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Showing 11 - 20 of 36 results for "Ongoing fee arrangement"

Regulation should be balanced: Levy

ANDREW MCKEAN  |  WEDNESDAY, 1 FEB 2023
Financial advisers need a balanced regulatory framework, says Michelle Levy, lead of the government's Quality of Advice Review (QAR). At an event hosted by PritchittBland, Levy said almost all stakeholders are unhappy with the current system; financial ...

FSC releases two new standards

KARREN VERGARA  |  FRIDAY, 17 DEC 2021
The Financial Services Council released two new standards, one of which helps members abide by the newly mandated advice fee consent requirements. FSC members will need to comply with FSC Guidance Note No. 43 from 1 January 2022, which was constructed ...

CFS adopts advice consent solution

KARREN VERGARA  |  THURSDAY, 14 OCT 2021
... came into effect on July 1, as recommended by the Hayne Royal Commission. A client who does not renew an ongoing fee arrangement with their adviser for example, will terminate the arrangement 30 days after the end of the renewal period. CFS chief distribution ...

Benefits of advice reforms yet to materialise

KARREN VERGARA  |  TUESDAY, 24 AUG 2021
The myriad of regulatory reforms in the financial advice industry is raising concerns about the effects on the accessibility and quality of advice. This is according to Rainmaker's latest analysis of the ASIC Financial Adviser Register, which saw almost ...

Regulators warn trustees of super advice fee obligations

KARREN VERGARA  |  THURSDAY, 1 JUL 2021
The regulators issued a firm reminder to trustees and financial advisers to heed the new law that limits the charges on superannuation advice. From July 1, trustees and financial advisers must have the proper processes and systems in place to meet the ...

ASIC takes on NAB for fee-for-no service breaches

KARREN VERGARA  |  FRIDAY, 18 JUN 2021
The corporate regulator is fighting tooth and nail to make National Australia Bank pay a hefty penalty for charging customers fees in return for no service. In the Federal Court this morning, ASIC representative Christopher Archibald QC recalled the ...

ASIC releases ongoing fee obligations guidance

KARREN VERGARA  |  WEDNESDAY, 16 JUN 2021
... respond in writing by 28 October 2023 to renew the arrangement. If they do not respond by this date, the ongoing fee arrangement will terminate on 27 November 2023 - that is, 30 days after the end of the renewal period on 28 October 2023. Advisers must ...

Former adviser hit with three-year ban

KARREN VERGARA  |  FRIDAY, 4 JUN 2021
A former financial adviser that failed to consider his clients' best interests copped a three-year ban from the regulator. Brisbane-based Nathan Smith was a representative for MyPlanner Professional Services and Total Financial Solutions Australia. ...

Potential small carve out for annual renewal law

KARREN VERGARA  |  THURSDAY, 27 MAY 2021
... risk, as any breach in terms of the content of an FDS or getting the amount wrong would result in the ongoing fee arrangement being terminated," the AFA said. Other practicality issues identified include the delays in processing fees; not having enough ...

ASIC releases fee consent instrument

ELIZABETH MCARTHUR  |  THURSDAY, 25 MAR 2021
... recipient must be obtained by financial advisers before they can charge any advice fees as part of an ongoing fee arrangement. The second means ASIC will require Australian financial services licensees or authorised representatives to provide clients ...