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Showing 91 - 100 of 136 results for "Best Interest Duty"

Westpac weighs in on FoFA debate

LAURA MILLAN  |  FRIDAY, 9 MAY 2014
... continued availability of limited, free advice to consumers," the bank continued. The document added that the best interest duty will have "the biggest impact in terms of protecting consumers and improving the quality of advice." Westpac asked for the ...

Stakeholders stage FoFA confrontation in Senate submissions

LAURA MILLAN  |  WEDNESDAY, 7 MAY 2014
... increasingly opposing positions. Most stakeholders focused on the most controversial topics of FoFA: advisers' best interest duty and the 'catch-all' phrase, the opt-in requirements, the obligation to provide fee disclosure statements and the separation ...

Government will go ahead with FoFA changes: Ciobo

JAMES FERNYHOUGH  |  THURSDAY, 3 APR 2014
... that consumers face." Ciobo expressed commitment to every aspect of the bill, including the removal of the best interest duty catch-all provision, the removal of the opt-in requirement, and the sanctioning of commissions for general advice. The bill ...

Industry receives FoFA bill with mixed feelings

LAURA MILLAN  |  THURSDAY, 20 MAR 2014
... introduced yesterday to the parliament. The FPA supports the removal of the "catch all" definition of the advisers' best interest duty under section 961B(1) of the Corporations Act. "It was undefined and we would have had to wait for a court case to ...

Government limits general advice exemption in FoFA amendments

LAURA MILLAN  |  THURSDAY, 20 MAR 2014
... retrospective application of fee disclosure statements and the removal of the "catch all" definition of the advisers' best interest duty under section 961B(1) of the Corporations Act. The industry welcomed the fact that the government put "on hold" the ...

FoFA changes no threat to best interest duty: lawyer

JAMES FERNYHOUGH  |  WEDNESDAY, 19 MAR 2014
The Financial Services Council (FSC) has obtained legal advice arguing that the proposed amendments to the Future of Financial Advice (FoFA) reforms will not compromise the best interests duties of advisers to their clients. The advice, provided by ...

Advisers have to act in client's best interests: PM

ALEX DUNNIN  |  TUESDAY, 18 MAR 2014
... to always act in their client's best interests. Mason said, "If it should come about that some aspect of the best interest duty is to be wound back, it would be a serious mistake to think that a financial adviser is under no duty to act in the best interest ...

FoFA amendments will reduce quality of advice: lawyer

JAMES FERNYHOUGH  |  TUESDAY, 11 MAR 2014
The government's proposal to amend the best interest duty section of the Future of Financial Advice (FoFA) reforms are "inconsistent with the nature of a best interests duty" and will "reduce the overall quality of financial advice", according to legal ...

Consumers safe under FoFA changes: former judge

MARK SMITH  |  WEDNESDAY, 19 FEB 2014
... advisers to always act in the best interests of their clients. "If it should come about that some aspect of the best interest duty is to be wound back, it would be a serious mistake to think that a financial adviser is under no duty to act in the best ...

FPA slams detractors of best interest amendment

LAURA MILLAN  |  WEDNESDAY, 12 FEB 2014
... amendments" that will remove a sub-section of the Future of Financial Advice (FoFA) legislation referring to the best interest duty. "We are witnessing an extraordinary effort by product providers and those who represent them to build a political position ...