Financial Advice Annual Renewals Recommendation 2.1 – June 2020Annual Renewal and Payment for Financial Advice Financial Adviser Grandfathered Commissions Recommendation 2.4 – End 2019Ending grandfathered commissions for financial advisers (Legislation introduced on 1 August 2019) Financial Adviser Independence Recommendation 2.2 Read More …
Tag: adviser
Other Measures
Recommendation 1.11 – A national farm debt mediation scheme The Government is working with states and territories through the Agriculture Ministers’ Forum (AGMIN) to progress work on the establishment of a national farm debt mediation scheme Recommendation 1.5 – Regulating Read More …
Access to redress and new disciplinary body
Recommendation 2.10 – A new disciplinary system for financial advisers Recommendation 7.1 – Compensation scheme of last resort
Enhancing accountability
Restoring trust in our financial system will require lasting change in the culture, governance and remuneration practices of financial firms. Boards and executives in these firms will need to drive this change — and the Government is committed to holding Read More …
Recommendation 2.4
Ending grandfathered commissions for financial advisers The Government introduced legislation on 1 August 2019 to end grandfathered commissions by 1 January 2021 and require rebating of commissions to retail clients. The Government has also consulted on draft regulations, which outline 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 …
2.8 — Reporting compliance concerns
All AFSL holders should be required, as a condition of their licence, to report ‘serious compliance concerns’ about individual financial advisers to ASIC on a quarterly basis. Government Response The Government agrees to mandate reporting of ‘serious compliance concerns’ about Read More …
2.7 — Reference checking and information sharing
All AFSL holders should be required, as a condition of their licence, to give effect to reference checking and information‑sharing protocols for financial advisers, to the same effect as now provided by the ABA in its ‘Financial Advice — Recruitment Read More …
2.2 — Disclosure of lack of independence
The law should be amended to require that a financial adviser who would contravene section 923A of the Corporations Act by assuming or using any of the restricted words or expressions identified in section 923A(5) (including ‘independent’, ‘impartial’ and ‘unbiased’) Read More …