no service

CASSANDRA BALDINI  |  THURSDAY, 30 NOV 2023
... to invite more than 800 clients to annual review meetings when they were entitled to attend; failed to provide fee disclosure statements to more than 500 clients; issued over 3000 non-compliant fee disclosure statements to more than 2000 clients; and ...

Mercer fined $12m over advice failures

JAMIE WILLIAMSON  |  THURSDAY, 23 NOV 2023
... to invite more than 800 clients to annual review meetings when they were entitled to attend; failed to provide fee disclosure statements to more than 500 clients; issued over 3000 non-compliant fee disclosure statements to more than 2000 clients; and ...

Key advice reforms still coming, Jones promises

JAMIE WILLIAMSON  |  WEDNESDAY, 22 NOV 2023
... tranche of draft legislation - which included flexibility around the provision of Financial Services Guides and Fee Disclosure Statements - was simply "what we could get out the door as quickly as possible." He also added that policy confirmation and ...

Treasury unveils advice reforms draft legislation

KARREN VERGARA  |  TUESDAY, 14 NOV 2023
... the streamline of ongoing fee renewal and consent requirements, including removing the requirement to provide a fee disclosure statement (Recommendation 8) and flexibility on delivering a Financial Services Guide (FSG) (Recommendation 10). The legislation ...

Hejaz debuts Australia's first Islamic pension product

ANDREW MCKEAN  |  WEDNESDAY, 9 AUG 2023
... Islamic requirements and the regulatory requirements are generally complimentary of one another, especially around fee disclosure, transparency, and working in the client's best interest," he said. Hejaz is aiming to attract over 3500 members, managing ...

Advisers embrace less back-office burden

KARREN VERGARA  |  FRIDAY, 23 JUN 2023
... unnecessary because they know how much they've been charged. But the fact that they are getting rid of the Fee Disclosure Statements is certainly a step in the right direction," he said. Kristine Pham, private wealth adviser at Lipman Burgon & Partners ...

Industry bodies respond to QAR recommendations

KARREN VERGARA  |  TUESDAY, 13 JUN 2023
... said. The removal of several layers of red tape for advisers was lauded by the advice industry. The removal of Fee Disclosure Statements, rationalisation of fee consent, eradicating the Best Interests Duty Safe Harbour steps, were quick wins for the ...

Treasury to scrap advice admin burdens, boosts intra-fund advice

KARREN VERGARA  |  TUESDAY, 13 JUN 2023
... Ongoing fee renewal and consent requirements will be streamlined into a single form, and the requirement to provide a fee disclosure statement will be removed, as per Recommendation 8. Statements of Advice (SoAs) will be replaced with an advice record ...
PREVIOUS
NEXT