Sinodinos sends signal on conflicted remuneration

government/ASFA/government-and-regulation/financial-advice/FOFA/federal-government/future-of-financial-advice/association-of-superannuation-funds/superannuation-funds/assistant-treasurer/default-funds/chief-executive/

13 November 2013
| By Andrew Tsanadis |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND