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Showing 31 - 40 of 121 results for "Interests Duty"

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 ...

APRA releases annual corporate plan

CASSANDRA BALDINI  |  MONDAY, 8 AUG 2022
APRA published its updated plan to reinforce the financial soundness of the banking, insurance and superannuation industries over the next four years, with few surprises on offer. The priorities in APRA's new Corporate Plan for 2022-2023 are based ...

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 ...

Performance test expansion paused as government announces review

RACHEL ALEMBAKIS  |  FRIDAY, 8 JUL 2022
... superannuation products." The review will also consider concerns relating to the regulatory complexity of best financial interests duty requirements, Treasury said. The announcement is the fulfilment of an announcement made by Jones during the Responsible ...

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 ...

Carbon transition and MBFID: Is it possible to meet both?

JAMIE WILLIAMSON  |  THURSDAY, 16 JUN 2022
... making these new investments with decarbonisation in mind would actually meet trustees' members' best financial interests duty? It has long been argued, proven even, that investing in fossil fuelled assets is not in members' long-term best interests ...

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 ...

APRA questions trustees on financial resilience

CHLOE WALKER  |  MONDAY, 22 NOV 2021
... existing reserves will be drawn on. Trustees must also justify how their approach would meet the best financial interests duty. As applications seeking judicial advice are still before the Courts, APRA notes that matters relating to the charging of trustee ...