Search ResultsShowing 1 - 10 of 100+ results for "Future of Financial Advice"
Suncorp Super faces action over adviser pay
JAMIE WILLIAMSON  |  TUESDAY, 4 JUN 2019
... to entrench fees or commissions that would otherwise have been unlawful or unenforceable under the Future of Financial Advice reforms. In doing so, the trustee breached its duties to avoid conflicts, act with due care and diligence, and act in the ...
Consumers confused by general, personal advice
ELIZABETH MCARTHUR  |  FRIDAY, 29 MAR 2019
... into account." ASIC says that the report highlights the importance of consumer awareness, as the Future of Financial Advice protections only apply when personal advice is provided. The FoFA protections include obligations for advisers to act in ...
Grandfathered commissions ban unconstitutional: Association
JAMIE WILLIAMSON  |  MONDAY, 4 MAR 2019
... matters. The AIOFP is concerned the proposed ban is not constitutionally valid as, under the Future of Financial Advice reforms, it was determined that: "The proposal to ban particular remuneration structures can only operate prospectively ...
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 ...
Grandfathered commissions deadline challenging: AFA
JAMIE WILLIAMSON  |  WEDNESDAY, 6 FEB 2019
... said Fiducian has been working on converting commissions to fees for service shortly after the Future of Financial Advice reforms were implemented in July 2013 - almost six years ago. Today, about 4% of the group's revenue is still derived from ...
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 ...
AFSL super options under the lens
KANIKA SOOD  |  THURSDAY, 10 JAN 2019
... previous call for the Government to rename the term 'general advice' defined under the Future of Financial Advice legislation. "This term has led many consumers to think they are receiving advice relevant to their personal situation ...
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 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 ...
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 ...
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