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Showing 1 - 10 of 68 results for "Fee disclosure statement"

AFA slams new SOA measures

KARREN VERGARA  |  WEDNESDAY, 7 JUL 2021
... by the regulators," Anderson said. From July 1, new laws mandated all ongoing fee clients to receive a Fee Disclosure Statement each year, that sets out the services provided, fees paid over the last year, as well as the services to be provided over ...

ASIC takes on NAB for fee-for-no service breaches

KARREN VERGARA  |  FRIDAY, 18 JUN 2021
... that our clients were entitled to expect that they would be given on every occasion timely and accurate fee disclosure statement in accordance with our obligations at law," the bank's lawyers said. "We and the bank deeply regret that the contraventions ...

ASIC releases ongoing fee obligations guidance

KARREN VERGARA  |  WEDNESDAY, 16 JUN 2021
... obligations will take effect. These are new obligations that must be carried out on top of providing clients a fee disclosure statement (FDS), which has been in place since 1 July 2012. The information sheet covers three areas: ongoing fee arrangements ...

Advisers win annual renew law relief

KARREN VERGARA  |  FRIDAY, 11 JUN 2021
The federal government will introduce a carve out to help financial advisers to meet their ongoing fee disclosure obligations. Senator Jane Hume announced this evening that advisers will have 60 days to provide clients an estimate of fees they will ...

Former adviser hit with three-year ban

KARREN VERGARA  |  FRIDAY, 4 JUN 2021
A former financial adviser that failed to consider his clients' best interests copped a three-year ban from the regulator. Brisbane-based Nathan Smith was a representative for MyPlanner Professional Services and Total Financial Solutions Australia. ...

Potential small carve out for annual renewal law

KARREN VERGARA  |  THURSDAY, 27 MAY 2021
... changes. Under the annual renewal for ongoing fee arrangements, the new law requires advisers to provide a fee disclosure statement (FDS) during the transition year that covers a 12-month period up to the day immediately before the day the FDS is provided. ...

Key advice reforms tabled

KARREN VERGARA  |  THURSDAY, 10 DEC 2020
... practice, the new law is aiming to curb the fee-for-no-service problem. Advisers must provide clients a fee disclosure statement outlining what is being charged and the services they are entitled to over the next 12 months. This also seeks permission ...

ASIC provides relief to Victorian advisers

ALLY SELBY  |  TUESDAY, 22 SEP 2020
... 62G, 962K and 962S of the Corporations Act. For breaches of 962S for pre-FOFA clients, only those with a fee disclosure statement (FDS) due between August 2 and October 26 will apply for the no-action, or for an instance where the FDS has not been given ...

Platform prototypes compliance capability

ALLY SELBY  |  THURSDAY, 18 JUN 2020
HUB24 is developing a new tech capability, which it says will identify compliance issues before they happen. The specialist platform is currently working with five licensees to build the tool, including its subsidiary Paragem, which will use machine ...

Adviser guilty of misuse of client money

ELIZA BAVIN  |  THURSDAY, 14 MAY 2020
Former financial adviser Anthony Dick pleaded guilty to 11 counts of dishonestly using his clients' money for his own personal use. Dick was charged in February this year after an ASIC investigation revealed he had accessed and transferred around ...
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