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Showing 1 - 10 of 14 results for "General Advice Exemption"

Parliament repeals key FoFA amendments

LAURA MILLAN  |  TUESDAY, 24 NOV 2015
... scaled advice, the execution only provision, changes to allow the payment of mixed benefits; and the general advice exemption relating to conflicted remuneration. "The agreed refinements are aimed at improving the operation of FOFA and alleviating a ...

FoFA disallowance vote will save "millions"

ALICE URIBE  |  TUESDAY, 15 JUL 2014
... will be no disclosure of conflicted payments associated with products sold through the newly created general advice exemption." However Rantall told Financial Standard that the outcome would actually be a boon for consumers. "Most of the requirements ...

ISA FoFA report sparks industry outrage

LAURA MILLAN  |  MONDAY, 7 JUL 2014
... said that "the fine-print of the regulations reveals a range of loopholes and caveats," including the general advice exemption, allowing commissions on execution services, commissions on all basic banking products and commission-based bonuses via balanced ...

Banks support the "original" FoFA intent: ABA

LAURA MILLAN  |  MONDAY, 26 MAY 2014
... on financial products from their bank branch, their bank website and even off their smartphone." The general advice exemption has raised concerns that bank employees providing general advice will be able to receive commissions. The Financial Planning ...

FPA reveals 10 point plan to improve advice

LAURA MILLAN  |  FRIDAY, 23 MAY 2014
... develop an advice education framework. "The term 'commission' to be defined and then banned under the general advice exemption," the document proposed, and asked for general advice to be re-named as "general or product information." It also asked for ...

FPA and AFA unite: stop commissions on general advice

LAURA MILLAN  |  THURSDAY, 22 MAY 2014
... However, the FPA asked that the term 'commission' is defined by the legislation and then banned under the general advice exemption. "The drafting still allows for product-related commissions to be received," Rantall said. Tasmania Greens' Senator Peter ...

Westpac weighs in on FoFA debate

LAURA MILLAN  |  FRIDAY, 9 MAY 2014
... will bring back commissions. "We do not agree with concerns raised by certain parties that the proposed general advice exemption will result in the reintroduction of commissions," Westpac said. "This exemption is designed to allow the continued availability ...

Cormann freezes FoFA amendments

MARK SMITH, ALICE URIBE  |  MONDAY, 24 MAR 2014
... way forward." The FoFA amendments bill that was introduced into the Parliament last week limited the general advice exemption, but did not explicitly forbid commissions. The Corporations Amendment (Streamlining of FoFA) Bill 2014, however, did address ...

Industry receives FoFA bill with mixed feelings

LAURA MILLAN  |  THURSDAY, 20 MAR 2014
... mixed reactions. "The Financial Planning Association is supportive of the amendments, other than the general advice exemption on advice and superannuation products," the FPA chief executive Mark Rantall told Financial Standard. Rantall said that the ...

Government limits general advice exemption in FoFA amendments

LAURA MILLAN  |  THURSDAY, 20 MAR 2014
... Financial Advice (FoFA) amendments bill that was introduced into the Parliament yesterday has limited the general advice exemption, but does not explicitly forbid commissions. The Corporations Amendment (Streamlining of FoFA) Bill 2014 did address the ...
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