Grandfathering to end
The Federal Treasurer, Josh Frydenberg has said the Government will take action on all 76 recommendations contained in the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Included in the moves will be the real of grandfathered conflicted remuneration as soon as reasonably practicable, with the Government accepting a timetable for removal of 1 January, 2021.
The Government has also signalled further moving on life risk commissions with the Royal Commission stating the cap should ultimately be reduced to zero.
In doing so, the Treasurer said the Government would be implementing a compensation scheme of last resort and that his message to the financial sector was that misconduct must and that consumers must come first.
As well, Frydenberg said the Government would be clarifying the roles of the financial services regulators with the Australian Securities and Investments Commission becoming the primary conduct regulator.
Recommended for you
As private markets garner mainstream attention, a panel of experts believe access to the asset class through managed accounts will become more widely available, providing opportunities for advisers to diversify portfolios.
While retail investors turned to blue-chip stocks last month, according to AUSIEX trading data, September saw advised investors switch into ETFs.
With the intergenerational wealth transfer underway in Australia, wealth managers are focusing on how they can attract the next generation of advisers to service these younger clients.
ASIC wants to expand proceedings against Equity Trustees to seek compensation for members following Macquarie’s agreement to pay $321 million over Shield failings.
