Industry funds want expansion of intrafund definition
Industry Funds Services (IFS) is canvassing the prospect of expanding the definition of intrafund advice.
IFS chief executive, Cath Bowtell has told a financial planning session at the Conference of Major Superannuation Funds that the need for an expanded definition was already being canvassed and discussed in the context of the reality confronting superannuation funds.
She said the discussion around expanding the definition was being held in the context that the minute a spouse’s position came into the intra-fund advice discussion the rules changed.
“You become exposed to the full regulatory regime,” Bowtell.
She said the issue of prosecuting a campaign around expanding the definition was being pursued because of the current needs of members and it being a good time to go back to policy-makers and regulators.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.