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Showing 21 - 30 of 108 results for "Future of Financial Advice Reforms"

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 ...

Pressure on advice practices means time for rethink: ClearView

JAMIE WILLIAMSON  |  WEDNESDAY, 26 APR 2017
... only lead to improved client outcomes, it'll help advisers meet their obligations under the Future of Financial Advice reforms including the best interest duty."

ASIC wins first court action for FoFA breaches

EMMA RAPAPORT  |  WEDNESDAY, 5 APR 2017
... Corporate regulator ASIC successfully brought its first action against a licensee for breach of the Future of Financial Advice reforms in the Federal Court. Melbourne-based financial advice firm NSG Services (NSG) was found by the court to have breached ...

Product conflicts in retail banking: ABA report

ALEX BURKE  |  THURSDAY, 19 JAN 2017
... product-based payments used for retail banking staff, echoing the concerns that led to the Future of Financial Advice reforms. The report, written by former Australian Public Service Commissioner Stephen Sedgwick, has in its own words "tentatively identified" ...

CBA responds to systemic advice failures

KERRIE SYDEE  |  FRIDAY, 28 OCT 2016
... including to our systems, processes, supervision and training. "In addition, following the Future of Financial Advice reforms, customers also receive annual fee disclosure statements and new customers receive opt-in notices every two years to continue ...