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Showing 1 - 10 of 100 results for "Best Interests Duty"

Treasury gives Tranche 2 reform package preview

JAMIE WILLIAMSON  |  WEDNESDAY, 4 DEC 2024
... and will interact with the Sole Purpose Test. In addition, the second tranche also includes the modernised best interests duty, allowing advice on single or limited scope issues where it suits the client's needs, and removes the safe harbour steps. Revamped ...

Trustees, advisers have 'insufficient focus' on performance

ELIZA BAVIN  |  WEDNESDAY, 4 DEC 2024
... Kirkland said. "These deficiencies were a major factor in the advisers failing to demonstrate compliance with the best interests duty and appropriate advice obligations - and raised concerns about the clients suffering detriment." Kirkland said ASIC ...

'New class of advisers' need clear-cut distinction: FAAA

KARREN VERGARA  |  THURSDAY, 28 NOV 2024
... who work for banks, superannuation funds, and life insurers. It includes the proposed rationalisation of the best interests duty and removal of the safe harbour steps. This week is the final sitting week for parliament. Abood said: "We're expecting ...

Jones preps DBFO Tranche 2 for parliament

KARREN VERGARA  |  WEDNESDAY, 30 OCT 2024
... in parliament. The highly anticipated set of changes promise to remove laborious tasks by modernising the best interests duty and removing the safe harbour steps. Statements of Advice (SoAs) will also receive a makeover, while a new class of advisers ...

Hanson backs Dixon Advisory inquiry

KARREN VERGARA  |  WEDNESDAY, 18 SEP 2024
... ASIC took action on Dixon Advisory in 2021, alleging 51 instances of bad financial advice that breached the best interests duty under the Corporations Act. ASIC ultimately settled for a $7.2 million penalty and $1 million to cover its legal costs. The ...

Early contributions boost retirement balances

ANDREW MCKEAN  |  FRIDAY, 21 JUN 2024
... compliance checks, whilst also ensuring advisers can maintain high standards and satisfy obligations such as the Best Interests Duty, without compromising on speed.

ASIC waves red flag at advisers, trustees over Choice products

JAMIE WILLIAMSON  |  THURSDAY, 22 FEB 2024
... continue investing in the underperforming option in one way or another. Eleven files demonstrated breaches of the best interests duty and appropriate advice obligation, primarily in relation to the underperforming product, including no explanation as ...

Final QAR reforms open door to super funds

CASSANDRA BALDINI  |  THURSDAY, 7 DEC 2023
In its final response to the Quality of Advice Review (QAR), the government plans to modernise the best interests duty and amend the Statement of Advice (SoA), while also granting approval for superannuation funds to provide personal advice. In its ...

Key advice reforms still coming, Jones promises

JAMIE WILLIAMSON  |  WEDNESDAY, 22 NOV 2023
... any changes to the provision of Statements of Advice (SoAs) and the removal of Safe Harbour Steps from the Best Interests Duty and raised concerns that these recommendations may no longer be adopted. However, Jones assured delegates these changes are ...

Treasury unveils advice reforms draft legislation

KARREN VERGARA  |  TUESDAY, 14 NOV 2023
... reduce administrative burdens of financial advisers but is missing key pieces, such as the elimination of the Best Interests Duty and the overhaul of the Statement of Advice (SoA). Released today, the proposed legislation is the first tranche of the ...
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