ASIC Guidance on asset-based fees a step too far

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  Part of ASIC’s guidance on conflicted remuneration has been taken a step too far, according to Claire Wivell Plater, managing director of The Fold. “Under the new guidance, if an asset-based fee is paid to the AFS licensee, the licensee will now need the client’s clear and informed consent to pass on any portion […]

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ASIC breaches: when to hold and when to fold

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Working with ASIC after a breach may be a better, quicker way for financial services business to get back on track than ‘lawyering up’, according to Dr Hillary Ray, Senior Lawyer at The Fold Legal (The Fold). “Many businesses panic when ASIC serves them with a notice,” Hillary said. “A smarter strategy may be to […]

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Asset based fees – can you charge them?

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Advisers may need to rethink how they charge for advice under the Conflicts Priority Rule in Regulatory Guide 175 (RG175) as asset-based fees have the potential to create just as much conflict of interest as commissions. Claire Wivell Plater, Managing Director of The Fold, says the problem with asset based fees is that they incentivise […]

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Hillary Ray comes into The Fold

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The Fold Legal (The Fold) is delighted to announce the appointment of Hillary Ray who joined the team in the capacity of Senior Lawyer this week. “Hillary is joining us from ASIC where she held the role of Senior Lawyer and APRA Liaison for over seven years,” says Managing Director of The Fold, Claire Wivell […]

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