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Showing 1 - 10 of 83 results for "Fee disclosure statement"

Tranche one of advice reforms hits parliament

KARREN VERGARA  |  WEDNESDAY, 27 MAR 2024
... streamline ongoing fee renewal and consent requirements, including removing the requirement to provide a fee disclosure statement. This was under Recommendation 8 from the QAR. Under Recommendation 10, personal advice providers should have the flexibility ...

Fee consent forms, FDS overhaul concerns FAAA

KARREN VERGARA  |  MONDAY, 18 DEC 2023
... Statements (FDS) in its response to the first round of reforms. Currently, advisers must produce an annual Fee Disclosure Statement (FDS), a renewal notice, and a client fee consent form. While the FAAA said it is supportive of reducing these to one ...

OnePath cops $5m fine over fees for no service

CASSANDRA BALDINI  |  THURSDAY, 30 NOV 2023
The Federal Court has imposed a $5 million penalty on OnePath Custodians for unlawfully deducting adviser service fees from members. According to court documents, the trustee made misleading representations about its right to continue charging fees ...

Mercer fined $12m over advice failures

JAMIE WILLIAMSON  |  THURSDAY, 23 NOV 2023
Mercer Financial Advice will pay $12 million after the Federal Court found it failed to meet some disclosure obligations and charged almost $5 million in fees to clients when it was not entitled to do so. Mercer admitted that, between July 2016 and ...

Key advice reforms still coming, Jones promises

JAMIE WILLIAMSON  |  WEDNESDAY, 22 NOV 2023
Minister for financial services Stephen Jones has confirmed the government remains committed to removing Statements of Advice and the Safe Harbour Steps, as well as accelerating changes to education requirements to meet increased demand for advice. ...

Treasury unveils advice reforms draft legislation

KARREN VERGARA  |  TUESDAY, 14 NOV 2023
... streamline of ongoing fee renewal and consent requirements, including removing the requirement to provide a fee disclosure statement (Recommendation 8) and flexibility on delivering a Financial Services Guide (FSG) (Recommendation 10). The legislation ...

Advisers embrace less back-office burden

KARREN VERGARA  |  FRIDAY, 23 JUN 2023
Financial advisers have welcomed the elimination of many back-office inefficiencies under the federal government's adoption of the Quality of Advice Review recommendations. Some of the QAR recommendations assistant treasurer Stephen Jones flagged ...

Industry bodies respond to QAR recommendations

KARREN VERGARA  |  TUESDAY, 13 JUN 2023
The wealth management industry has broadly welcomed the bulk of the Quality of Advice Review recommendations Labor will prioritise, with many agreeing that the reforms will fix financial advice and ultimately benefit consumers. In releasing the first ...

Treasury to scrap advice admin burdens, boosts intra-fund advice

KARREN VERGARA  |  TUESDAY, 13 JUN 2023
... renewal and consent requirements will be streamlined into a single form, and the requirement to provide a fee disclosure statement will be removed, as per Recommendation 8. Statements of Advice (SoAs) will be replaced with an advice record that is more ...

Abolishing FDSs a major win: Panel

KARREN VERGARA  |  TUESDAY, 16 MAY 2023
The Quality of Advice Review's recommendation to abolish Fee Disclosure Statements would be a major win for financial advisers as many continue to grapple with providing accurate documents to clients. The Financial Advice Association Australia general ...
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