FOFA

Superannuation

Best interest duty urged for banks, AMP on super

Industry fund chief executive wants banks and AMP to abide by a best interest duty when providing super via employers....

Policy & Regulation

Palmer calls for FOFA to revisit super

Clive Palmer believes Future of Financial Advice (FOFA) laws have overlooked superannuation funds, expressing fears that the protection of industry super fund members cou...

Financial planning

Accept FOFA as it stands, for now

The major financial planning groups and companies are continuing to lobby for FOFA changes, but planners are being urged to accept the law as it currently stands....

Financial planning

Labor wants planners to take ‘financial services oath’

Financial planners are being urged to take a ‘financial services oath’ to uphold integrity in the profession, by the Australian Labor Party....

Policy & Regulation

FOFA horse trading deterring consumers at their cost

The back and forth nature of the Future of Financial Advice (FOFA) amendments are likely to cause consumers to put off seeking financial planning advice costing them abou...

Financial planning

Grandfathering changes garner industry support

Industry organisations have applauded parliament’s restoration of the grandfathering provision in the latest round of the FOFA reforms, claiming it overturned a rule that...

Policy & Regulation

Govt and Labor agree on specific FOFA changes

Labor will support Govt FOFA changes on grandfathering and other key elements....

Policy & Regulation

Planners told to get over horse and cart

Planners are accused of hanging on to horse and cart in their resistance to FOFA changes....

Financial planning

Planner profits already hurt by FOFA

New research has revealed planning profits were being eroded by FOFA well before the Senate’s disallowance of the Government’s changes....

Financial planning

Govt still committed to FOFA changes

Finance Minister, Senator Mathias Cormann says the Government remains committed to its FOFA changes....

Policy & Regulation

Actions of one senator undermined advice sector: Trapnell

The actions of one senator reversing their support for the Government’s Future of Financial Advice (FOFA) reforms will undermine competition in the advice sector, Synchro...

Policy & Regulation

FOFA a failure until it lifts entry standards

FOFA reforms as they stand push affordable advice further out of reach without addressing consumer protection, academic says. ...

Financial planning

Licensees agreement could reopen adviser movements

Advisers can still move between licensees and retain trail commissions if licensees agree to act as ‘a good corporate citizen’ and pay advisers no longer in their group....

Policy & Regulation

FOFA disallowance a significant step-back for industry: Chan & Naylor

Labor’s move to block the Government’s FOFA reforms will stifle the financial services industry and could render it a basket case on the international stage, a legal expe...

Policy & Regulation

FOFA windback hurts consumers who have received advice

The disallowance of the Future of Financial Advice amendments may hurt consumers who will not be able to access scaled advice and may be forced to change to less suitable...