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Showing 11 - 20 of 29 results for "FDS"

ASIC provides relief to Victorian advisers

ALLY SELBY  |  TUESDAY, 22 SEP 2020
... 962K and 962S of the Corporations Act. For breaches of 962S for pre-FOFA clients, only those with a fee disclosure statement (FDS) due between August 2 and October 26 will apply for the no-action, or for an instance where the FDS has not been given to ...

ASIC drags NAB to court for fees-for-no-service

HARRISON WORLEY  |  TUESDAY, 17 DEC 2019
ASIC has launched civil penalty proceedings against NAB in the Federal Court over fees-for-no-service, which the bank continued to charge after the Royal Commission. The corporate regulator is seeking to find NAB made several thousand contraventions ...

AFSLs show widespread non-compliance: ASIC

ELIZA BAVIN, JAMIE WILLIAMSON  |  THURSDAY, 28 NOV 2019
... received and 44% did not include the amount of each fee paid by the clients. ASIC said that in 7% of cases that required an FDS to be issued, fee recipients did not provide one. A further 9% were not provided within the required timeframe and 6% could ...

ASIC to review FDS compliance

HARRISON WORLEY  |  TUESDAY, 16 OCT 2018
... after licenses submitted breach reports to the extent the corporate regulator is concerned about systemic non-compliance. The FDS review will examine to what extent advice licensees issue FDSs and renewal notices to customers and whether they do so within ...

More risk advisers offloading practices

KARREN VERGARA  |  WEDNESDAY, 29 AUG 2018
... investment revenue streams. "These trail commission registers in 2013-14 were sought after because no Fee Disclosure Statement (FDS) was required and the opt-in requirement for new clients from 1 July 2013, didn't apply. Even some major banks that ...

Government succeeds in securing final FoFA changes

LAURA MILLAN  |  WEDNESDAY, 16 JUL 2014
... balanced scorecards are still permitted in general advice. From now on, advisers will not need to send Fee Disclosure Statements (FDS) to clients prior to July 1, 2013, and changes also resolve the issue of grandfathering. In addition to these changes ...

FoFA future uncertain as Palmer threatens to join opposition

LAURA MILLAN  |  MONDAY, 30 JUN 2014
... or commissions are considered conflicted remuneration. From today, advisers do not need to send Fee Disclosure Statements (FDS) to clients prior to July 1, 2013, and resolves the issue of grandfathering. Read all Financial Standard coverage of the FoFA ...

Advisers applaud "historic" ban on commissions

LAURA MILLAN  |  FRIDAY, 20 JUN 2014
... welcomed the government's support to a longtime AFA request of extending the notice period to provide Fee Disclosure Statements (FDS)'s increased from 30 days to 60 days. Read all Financial Standard coverage of the FoFA legislation here

Government to pass most FoFA changes through regulation

LAURA MILLAN  |  FRIDAY, 20 JUN 2014
... the provisions regarding investor access to scaled advice and the removal of the requirement for fee disclosure statements (FDS) to be sent to pre-July 1, 2013, clients. Changes through amendments to the Corporations Act and not through regulation will ...

Compliance absorbs half of platforms' development budget

LAURA MILLAN  |  TUESDAY, 29 APR 2014
... adviser support, reporting, direct shares and corporate actions functionality, as well as building fee disclosure statement (FDS) tools from scratch. CFS FirstWrap topped the ranking of full-function platforms by overall functionality for the second ...