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Showing 21 - 30 of 120 results for "Financial Advice Reforms"

Frydenberg flags new advice disciplinary system

HARRISON WORLEY  |  MONDAY, 19 AUG 2019
... Australia's financial regulators to enforce the law," Frydenberg said. "In comparison, the Future of Financial Advice Reforms (FOFA), took almost 23 months from when the Parliamentary Joint Committee on Corporations and Financial Services tabled ...

Adviser association rebrands, grows membership

KARREN VERGARA  |  THURSDAY, 18 JUL 2019
... independent financial advisers." The LICG was formed on the back of the Life Insurance Framework and Future of Financial Advice reforms. At one point, it had over 3000 registered members and 6000 advisers on the mailing list. UFAA's committee members ...

MLC faces class action over adviser fees

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 JUL 2019
... pay commissions and other fees to advisers. It is alleged these fees were charged after the Future of Financial Advice reforms banned conflicted remuneration for advisers in 2013. Under the grandfathering provisions in those reforms, certain commissions ...

Suncorp Super faces action over adviser pay

JAMIE WILLIAMSON  |  TUESDAY, 4 JUN 2019
... entrench fees or commissions that would otherwise have been unlawful or unenforceable under the Future of Financial Advice reforms. In doing so, the trustee breached its duties to avoid conflicts, act with due care and diligence, and act in the best ...

Grandfathered commissions ban unconstitutional: Association

JAMIE WILLIAMSON  |  MONDAY, 4 MAR 2019
... matters. The AIOFP is concerned the proposed ban is not constitutionally valid as, under the Future of Financial Advice reforms, it was determined that: "The proposal to ban particular remuneration structures can only operate prospectively, due to constitutional ...

Grandfathered commissions deadline challenging: AFA

JAMIE WILLIAMSON  |  WEDNESDAY, 6 FEB 2019
... said Fiducian has been working on converting commissions to fees for service shortly after the Future of Financial Advice reforms were implemented in July 2013 - almost six years ago. Today, about 4% of the group's revenue is still derived from grandfathered ...

Westpac admits it didn't take FoFA seriously

KANIKA SOOD  |  WEDNESDAY, 7 NOV 2018
Westpac said while implementing the Future of Financial Advice reforms, it did not embed strong enough controls and record-keeping to police fee-for-no-service advice. The admission was made in the bank's annual sustainability report released today ...

General advice "misleading": Productivity Commission

JAMIE WILLIAMSON  |  WEDNESDAY, 7 FEB 2018
... it some protection against misuse," the report states. The Commission also stated that the Future of Financial Advice reforms have contributed to consolidation in the asset management and financial advice markets, meaning that while consumers may be ...

Institutional advice licensees to continue feeling the heat

JAMIE WILLIAMSON  |  WEDNESDAY, 29 NOV 2017
... non-aligned space. HUB24 managing director Andrew Alcock believes the ongoing impact of the Future of Financial Advice reforms and the enforcement of the Best Interest Duty requirements will see institutions forced to expand their offerings and the way ...

FOFA breach sees former adviser banned

JAMIE WILLIAMSON  |  THURSDAY, 20 JUL 2017
... financial adviser was banned by ASIC for breaching the best interest duty introduced under the Future of Financial Advice reforms. Jason Sean Atkins of Perth is prohibited from providing financial advice for three years after the corporate regulator ...