Financial services industry rallies to fight FoFA

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In a huge demonstration of support for the work being done by the Federal Opposition to oppose elements of the Future of Financial Advice (FOFA) reform that threaten the financial advice industry, a hundred financial services representatives – including advisers from every state in Australia, industry leaders and the heads of all six adviser associations... Read more continue reading

MySuper negates Ripoll’s consumer engagement ambitions

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Measures to be introduced into MySuper will undermine the ambition of Bernie Ripoll, Chair of the Parliamentary Joint Committee on Corporations and Financial Services (the PJC), to improve consumer engagement with their retirement savings, according to the Corporate Super Specialist Alliance (CSSA). Mr Ripoll was reported yesterday as saying he hoped the introduction of Future... Read more continue reading

Future of Financial Advice

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On 29 August 2011, the Government released the first tranche of draft legislation implementing these reforms entitled Corporations Amendment (Future of Financial Advice) Bill 2011.  The first tranche covered statutory best interests duty, compulsory renewal requirement (opt-in), and the enhancement of ASIC’s powers. The second tranche of the legislation covers the provisions relating to conflicted... Read more continue reading

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... Read more continue reading

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... Read more continue reading

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... Read more continue reading

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... Read more continue reading

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... Read more continue reading

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... Read more continue reading

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... Read more continue reading