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

Search Results

Showing 11 - 20 of 105 results for "Grandfathering"

Grandfathering phase out tussle continues

ELIZABETH MCARTHUR  |  FRIDAY, 22 NOV 2019
Colonial First State has confirmed it is aiming for mid-year implementation of the phase out of grandfathered remuneration, much to the ire of the Association of Independently Owned Financial Professionals (AIOFP). A CFS spokesperson confirmed to Financial ...

Colonial First State hit with second class action in less than a week

ELIZA BAVIN  |  MONDAY, 21 OCT 2019
... "Ever since, CFS continued to pay commissions with respect to existing members under what became known as the 'grandfathering exception', and because of this it continued charging those members higher fees," he said. The class action relates ...

ASIC using intimidation tactics on grandfathering: AIOFP

ELIZABETH MCARTHUR  |  WEDNESDAY, 16 OCT 2019
... to him that the High Court action could assist the AMPFPA in its legal challenge, due to the impact the end of grandfathering will have on BOLR valuations particularly since AMP's policy changed in August. "BOLR changes are all based on grandfathered ...

Complexity of grandfathered commissions overlooked

ELIZABETH MCARTHUR  |  FRIDAY, 27 SEP 2019
... during the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into the FOFA legislation grandfathering was not the subject of any debate. "A detailed understanding of the history of FOFA helps in understanding why grandfathering ...

The end of grandfathered commissions

ELIZABETH MCARTHUR  |  WEDNESDAY, 11 SEP 2019
... as many of these clients as possible before the deadline." He also called on product providers not to turn off grandfathering before the legislated 2021 deadline. "In many cases, turning off grandfathering before the legislated date will only serve to ...

ASIC to review end of grandfathering

ELIZABETH MCARTHUR  |  WEDNESDAY, 21 AUG 2019
... commitment to end the practice by January 2021. ASIC said it will review the steps already taken by the industry to end grandfathering and conflicted remuneration, right up to the 2021 deadline. The regulator will report on anything holding up the transition ...

AFA, FPA slam haste in ending grandfathered commissions

KRISTI CHENG  |  FRIDAY, 2 AUG 2019
... are available on the market," he said. The final report of the Hayne Royal Commission recommended repealing the grandfathering provisions "as soon as is practicable". De Gori said the cost of the commission is embedded in the fees, meaning the consumer ...

Final nail in the coffin for grandfathered commissions

KANIKA SOOD  |  TUESDAY, 30 JUL 2019
... Grandfathered Conflicted Remuneration) Bill 2019 implements the government's response to the final report, to end the grandfathering of conflicted remuneration by 1 January 2021. "We are also going further, by including in the Bill a power to make ...

MLC faces class action over adviser fees

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 JUL 2019
... charged after the Future of Financial Advice reforms banned conflicted remuneration for advisers in 2013. Under the grandfathering provisions in those reforms, certain commissions and payments entered into prior to the reforms were excepted from the ...

Frydenberg takes action on banning grandfathered commissions

HARRISON WORLEY  |  THURSDAY, 28 MAR 2019
... have seen product manufacturers keep the money for themselves. "In contrast, Labor proposed legislation to end the grandfathering of commissions which was found to be defective in multiple respects," Frydenberg said. "Their legislation contained loopholes ...