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 …

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 …

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Grandfathering provisions for conflicted remuneration should be repealed as soon as is reasonably practicable.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 …