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Showing 81 - 90 of 131 results for "Best Interest Duty"

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 ...

Westpac weighs in on FoFA debate

LAURA MILLAN  |  FRIDAY, 9 MAY 2014
... continued availability of limited, free advice to consumers," the bank continued. The document added that the best interest duty will have "the biggest impact in terms of protecting consumers and improving the quality of advice." Westpac asked for the ...

Stakeholders stage FoFA confrontation in Senate submissions

LAURA MILLAN  |  WEDNESDAY, 7 MAY 2014
... increasingly opposing positions. Most stakeholders focused on the most controversial topics of FoFA: advisers' best interest duty and the 'catch-all' phrase, the opt-in requirements, the obligation to provide fee disclosure statements and the separation ...

Government will go ahead with FoFA changes: Ciobo

JAMES FERNYHOUGH  |  THURSDAY, 3 APR 2014
... that consumers face." Ciobo expressed commitment to every aspect of the bill, including the removal of the best interest duty catch-all provision, the removal of the opt-in requirement, and the sanctioning of commissions for general advice. The bill ...

Industry receives FoFA bill with mixed feelings

LAURA MILLAN  |  THURSDAY, 20 MAR 2014
... introduced yesterday to the parliament. The FPA supports the removal of the "catch all" definition of the advisers' best interest duty under section 961B(1) of the Corporations Act. "It was undefined and we would have had to wait for a court case to ...

Government limits general advice exemption in FoFA amendments

LAURA MILLAN  |  THURSDAY, 20 MAR 2014
... retrospective application of fee disclosure statements and the removal of the "catch all" definition of the advisers' best interest duty under section 961B(1) of the Corporations Act. The industry welcomed the fact that the government put "on hold" the ...