Government succeeds in securing final FoFA changesBY LAURA MILLAN | WEDNESDAY, 16 JUL 2014 1:05PMThe government's deal with the Palmer United Party (PUP) means that the proposed changes to the Future of Financial Advice (FoFA) legislation are set to go through. Related News |
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Alexis George
CHIEF EXECUTIVE OFFICER
AMP LIMITED
AMP LIMITED
After a few years of "cleaning up the past," AMP chief executive Alexis George has her sights firmly set on the future and restoring the wealth giant to its former glory. Eliza Bavin writes.
That's all well and good, though Corporate Super is still unworkable in light of MySuper and FOFA.
The situation is now that when a member leaves their Employer and is retained by the Fund Manager, they will continue to be charged a fee (both Choice and MySuper members) that used to be paid on to the Planner but will now be retained by the Fund Manger.
This is clearly not in the best interest of the client and is not in the interest of the planner as they are now not paid to provide their ongoing service to the member.
Clearly this needs looking at.