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| | | ... 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 ... |
| | | | ... 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 ... |
| | | | ... 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 ... |
| | | | ... 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 ... |
| | | | ... 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 ... |
| | | | ... 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 ... |
| | | | ... 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 ... |
| | | | ... 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 ... |
| | | | ... 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 ... |
| | | | ... 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". ... |
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