Sinodinos sends signal on conflicted remuneration
Sinodinos signals changes on FOFA conflicted remuneration based on more specifics.
The Federal Government has signalled that it will be making changes to some of the conflicted remuneration elements of the Future of Financial Advice legislation.
The changes were signalled by the Assistant Treasurer, Senator Arthur Sinodinis who said that the Government's objective was to maximise the number of people who can access financial advice.
In a pre-recorded interview with Association of Superannuation Funds of Australian chief executive, Pauline Vamos, Sinodinos referenced the conflicted remuneration elements of the FOFA legislation and the need for greater specificity around the issue.
"We want to be more specific about the mischief there [conflicted remuneration]," he said.
Sinodinos said a priority for the Government was reducing the compliance costs associated with FOFA.
On the question of default funds under modern awards, the minister said the intention was to maximise competition but that in addressing the issue the Government would not be adopting an ideological approach but, rather, developing its position based on the evidence of the industry.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
