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 …
Tag: commission
F – H
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 …
End 2019
ASIC Banning PowersAdditional CommitmentASIC’s power to ban people in the financial sector (ASIC Enforcement Review) ASIC Licensing PowersAdditional CommitmentASIC’s licensing powers (ASIC Enforcement Review) ASIC Search Warrant PowersAdditional CommitmentASIC’s search warrants powers (ASIC Enforcement Review ASIC Telecoms Interceptions PowersAdditional CommitmentASIC’s Read More …
ASIC
Recommendation 2.5 – Life insurance commissions review ASIC will include the factors identified by the Royal Commission in undertaking its post implementation review of the 2017 life insurance reforms. ASIC’s review will take place in 2021. Recommendation 6.2 – ASIC’s 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 …
4.4 — Cap on commissions
ASIC should impose a cap on the amount of commission that may be paid to vehicle dealers in relation to the sale of add‑on insurance products. Government Response The Government agrees to provide ASIC with the ability to cap commissions Read More …
2.5 — Life risk insurance commissions
When ASIC conducts its review of conflicted remuneration relating to life risk insurance products and the operation of the ASIC Corporations (Life Insurance Commissions) Instrument 2017/510, ASIC should consider further reducing the cap on commissions in respect of life risk Read More …
2.4 — Grandfathered commissions
Grandfathering provisions for conflicted remuneration should be repealed as soon as is reasonably practicable. Government Response The Government agrees to end grandfathering of conflicted remuneration effective from 1 January 2021. Grandfathered conflicted remuneration can entrench clients in older products even Read More …
Recommendations – Financial Advice
Recommendation 2.1 — Annual renewal and payment Recommendation 2.2 — Disclosure of lack of independence Recommendation 2.3 — Review of measures to improve the quality of advice Recommendation 2.4 — Grandfathered commissions Recommendation 2.5 — Life risk insurance commissions Recommendation Read More …
1.4 — Establishment of working group
A Treasury‑led working group should be established to monitor and, if necessary, adjust the remuneration model referred to in Recommendation 1.3, and any fee that lenders should be required to charge to achieve a level playing field, in response to Read More …