Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 11 - 20 of 136 results for "Best Interest Duty"

Platform comparison fintech launches

KARREN VERGARA  |  TUESDAY, 22 AUG 2023
... products. SuitabilityHub provides all advisers digitised software that can bring a more holistic approach to the Best Interest Duty by looing looks at clients' needs and values that goes beyond fees," he said. The first step for an adviser is to ...

Advisers embrace less back-office burden

KARREN VERGARA  |  FRIDAY, 23 JUN 2023
... 9-11%, they said. "We recognise that the Safe Harbour Steps helps guide appropriate advice in line with the best interest duty," Pham said. "However, advisers that truly show their value, deliver great service and advice, go beyond merely completing ...

Labor advances super performance test changes

KARREN VERGARA  |  MONDAY, 19 JUN 2023
... consumers make decisions about whether to invest in these products and who themselves are subject to stringent best interest duty requirements." The wealth management firm is concerned that for many wrap products, the test would not be completed based ...

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

KARREN VERGARA  |  TUESDAY, 13 JUN 2023
... principle. Eliminating many bugbears for financial advisers, the Safe Harbour Steps will be removed from the Best Interest Duty. Consultations remain so as to determine the implementation details and the implications of adopting the remaining parts of ...

QAR does not "trash" FoFA: Anderson

CASSANDRA BALDINI  |  TUESDAY, 7 MAR 2023
... good for consumers and a different solution needs to be found," he added. Finally, he said, redefining the Best Interest Duty (BID) and removing Safe Harbour steps should also be prioritised. The original QAR proposal suggested removing the legislated ...

My mind has not been changed: Levy

CASSANDRA BALDINI  |  WEDNESDAY, 8 FEB 2023
... financial adviser," she said. Perhaps the most controversial element of Levy's proposal is that the statutory best interest duty obligations will not pertain to non-relevant providers. "The new best interests' duty would be a true fiduciary duty ...

More DASS complainants flock to AFCA

KARREN VERGARA  |  MONDAY, 6 FEB 2023
... client circumstances − or advice models that lead to one-size-fits-all outcomes - are less likely to meet best interest duty obligations and can expose clients to a risk of capital loss," ASIC deputy chair Sarah Court said at the time. The court imposed ...

We do get it: Levy

CASSANDRA BALDINI  |  FRIDAY, 18 NOV 2022
... in mind." In this episode of the Financial Standard podcast, Levy also addresses her proposed shift from the best interest duty, explaining why good advice is "more than acceptable", as well as concerns around financial advisers competing with non-relevant ...

Still work to do on QAR: Levy

CASSANDRA BALDINI  |  FRIDAY, 23 SEP 2022
... saying 'this is a disaster." She explained the bottom line as to why it was labeled as such was down to the best interest duty in the Corporations Act being removed and replaced by a good advice duty. "In my view, that's a very strong consumer ...

Current legislation "wrong way around": Levy

CASSANDRA BALDINI  |  THURSDAY, 22 SEP 2022
... the law, an obligation to give good advice. It's a big shift because the current law very much focuses on best interest duty, duty of priority for that process," she said. Levy said she has had a lot of discussions around the current "checklists". ...