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Showing 111 - 120 of 121 results for "Interests Duty"

Employed advisers could face $200k liability under FoFA

JAMES FERNYHOUGH  |  TUESDAY, 11 JUN 2013
Employed financial advisers will be personally liable for serious breaches of the Best Interests Duty if they are authorised representatives (ARs), according to Charmian Holmes, solicitor director at The Fold Legal (the Fold). Once the Future of Financial ...

Advisers must ask clients about SRI investing: Australian Ethical

MARK SMITH  |  WEDNESDAY, 23 JAN 2013
... Financial Advice Reforms could obligate them to do so after 1 July this year. "There is an argument that the Best Interests Duty requires advisers to at least ask their clients the question," he explains. "An outcome of the global financial crisis has ...

Advisers at risk over asset-based fees

BEN COLLINS  |  THURSDAY, 10 JAN 2013
... them managing as many assets as possible, potentially when that is not in clients' best interest. Under the Best Interests Duty, clients must be given non-product-related solutions where appropriate, even if that means the client is less likely to need ...

FOFA guidance released

BEN COLLINS  |  FRIDAY, 14 DEC 2012
... aim to better the quality and accessibility of financial advice in Australia. ASIC's final guidance on the best interests duty covers how to act in the best interests of a client, how to satisfy the 'safe harbour' part of the the best interests duty ...

Draft regulation released for Accountant Exemption

BEN COLLINS  |  THURSDAY, 29 NOV 2012
... already can. The reforms also extend the consumer protection provisions of the Corporations Act, such as the best interests duty in the recently passed Future of Financial Advice (FoFA) reforms, to financial advice provided by accountants. Both the Institute ...

All advice scaled in proposed ASIC guidance

MELANIE TIMBRELL  |  FRIDAY, 10 AUG 2012
... released yesterday on key elements of the FOFA reform package. The proposed guidance on scaled advice and best interests duty indicates the two categories of scaled and holistic advice will be superceded by the understanding that all advice is either ...

Fix churn with watch list: AFA

MELANIE TIMBRELL  |  MONDAY, 16 JUL 2012
... benefit in cases identified as likely to fall into a churn pattern. "We believe that the introduction of the Best Interests Duty under the Future of Financial Advice (FOFA) legislation will highlight the importance of only moving clients from one policy ...

Advisers urged to keep up pressure on FOFA change

CLAIRE MCGREAL  |  FRIDAY, 16 MAR 2012
... before the legislation is considered by parliament, removing the opt-in clause, improving the drafting of the best interests duty, and to further refine the ban of commissions on risk insurance inside super. Life insurance specialist Asteron Life is ...

ASIC releases FOFA guidance plan

ELISE BURGESS  |  TUESDAY, 13 DEC 2011
... other industry participants before that date. The guidance will outline ASIC's expectations for meeting the best interests duty, its final guidance on scaled advice that will take into account the "best interests duty and will discuss a range of topics ...

Govt releases intra-fund advice rules

ELISE BURGESS  |  THURSDAY, 8 DEC 2011
... superannuation entity. "Intra-fund advice will be subject to key FOFA regulatory requirements, such as the best interests duty, thereby promoting a level playing field with other forms of financial advice. In addition, this definition provides safeguards ...