The Federal Government has been challenged to explain why financial advisers and mortgage brokers are being targeted in the wake of the Royal Commission when others including product providers, super fund trustees and dealer group executive are being let off the hook.
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, according to the Financial Planning Association.
The Treasurer, Josh Frydenberg, faces a fight from the financial planning industry as he seeks to move forward on implementing a Royal Commission recommendation banning the extraction of advice fees from MySuper accounts.
The audit industry has been delivered a reasonably favourable assessment by a key Parliamentary Committee because the Australian Securities and Investments Commission said its inspection reports could not be used as a basis to judge the whole industry.
Financial Planning Association chief executive, Dante De Gori has pointed to the impacts of increasing regulatory oversight with the cost of generating a statement of advice rising 10% in 12 months to average $2,671.