AFA welcomes Better Advice Bill but still harbours concerns

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The Association of Financial Advisers (AFA) welcomes the passing yesterday of the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021 (the Bill), which provides greater certainty for advisers, but also harbours some concerns. AFA General Manager, Policy and Professionalism, Phil Anderson says, “We welcome confirmation of the establishment of the Single Disciplinary Body

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AFA welcomes FSC White Paper

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The Association of Financial Advisers (AFA) welcomes the release of the Financial Services Council (FSC) White Paper (the White Paper), which follows the FSC Green Paper released earlier this year. AFA General Manager, Policy and Professionalism, Phil Anderson, said the White Paper is an important contribution to the ongoing debate about the need to fix

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AFA announces speaker program for EVOLVE Conference 21-22 September 2021

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In what will be his first address to the financial advice community since his appointment in June 2021, ASIC Chair, Joseph Longo, will appear on the opening day of the Association of Financial Advisers (AFA)’s upcoming EVOLVE Conference (the AFA Conference). Mr Longo joins a distinguished line-up of expert speakers, including Senator Jane Hume, Minister for Superannuation, Financial Services

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AFA provides testimony at Parliamentary Standing Committee on Economics

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The Association of Financial Advisers (AFA) National President, Michael Nowak, Vice President, Sam Perera and Acting CEO, Phil Anderson appeared before the Parliamentary Standing Committee on Economics (the Committee) earlier today. AFA National President, Michael Nowak said, “The AFA is pursuing a deliberate strategy to ensure that this important Committee was left with no illusion

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ASIC Funding Levy- A very poor litigation funding investment

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The AFA is disturbed to see a further substantial increase in the ASIC Funding levy for financial advisers for the 2020/21 year.  The cost per adviser has increased by 29% to $3,138 in the last year and more than trebled over the last three years. AFA Acting CEO and General Manager, Policy and Professionalism, Phil Anderson,

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AFA raises privacy concerns over Trustee review of SOAs

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The Association of Financial Advisers (AFA) has raised concerns about APRA and ASIC’s letter to Registrable Superannuation Entity (RSE) licensees on 30 June 2021, which advised that trustees were expected to review client Statements of Advice (SOA)s as part of their obligations in respect to oversight of advice fees charged to members’ superannuation accounts. AFA

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Persecution of financial advisers must stop

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Following unfair criticism levelled at financial advisers in the Senate yesterday, the Association of Financial Advisers (AFA) is calling for an end to the persecution of the financial advice sector. AFA Acting CEO, Phil Anderson said, “The persistent, ongoing vilification of financial advisers, that we have seen year after year in the Federal Parliament, and

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A message from the AFA on of the provision of Fee Disclosure Statements

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At the end of last week Minister Hume announced the intention of the Government to issue a regulation to address the issue that the AFA identified a few weeks ago in terms of the provision of Fee Disclosure Statements (FDS) during the Annual Renewal transition year (1 July 2021- 30 June 2022). The law requires

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Senior appointments strengthen AFA’s leadership team

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The Association of Financial Advisers (AFA) is pleased to announce the appointment of Candice Spence to the role of General Manager, Marketing and Cameron Burne to the role of General Manager, Partnerships, with both joining the AFA senior leadership team. Candice has more than 25 years’ experience as a marketing and communications executive in the

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AFA responds to claims by Maurice Blackburn

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On Tuesday 21 April 2020, APRA and ASIC released their latest report on life insurance claims and disputes for the 2019 year. This is an important report that contains a significant amount of data, where much work still needs to be done to better understand these results and the impacts on consumers. The following day,

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