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Showing 1 - 10 of 36 results for "Ongoing fee arrangement"

Account number issue causes angst, undue admin work: FAAA

KARREN VERGARA  |  WEDNESDAY, 13 AUG 2025
... obligations were combined. This included the need to comply with the obligation to obtain consent to continue an Ongoing Fee Arrangement (opt-in or renewal) and obtain consent for a fee to be deducted from a product account. "The goal was to simplify ...

ASIC grants no-action on deficient advice fees consent

JAMIE WILLIAMSON  |  FRIDAY, 6 JUN 2025
ASIC has granted a limited no-action position in response to an issue related to the inclusion of account numbers in a client's written consent for the deduction of ongoing advice fees. ASIC is reminding financial advisers and superannuation trustees ...

ASIC issues new guidance on DBFO reforms

KARREN VERGARA  |  FRIDAY, 22 NOV 2024
... request or consent, before they charge advice fees (non-ongoing fees) under an arrangement that is not an ongoing fee arrangement (non-ongoing fee arrangement) to a member's superannuation account". General advice costs cannot be charged to a member's ...

Jones preps DBFO Tranche 2 for parliament

KARREN VERGARA  |  WEDNESDAY, 30 OCT 2024
Assistant treasurer Stephen Jones said the government will press on with Tranche 2 of the Delivering Better Financial Outcomes (DBFO) reforms that he is preparing to introduce in parliament. The highly anticipated set of changes promise to remove laborious ...

First advice reform bill passes parliament

KARREN VERGARA  |  FRIDAY, 5 JUL 2024
The first tranche of the Delivering Better Financial Outcomes (DBFO) legislation passed both the upper and lower houses yesterday. Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill aims to reduce red tape for financial ...

Super account advice fees a sticking point for advice bill: Senate inquiry

KARREN VERGARA  |  FRIDAY, 21 JUN 2024
... it agreed to by the member; the trustee passes on the cost with a member's written consent; and an ongoing fee arrangement exists. Walsh wrote that while the committee supports the intent of Recommendation 7, trustees should nevertheless "not be ...

Advice reforms draft laws consultation opens

KARREN VERGARA  |  WEDNESDAY, 12 JUN 2024
... bill proposes to remove the requirements for advisers to provide Fee Disclosure Statements as part of an ongoing fee arrangement, update record keeping obligations for new consent requirements, and remove references to civil penalties related to a fee ...

Tranche one of advice reforms hits parliament

KARREN VERGARA  |  WEDNESDAY, 27 MAR 2024
The legislation housing the first tranche of financial advice reforms that promise to reduce red tape was introduced in parliament today. Some of the recommendations from the Quality of Advice Review (QAR) include amending ongoing fee arrangements (OFA) ...

Fee consent forms, FDS overhaul concerns FAAA

KARREN VERGARA  |  MONDAY, 18 DEC 2023
... standardised consent form for the deduction of personal advice fees whether it is one-off, fixed term or under an ongoing fee arrangement. In proposing to end FDSs, the FAAA pointed out that advisers do not need to produce them for clients on annual ...

Treasury releases Quality of Advice Review final report

CASSANDRA BALDINI, JAMIE WILLIAMSON  |  WEDNESDAY, 8 FEB 2023
True to her word, Quality of Advice Review chair Michelle Levy's final report contains few surprises, however her recommendations include the introduction of both a Good Advice Duty and a Statutory Best Interests Duty. The 267-page final report ...
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