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Showing 71 - 80 of 94 results for "Best Interests Duty"

Banks support the "original" FoFA intent: ABA

LAURA MILLAN  |  MONDAY, 26 MAY 2014
... changes to enable banks to charge or re-introduce commissions. The ABA is not seeking changes to dilute the best interests duty. Any claim to suggest otherwise is simply false," ABA acting chief executive Diane Tate said. She added that the legislation ...

Stakeholders stage FoFA confrontation in Senate submissions

LAURA MILLAN  |  WEDNESDAY, 7 MAY 2014
... University associate professor Paul Latimer said that "the financial planning industry should embrace the best interests duty and its catch-all as an opportunity to take one more step towards professionalising the industry rather turning back the clock ...

AFA focuses FSI submission on FoFA "misinformation campaign"

LAURA MILLAN  |  MONDAY, 7 APR 2014
... ABC comedy program (Mad as Hell) has even run a section where they made fun of the alleged removal of the Best Interests Duty," the association explained. The AFA argued that the "campaign of misinformation has led to what can only be described as a ...

AFA finds FoFA debate "surprising"

LAURA MILLAN  |  THURSDAY, 27 MAR 2014
... fiction and misrepresentation." The organisation said that "there is no justification for the claim that the Best Interests Duty is being removed" and added that there is "significant" support from financial services legal firms for the removal of the ...

Industry receives FoFA bill with mixed feelings

LAURA MILLAN  |  THURSDAY, 20 MAR 2014
... costs to consumers and the industry from re-permitting commissions through general advice and weakening the best interests duty," Whiteley said. He added that "many problems remain" and noted that "the changes to the scope of the general advice exemption ...

FoFA introduced into parliament with some tweaks

ALICE URIBE  |  WEDNESDAY, 19 MAR 2014
... costs to consumers and the industry from re-permitting commissions through general advice and weakening the best interests duty," he said. "In one fell swoop, supposed red tape savings for businesses could be far outweighed by consumer losses and reputational ...

FoFA amendments will reduce quality of advice: lawyer

JAMES FERNYHOUGH  |  TUESDAY, 11 MAR 2014
... interest duty section of the Future of Financial Advice (FoFA) reforms are "inconsistent with the nature of a best interests duty" and will "reduce the overall quality of financial advice", according to legal advice obtained by Industry Super Australia ...

FPA "extremely wary" of general advice commissions

LAURA MILLAN  |  FRIDAY, 21 FEB 2014
... advice "to avoid unintended consequences" and it endorsed the removal of sub-section s961B(2)(g) about the best interests duty. "The FPA remains concerned that the formulation of the duty in Section 961B(2)(g) might be an encouragement to litigation ...

FoFA changes go too far diluting conflicted rem: ISA

LAURA MILLAN  |  FRIDAY, 21 FEB 2014
... Future of Financial Advice (FoFA) "go too far by diluting both the conflicted remuneration prohibition and the best interests duty." ISA deputy chief executive Robbie Campo spoke yesterday in a public hearing of the Senate Economics Reference Committee ...

AFA to lobby on FoFA through grassroots campaign

LAURA MILLAN  |  MONDAY, 10 FEB 2014
... amendments we will still have the most regulated financial advice framework in the world including a legislated best interests duty that is well defined, understood and enforceable." The AFA will brief around 1,400 financial advisers during the GenXt ...