treasury

Financial planning

Advisers should not be tainted by stamping fees

Advisers should not be tainted by media reports that they are using stamping fees as a remuneration loophole, according to the Association of Financial Advisers. ...

Financial planning

Super funds back MySuper deductibility of advice fees

The Federal Government is being confronted by an increasingly united front on the need to retain the deductibility of advice fees from MySuper products....

Superannuation

Advice fee bill will incentivise super switching

The proposed legislation could motivate advisers to enter into ongoing fee arrangements with superannuation members, according to a super body. ...

Financial planning

FPA backs removal of stamping fees

One of the last remaining vestiges of commission-based remuneration, stamping fees, should be removed, according to the Financial Planning Association....

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...

Policy & Regulation

No loopholes, no carve-outs insist coalition of consumer groups

A coalition of consumer groups has pointed to key changes to advice and life insurance resulting from the Royal Commission and insisted on no loopholes and no carve-outs....

Policy & Regulation

FSC warns of increased expense under Financial Accountability Regime

Experience in the United Kingdom suggests it may be a lot more expensive to recruit and retain senior executives under the Government’s proposed new Financial Accountabil...

Financial planning

Intra-fund advice has created advice unfairness

A West Australian adviser has told the Federal Treasury that industry funds have been allowed to hide behind intra-fund advice and to create an environment that favours o...

Policy & Regulation

PI ‘not worth the paper it’s written on’

The Federal Treasury has received yet more warnings that before it embarks on a compensation scheme of last resort it should fix professional indemnity insurance in circu...

Superannuation

Universal Age Pension will incentivise Aussies to save

Mercer has called for a universal Age Pension as it would create a simpler, more efficient super system with reduced administration costs....

Life/Risk

FPA wants limitations on insurer ‘advice’

Strong rules need to be written to ensure that financial advice given by insurance companies or their representatives at claim time is clearly recognised for what it is –...

Financial planning

AFCA gap gives banks ability to avoid liability

Businesses and farmers with facilities over $5 million are now in a worse financial position than parties with credit facilities under $5 million who are able to seek com...

Policy & Regulation

Govt’s code-monitoring decision will save millions

The Government’s decision to scrap industry-run Code Monitoring Authorities will save the major planner bodies millions in set-up and running costs....

Financial planning

FPA urged Treasury to differentiate between large and small licensees

The Financial Planning Association urged the Treasury to ensure the costs of extra regulatory scrutiny of major licensees such as the banks and AMP were not ultimately ca...

Policy & Regulation

Industry praises Treasury appointments

Industry bodies have applauded the Government’s appointments to the Treasury, stating it is a ‘clear indication’ of the strategic focus being placed on financial services...