Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

AFA ‘harbours concern’ over Better Advice legislation

better-advice-bill/AFA/phil-anderson/ASIC/quality-of-advice-review/

25 October 2021
| By Chris Dastoor |
image
image image
expand image

The Association Financial Advisers (AFA) is concerned about the Better Advice legislation and will use the Quality of Advice review in 2022 to push for further changes.

Phil Anderson, AFA general manager – policy and professionalism, said the AFA continued to “harbour some concerns” about the legislation.

“We are concerned about Australian Securities and Investments Commission [ASIC] being required to investigate minor breaches of the law, even if they do not choose to refer them to a Financial Services and Credit Panel [FSCP],” Anderson said. 

“This will add unnecessarily to the cost of running the single disciplinary body, which ultimately financial advisers and their clients will need to pay for.

“We are also concerned about the complex mechanism for the transition and registration of some tax (financial) advisers under the Tax Practitioners Board.”

The AFA said it would advocate for both these issues to be reviewed and amended in the medium term.

"We will be calling for these changes as part of the Quality of Advice Review that the Government has committed to running in 2022," Anderson said.

"The passing of this bill represents an important milestone, as it brings us close to the end of the Royal Commission reform process and will allow the financial advice profession to focus on their important role of advising and supporting clients."

Despite that, it still welcomed the legislation which passed in the Senate late last week.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 day 20 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks 5 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

4 weeks ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

4 days 14 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND