The latest issue of Financial Standard now available as an e-newspaper Dealer groups slam FPA policy BY ELIZABETH MCARTHUR | THURSDAY, 4 JUN 2020 12:38PMFortnum, Centrepoint, Easton Wealth, CountPlus, Fitzpatricks and Paragem have all criticised the Financial Planning Association of Australia's latest policy proposal. Sponsored by Franklin Templeton
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| | KANIKA SOOD A new fund from the federal government has appointed a Perpetual subsidiary as its trustee while a consortium of global managers has won the investment management mandate. | ELIZABETH MCARTHUR A trustee has been appointed to AMP Life's superannuation funds, which hold more than $7 billion, following the sale of AMP Life to Resolution Life. | | | ELIZA BAVIN ClearView Wealth has announced a number of changes to its board including a new chair. | ELIZA BAVIN First State Super and VicSuper have completed their merger, revealing fee reductions and board changes. |
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The licensee statement is right in that costs of compliance are not discretionary. However, duplicate liability (licensees and advisers) is.
Lawyers and accountants have been able to manage the genuine difficulties mentioned by the licensees by using the partnership model combined with service companies. That could work for advisers as well.
AFSLs are the one's responsible for poor advice outcomes. Anyone who has been around long enough knows they were the reasons we had FOFA in the first place. To say they facilitate compliant advice is a joke. They have been leaching off the industry for years and advisers can no longer afford these parasites