No surprises from CLERP 6: KPMG
The financial planning industry is ready for today's release of CLERP 6, according to KPMG’s Peter Hutley.
The financial planning industry is ready for today's release of CLERP 6, according to KPMG’s Peter Hutley.
Speaking at yesterday's launch of KPMG’s web site www.clerp6.com, Hutley said it was unlikely there would be any nasty surprises for financial advisers.
“The financial advisory industry is aware of CLERP 6 and is looking forward to it. I wouldn’t see any problems in implementing it,” he said.
KPMG, he said, were expecting the legislation “to look like what’s mapped out” in the Government’s previous discussion papers, with new disclosure requirements bringing “consistency and transparency” across the entire financial services indus-try.
“It’s really no different to the ‘know your client’ rules in the securities industry,” Hutley said.
The Federal Minister for Financial Services Joe Hockey will unveil the CLERP6 draft legislation around lunch time today. Provided the legislation faces no obsta-cles in Parliament, it is expected to come into effect in January 2001.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
