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Showing 81 - 90 of 136 results for "Best Interest Duty"

ASIC reviews FoFA progress

JAMES FERNYHOUGH  |  THURSDAY, 18 SEP 2014
... fee disclosure statements, which have demanded system updates, had been a major challenge. They also said the best interest duty brings with it a high risk of non-compliance, and they have depended upon the 'safe harbour' steps to help them determine ...

Do not take adviser loyalty for granted: research

LAURA MILLAN  |  TUESDAY, 12 AUG 2014
... among advisers who wanted to switch. "Following FoFA, and perhaps as a consequence of the introduction of the best interest duty, they now have increasing freedom," Investment Trends senior analyst Recep Peker said. "With a quarter of planners saying ...

Senate votes against disallowing FoFA amendments

LAURA MILLAN  |  TUESDAY, 15 JUL 2014
... next 90 days. These include setting up a financial adviser register, informing clients about the adviser's best interest duty and detailing fees and commissions. "This is very good news for consumers because they will be able to benefit from proper competition," ...

Government to pass most FoFA changes through regulation

LAURA MILLAN  |  FRIDAY, 20 JUN 2014
... legislated. They include the removal of the opt-in requirement, the removal of the catch-all provision of the best interest duty, the provisions regarding investor access to scaled advice and the removal of the requirement for fee disclosure statements ...

SPAA voices concern over conflicted remuneration

LAURA MILLAN  |  THURSDAY, 19 JUN 2014
... on conflicted remuneration. The organisation also said it "strongly supports the catch-all provisions of the best interest duty," as well as the other amendments recommended by the Committee. On the conflicted remuneration issue, SPAA chief executive ...

FoFA changes designed to protect big players: opposition

LAURA MILLAN  |  TUESDAY, 17 JUN 2014
... endorsed removing key consumer protections." The organisation representing some industry super funds said that the best interest duty has been diluted "by introducing loopholes lobbied for by banks" and added that the law allows "banks and other product ...

Senate report supportive of government FoFA reforms

LAURA MILLAN  |  TUESDAY, 17 JUN 2014
... recommended the removal of the catch-all provision and said it is persuaded that this "would not dilute the best interest duty." Consumer protection and affordability within scaled advice was one of the Committee's main points of interest. "Advisers ...

FPA reveals 10 point plan to improve advice

LAURA MILLAN  |  FRIDAY, 23 MAY 2014
... have suspension powers for financial planners and advisers suspected of material and systemic breaches of the best interest duty." ASIC must have a justifiable position and the financial planner/adviser has the right of appeal to AAT. The organisation ...

CBA, CSSA promote FoFA legal loophole

JAMES FERNYHOUGH  |  MONDAY, 19 MAY 2014
... re-defining corporate clients as 'wholesale' would mean that neither they nor their employees would be covered by a best interest duty, and conflicted remuneration would be allowed. The practices would therefore be identical, but due to a change in technical ...

Fostering ethical standards crucial to industry reputation: CFA

MARK SMITH  |  FRIDAY, 16 MAY 2014
... CFA Society of Melbourne president Paula Allen added that CFA charterholders are well placed to fulfil the best interest duty required by financial advisers due to their A strong foundation in ethical principles, together with thorough education and ...