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

Search Results

Showing 31 - 40 of 744 results for "FoFA"

Grandfathered commissions ban unconstitutional: Association

JAMIE WILLIAMSON  |  MONDAY, 4 MAR 2019
... constitutional restrictions concerning acquisition of property." The constitutional restrictions have not changed since then, and the FoFA reforms explicitly preserve pre-existing remuneration structures, the AIOFP said. "Accordingly, the AIOFP is taking ...

Grandfathered commissions ban splits industry: Poll

KARREN VERGARA  |  MONDAY, 25 FEB 2019
... interest in remuneration. "I would bring the grandfathering arrangements made at the time of the Future of Financial Advice (FoFA) reforms to an end. The time for transition has passed," Hayne said. "Advisers have an incentive to keep their clients in ...

Grandfathered commissions to be banned

JAMIE WILLIAMSON  |  MONDAY, 4 FEB 2019
... interest in remuneration. "I would bring the grandfathering arrangements made at the time of the Future of Financial Advice (FoFA) reforms to an end. The time for transition has passed," Hayne said. The time when the initial advice was given and the ...

ASIC and Westpac court battle sees mixed outcome

DARREN SNYDER  |  FRIDAY, 4 JAN 2019
... alleged the Westpac subsidiaries breached the 'best interests duty' introduced under the Future of Financial Advice (FoFA) reforms by conducting a telephone sales campaign recommending customers roll out of their super funds into their Westpac-related ...

Miscalculations delay remediation, more issues emerge: AMP

JAMIE WILLIAMSON  |  WEDNESDAY, 28 NOV 2018
... advice to corporate super plans. "The matter relates predominantly to small to medium corporate super plans established pre-FOFA 1 July 2013 managed by advisers. Based on current information, we believe the amount is unlikely to be material," the group ...

Comyn promises personal accountability

KARREN VERGARA  |  TUESDAY, 20 NOV 2018
... comes to about $31 million, he said. In yesterday's session, Comyn admitted that the bank and overall industry approached FoFA "unsuccessfully" and was mishandled based on "poor decisions." This included: not removing conflicted remuneration earlier ...

Westpac admits it didn't take FoFA seriously

KANIKA SOOD  |  WEDNESDAY, 7 NOV 2018
Westpac said while implementing the Future of Financial Advice reforms, it did not embed strong enough controls and record-keeping to police fee-for-no-service advice. The admission was made in the bank's annual sustainability report released today ...

CFA Institute asks FASEA to recognise charterholders

KANIKA SOOD  |  WEDNESDAY, 10 OCT 2018
... June submission to the education standards body. "I always remember coming down to Australia five or six years ago when the FoFA legislation was new and talking to ASIC at that time about regulation and credentialing," he said. Smith added he was "amazed" ...

Banks vow to end grandfathered commissions

KANIKA SOOD  |  WEDNESDAY, 10 OCT 2018
... Bligh said in Sydney this morning. To this end, the ABA is seeking new legislative changes to the Future of Financial Advice (FoFA) reforms. It is also overhauling its banking code of practice to stop banks from charging fees to deceased client, as it ...

Banking remuneration practices to blame for misconduct

MICHELLE BALTAZAR  |  FRIDAY, 28 SEP 2018
... intermediaries that has been identified and is criticised in this report." The report drew on the Future of Financial Advice (FoFA) reforms of 2012; the Banking Executive Accountability Regime (BEAR); and Sedgwick Review released in April 2017 suggesting ...