Recommendation 3.1 – Trustees of RSENo other role or office for trustees of Registrable Superannuation Entities (RSE) Recommendation 3.2 –Advice Fees – My SuperNo deducting advice fees from My Super accounts Recommendation 3.3 – Advice Fees – Choice SuperLimitations on Read More …
Tag: advice
Financial Advice
Recommendation 1.15 – Enforceable Code ProvisionsEnforceable code provisions for industry codes of conduct Recommendation 2.1 – Financial Advice Annual RenewalsAnnual Renewal and Payment for Financial Advice Recommendation 2.2 – Financial Adviser IndependenceDisclosure of lack of independence of financial advisers Recommendation Read More …
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Advice Fees – Choice Super Recommendation 3.3 – June 2020Limitations on deducting advice fees from choice superannuation accounts Advice Fees – My Super Recommendation 3.2 – June 2020No deducting advice fees from My Super accounts ASIC and APRA – Oversight Read More …
Recommendation 2.3
Recommendation 2.3 – Review of measures to improve the quality of financial advice – Consistent with the Royal Commission recommendations, the review will examine all exemptions from the ban on conflicted remuneration, including for general insurance, consumer credit insurance, timeshare Read More …
Measures to Improve Consumer Protections
Recommendation 1.7 – Removal of point‑of‑sale exemption Recommendation 1.15 – Enforceable code provisions for industry codes of conduct Recommendation 2.1 – Annual renewal and payment for financial advice Recommendation 2.2 – Disclosure of lack of independence of financial advisers Recommendation Read More …
3.3 — Limitations on deducting advice fees from choice accounts
Deduction of any advice fee (other than for intra‑fund advice) from superannuation accounts other than MySuper accounts should be prohibited unless the requirements about annual renewal, prior written identification of service and provision of the client’s express written authority set Read More …
3.2 — No deducting advice fees from MySuper accounts
Deduction of any advice fee (other than for intra‑fund advice) from a MySuper account should be prohibited. Government Response The Government agrees to prohibit the deduction of any advice fees from a MySuper account (other than for intra–fund advice).
Recommendations – Superannuation
Recommendation 3.1 — No other role or office Recommendation 3.2 — No deducting advice fees from MySuper accounts Recommendation 3.3 — Limitations on deducting advice fees from choice accounts Recommendation 3.4 — No hawking Recommendation 3.5 — One default account Read More …
2.10 — A new disciplinary system
The law should be amended to establish a new disciplinary system for financial advisers that: requires all financial advisers who provide personal financial advice to retail clients to be registered; provides for a single, central, disciplinary body; requires AFSL holders Read More …
2.9 — Misconduct by financial advisers
All AFSL holders should be required, as a condition of their licence, to take the following steps when they detect that a financial adviser has engaged in misconduct in respect of financial advice given to a retail client (whether by Read More …