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Showing 11 - 20 of 107 results for "Interests Duty"

Put controls in place for super funds: Associations

CASSANDRA BALDINI  |  THURSDAY, 9 FEB 2023
... are able to employ "non-qualified persons" to give personal advice and not be held to FASEA standards or the best interests duty. "So, the government of the day paid a large sum of money to an organisation to write a report to ignore the recommendations ...

"A lawyer's picnic": QAR report slammed

JAMIE WILLIAMSON  |  THURSDAY, 9 FEB 2023
... note, CHOICE's Alan Kirkland said the report is a recipe for another Royal Commission, adding that the new best interests duty for advisers and Good Advice Duty for institutions will be a "lawyer's picnic". "The biggest scandals in financial advice have ...

Treasury releases Quality of Advice Review final report

CASSANDRA BALDINI, JAMIE WILLIAMSON  |  WEDNESDAY, 8 FEB 2023
... surprises, however her recommendations include the introduction of both a Good Advice Duty and a Statutory Best Interests Duty. The 267-page final report, released today, includes 13 primary recommendations for making financial advice more affordable ...

Current legislation "wrong way around": Levy

CASSANDRA BALDINI  |  THURSDAY, 22 SEP 2022
Quality of Advice Review chair Michelle Levy believes providing financial advice with a focus on best interests duty and duty of priority is doing things the wrong way. Commenting on her proposal to replace the best interests duty and duty of priority ...

BFID no hindrance to helping vulnerable members: Panel

CHLOE WALKER  |  WEDNESDAY, 7 SEP 2022
... more for vulnerable members, while ASIC commissioner Danielle Press agreed and pointed out that the best financial interests duty actually allows for different members to be treated differently. "Vulnerability can be intrinsic or as a result of factors ...

A sensible roadmap: Industry responds to QAR paper

JAMIE WILLIAMSON  |  MONDAY, 29 AUG 2022
... financial advice sector, making advice more affordable and accessible. Her recommendations include removing the best interests duty, removing the requirement to provide Statements of Advice, and allowing superannuation funds to provide personal financial ...

Focus on providing 'good advice': QAR draft proposals

JAMIE WILLIAMSON, CASSANDRA BALDINI  |  MONDAY, 29 AUG 2022
... consultation paper. Released today, the QAR lead Michelle Levy's consultation paper suggests removing the best interests duty, saying "evidence suggests the best interests duty has not been more effective than disclosure in protecting consumers from ...

APRA releases annual corporate plan

CASSANDRA BALDINI  |  MONDAY, 8 AUG 2022
APRA published its updated plan to reinforce the financial soundness of the banking, insurance and superannuation industries over the next four years, with few surprises on offer. The priorities in APRA's new Corporate Plan for 2022-2023 are based ...

AFA hits back at QAR submissions from Choice, ISA

CASSANDRA BALDINI  |  MONDAY, 11 JUL 2022
... might significantly reduce the cost of providing advice," the AFA said. Choice has opposed any change to the Best Interests Duty safe harbour until ASIC has provided empirical evidence that shows it is ineffective. "Seemingly they are oblivious to what ...

Performance test expansion paused as government announces review

RACHEL ALEMBAKIS  |  FRIDAY, 8 JUL 2022
... superannuation products." The review will also consider concerns relating to the regulatory complexity of best financial interests duty requirements, Treasury said. The announcement is the fulfilment of an announcement made by Jones during the Responsible ...