FDS

Financial planning

NAB to pay $18.5m penalty for fee-for-no-service FDS

The first penalty of its kind, the penalty relates to allegations from the corporate regulator in 2019 that the big four bank issued defective fee disclosure statements t...

Financial planning

Compliance continues to be top adviser challenge

The most burdensome compliance-related task for advisers are file noting and data collection at the fact-find stage, according to a report. ...

Financial planning

No relief for ongoing fee arrangements: ASIC

The corporate regulator has clarified in its guidance that it does not have any powers to give exemptions or modifications and has clarified fixed-term definitions....

Features

Drowning in compliance

There is a raft of compliance obligations coming into place over the next few months and advisers need to ensure they have all their ducks in a row to avoid any breaches,...

Financial planning

Asgard draws line on one-off MySuper advice fees

Financial advisers have expressed consternation that Asgard has signaled that it will be turning off one-off adviser fees on MySuper accounts. ...

Financial planning

Warning that licensees face breach-reporting overload

The Government is being urged to provide regulatory clarity around the new breach reporting legislation which it is feared will radically increase what are deemed to be r...

Financial planning

AFA welcomes ASIC no-action on Victoria’s advisers

The Association of Financial Advisers has welcomed ASIC’s no-action position for fee disclosure statement and opt-in obligations for Victoria’s located advice businesses....

Financial planning

Accept that a signed client renewal notice is enough says FPA

The Government should accept that if a client has signed a renewal notice with their financial adviser, that is more than enough proof of the client’s intentions, accordi...

Financial planning

Licensees face potential court action of FDS failures

The Australian Securities and Investments Commission has foreshadowed court action in the wake of a review of fee disclosure statements and renewal notices which uncovere...