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Showing 21 - 30 of 36 results for "Ongoing fee arrangement"

Key advice reforms tabled

KARREN VERGARA  |  THURSDAY, 10 DEC 2020
New regulation that requires financial advisers to disclose conflicts of interest and stamp out fees-for-no service have been tabled in parliament. The Financial Sector Reform (Hayne Royal Commission Response No. 2) Bill 2020 aims to strengthen many ...

ASIC provides relief to Victorian advisers

ALLY SELBY  |  TUESDAY, 22 SEP 2020
... and renewal notice obligations. "This means that relying on this no-action position does not prevent an ongoing fee arrangement (OFA) terminating in relation to post-FOFA clients, where the FDS or renewal notice is not given to a client, or has not been ...

Compliance worse than COVID-19

ALLY SELBY  |  THURSDAY, 23 APR 2020
... Disclosure Statements and opt-in processes is significantly adding to the ongoing cost of maintaining an ongoing fee arrangement with a client. "The Royal Commission recommendation on annual renewal and providing client consent to the product providers ...

Lack of independence must be made clear: ASIC

ELIZA BAVIN  |  TUESDAY, 10 MAR 2020
... the recommendations, ASIC said written "express written consent" will be needed to charge fees for an ongoing fee arrangement from a clients' account on a yearly basis. In addition, the regulator suggests each year a record must be kept of the services ...

Advice groups criticise rushed legislation

ELIZABETH MCARTHUR  |  WEDNESDAY, 4 MAR 2020
The government's plan to implement recommendations from the Royal Commission has been met with concern and criticism from financial advice industry groups. Both the Association of Financial Advisers and The Advisers Association have lashed out at ...

Where to from here?

JAMIE WILLIAMSON  |  WEDNESDAY, 5 FEB 2020
On the anniversary of the Royal Commission's final report, AFA chief Phil Kewin reflects on the year that was and how the playbook - and rules - changed for advisers. It's been 12 months since the financial services sector was hit with Commissioner ...

Frydenberg takes RC super advice

HARRISON WORLEY  |  FRIDAY, 31 JAN 2020
... unless certain conditions are satisfied. Those conditions include new requirements enhancing the existing ongoing fee arrangement provisions, which the government is also acting on through this round of new legislation. Additionally, the government will ...

Ongoing fees, advice fees in super to be reformed

ELIZABETH MCARTHUR  |  FRIDAY, 31 JAN 2020
... Hayne's final report on February 5. The draft legislation for recommendation 2.1 will enhance the existing ongoing fee arrangement provisions in the Corporations Act. Under the reforms, advisers would be required to seek annual renewal from clients for ...

AFSLs show widespread non-compliance: ASIC

ELIZA BAVIN, JAMIE WILLIAMSON  |  THURSDAY, 28 NOV 2019
AFS licensees are consistently failing to provide correct information about advice fees to clients and are potentially still charging fees long after ongoing fee arrangements have been terminated, ASIC has found. The report, Compliance with fee disclosure ...

YBR to remediate wealth clients

KARREN VERGARA  |  FRIDAY, 30 AUG 2019
Yellow Brick Road is expecting to compensate wealth clients close to $1 million for failing its fee disclosure statements obligations. During the 2019 financial year, the ASX-listed firm identified some advice clients with ongoing fee arrangements may ...

Editor's Choice

Invesco launches new equity fund

ELIZA BAVIN
Invesco said the new fund will give Australian investors access to a systematic global equity strategy with a 20-year track record.

FCA pursues Neil Woodford again

KARREN VERGARA
The Financial Conduct Authority (FCA) is going after failed fund manager Neil Woodford again, this time for allegedly providing unauthorised investment advice via W4.0, his Dubai-based investment platform.

Former APRA deputy chair launches retirement solutions startup

KARREN VERGARA
A former APRA deputy chair has launched CipherIQ, a new venture that provides retirement solutions via account-based pensions in partnership with superannuation funds, financial advisers and retirees.

Global X launches space tech ETF

MATTHEW WAI
Global X has now launched the space tech ETF (ASX: MOON).

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