Rice Warner clarifies cost of opt-in calculation

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Rice Warner has submitted a letter to Minister Bill Shorten, Minister Financial Services & Superannuation, to clarify the analysis of its costs of ‘opt-in’ and to emphasise they are not onerous for the industry.  The Cost of ‘opt-in’ – confusion over what is and isn’t included in our calculations Rice Warner’s estimate of $11 per client […]

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Opt-in, collective super fees, and the ministry of double standards

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The call by the Federal Government and the Industry Super Network (ISN) for a collective fee to be paid by super fund members to give them access to personal financial advice is a blatant demonstration of double standards, according to the Corporate Super Specialist Alliance (CSSA). A collective fee is a fee paid by all […]

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SPAA mostly pleased with FoFA revisions

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SPAA welcomes a number of positive revisions to the Future of Financial Advice reforms but waits for critical decisions on accountants’ exemption and intra fund & scaled advice. The Self Managed Super Fund Professionals’ Association (SPAA) has today welcomed most elements in the draft Future of Financial Advice (FoFA) legislation describing it as a common […]

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AFA: FoFA fails consumers

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The Government’s first tranche of draft legislation of the Future of Financial Advice (FoFA) reforms, released for public consultation this morning, fails Australian consumers and is clearly biased towards some segments of the industry at the expense of others, according to the Association of Financial Advisers (AFA). AFA CEO, Richard Klipin said the FoFA draft […]

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FPA vindicates key role in negotiating FoFA reforms

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The Financial Planning Association (FPA) welcomes further clarity on the Future of Financial Advice (FoFA) reforms released today, but continues to reject the Opt-In in proposal as a cumbersome and unnecessary impost on Australia’s professional financial planners and their clients. “We have led the way on reforms proposed within the FoFA legislation – including the […]

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FoFA draft legislation in full

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The Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, today released the first tranche of draft legislation of the Future of Financial Advice (FOFA) reforms for public consultation. To read the draft legislation in full, click here. “It is a concern that only one in five Australians access financial advice. These reforms […]

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Government announces easier way to change banks

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Leading online savings bank and account portability advocate RaboDirect has welcomed reforms announced today that will make it easier for Australians to change banks. The reforms are a result of a report authored by former RBA governor Mr Bernie Fraser, the report recommends a scheme allowing consumers to switch deposit accounts by filling out a […]

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ASIC Consultation paper missing Best Interest Test says FPA

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The Financial Planning Association (FPA) says the Scalable Advice Consultation Paper released today by ASIC is a good start to the process of providing guidance for financial planners and the FPA looks forward to working with ASIC on developing this further during the consultation period. However, the FPA cautions that without the consideration of how […]

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ASIC releases proposal to improve unlisted property scheme disclosure

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ASIC has released a consultation paper outlining proposals to improve disclosure for retail investors considering investing in unlisted property schemes. The proposals follow an ASIC review of disclosure documents issued by responsible entities in the $28 billion unlisted retail property sector. ASIC found a number of key disclosures were not adequately addressed, including: the risks associated […]

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ASIC: corporate insolvencies on the rise

Official figures released by ASIC today reveal corporate insolvencies have risen 4.4% in the 2010-11 financial year to date. ASIC’s Senior Executive Leader of the Insolvency Practitioners team, Adrian Brown, said that despite a decrease in external administration appointments in May compared to the same time last year, these latest figures show the number of […]

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