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Showing 81 - 90 of 107 results for "Interests Duty"

FPA shines light on "catch-all" dilemma

LAURA MILLAN  |  TUESDAY, 25 NOV 2014
... government's changes to the FoFA legislation have brought back the "catch-all" provision in section 961(2)(g) of the best interests duty, which adds a very general clause to the six safe harbour definitions of what constitutes 'best interest'. Bobbin ...

Original FoFA laws take immediate effect

JAMES FERNYHOUGH  |  THURSDAY, 20 NOV 2014
... other major change is that advisers are now regulated by a 'catch-all' provision in section 961(2)(g) of the best interests duty, which adds a very general clause to the six safe harbour definitions of what constitutes 'best interest'. In the end, commissions ...

BT asks for full adviser disclosure to consumers

LAURA MILLAN  |  MONDAY, 21 JUL 2014
... require an adviser to ensure the client is aware of their rights, and the adviser's responsibility under the Best Interests Duty, shows FoFA has moved in the right direction." The SMSF Professionals' Association of Australia (SPAA) also welcomed the ...

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 ...