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Showing 21 - 30 of 104 results for "Best Interests Duty"

"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 ...

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 ...

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 ...

Advice requirements confusing, complex: JAWG

ANDREW MCKEAN  |  TUESDAY, 21 JUN 2022
... the removal of the safe harbour steps from the Corporations Act and clarity on what is needed to satisfy the best interests duty. A profession-wide position on the tax deductibility of initial and ongoing advice fees and a review of the ASIC industry ...

Clear up uncertainty: AFA, FPA

JAMIE WILLIAMSON  |  FRIDAY, 17 JUN 2022
... level of uptake. This reflects a combination of issues with respect to what is expected to comply with the Best Interests Duty (BID) and the uncertainty created by Standard 6 of the Code of Ethics," the AFA said. The group said advisers are also uncertain ...

We knew people would leave the advice industry: Hume

ANDREW MCKEAN  |  FRIDAY, 13 MAY 2022
... fair that advisers be able to demonstrate the value they could offer to clients. She took no exception to the Best Interests Duty, stringent educational standards, onerous compliance or digital disruption that have reformed the industry. Hume was also ...

ASIC sets out limited advice expectations

KARREN VERGARA  |  THURSDAY, 2 DEC 2021
... what advice that is not provided, the implications of this, and why such an approach was taken. Advisers' best interests duty and related obligations apply when giving limited advice. "The same rules apply to all personal advice, regardless of whether ...