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Showing 1201 - 1210 of 2024 results for "Legislation"

Cormann freezes FoFA amendments

MARK SMITH, ALICE URIBE  |  MONDAY, 24 MAR 2014
... last Friday." The government faced criticism in the media and from the Labor party for watering down parts of the legislation that were aiming squarely at promoting consumers best interests. Shadow Financial Services and Superannuation Minister Bernie ...

Senate Economics Committee to hold inquiry on FoFA bill

LAURA MILLAN  |  FRIDAY, 21 MAR 2014
The bill amending the Future of Financial Advice (FoFA) legislation will need to go through a Senate Economics Committee inquiry before it is tabled in the Senate. The Senate Standing Committee for Selection of Bills decided to refer the Corporations ...

Industry receives FoFA bill with mixed feelings

LAURA MILLAN  |  THURSDAY, 20 MAR 2014
... Australia (SPAA) was supportive of the amendments and its chief executive Andrea Slattery said that "the existing legislation had the potential to be too broad in its application, to create uncertainty and to cause a high compliance burden for financial ...

Cormann to take over Sinodinos' duties

LAURA MILLAN  |  THURSDAY, 20 MAR 2014
... Cormann is the original architect of the policy that has turned into the reforms of the Future of Financial Advice legislation," the Financial Planning Association (FPA) chief executive Mark Rantall told Financial Standard. The Association of Financial ...

Labor hopes to disallow FoFA amendments

JAMES FERNYHOUGH  |  THURSDAY, 20 MAR 2014
... reforms may yet be blocked by the Senate, even though they will initially be pushed through as regulations rather than legislation, according to opposition spokesperson for superannuation and financial services Bernie Ripoll. The government is lodging ...

FoFA changes to be tabled today

JAMES FERNYHOUGH  |  WEDNESDAY, 19 MAR 2014
... relations at the Financial Planning Association (FPA) said he expects the government to introduce the changes both as legislation and regulation. "Our understanding is the regulation will mirror the legislation. I think the reason for that is the regulations ...

FoFA changes no threat to best interest duty: lawyer

JAMES FERNYHOUGH  |  WEDNESDAY, 19 MAR 2014
... - to parliament. The advice focuses on the removal of the 'catch-all' provision of the safe harbor section of the legislation (Corporations Act 961(B)). Following six specific points spelling out what is classed as 'best interest', the catch-all provision ...

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

ALEX DUNNIN  |  TUESDAY, 18 MAR 2014
... Tony Abbott has echoed claims that regardless of what the government does to the Future of Financial Advice (FoFA) legislation that financial advisers will still have undefined best interests obligations. Speaking at Parliament House yesterday regarding ...

Parliament passes more nuanced SMSF penalties

JAMES FERNYHOUGH  |  THURSDAY, 13 MAR 2014
... fines and mandatory training. The SMSF Professionals' Association of Australian (SPAA) welcomed the passage of the legislation, with chief executive Andrea Slattery commenting: "Our organisation supported the concept of administrative penalties for SMSFs ...

State Super to combine with two NSW state funds

JAMES FERNYHOUGH  |  TUESDAY, 11 MAR 2014
... "These are common-sense changes designed to eliminate unnecessary duplication of activities." The state government said legislation was not required to implement the decision. Former chair of State Super and current chair of Platinum Asset Management ...