future of financial advice

Policy & Regulation

Adviser starts campaign to seek apology from Lambie

A Perth based financial planner has begun a campaign to seek an apology from independent senator Jackie Lambie after she labelled financial advisers as ‘unscrupulous’....

Financial planning

Accept FOFA as it stands, for now

The major financial planning groups and companies are continuing to lobby for FOFA changes, but planners are being urged to accept the law as it currently stands....

Financial planning

Labor wants planners to take ‘financial services oath’

Financial planners are being urged to take a ‘financial services oath’ to uphold integrity in the profession, by the Australian Labor Party....

Financial planning

Planner profits already hurt by FOFA

New research has revealed planning profits were being eroded by FOFA well before the Senate’s disallowance of the Government’s changes....

Policy & Regulation

Labor votes down FOFA amendments

The Federal Opposition has voted down the amendments to FOFA after protracted debate and procedural wrangling which occupied most of yesterday’s sitting time....

Policy & Regulation

FOFA disallowance motion blocked by Govt

Efforts to pass a motion in the Federal Senate to disallow FOFA amendments have stalled for the time being after the Federal Government blocked a vote on the motion....

Policy & Regulation

FOFA disallowance motion ‘catastrophic’: FPA

The FPA has denounced efforts in the Senate to disallow amendments to FOFA predicting changes will automatically place advisers in breach of the law....

Policy & Regulation

Labor has Senate numbers to defeat FOFA amendments

The Federal Opposition will push to disallow the FOFA amendments in the Senate after Labor Senator Sam Dastyari stated it had secured the numbers to win a vote on the mat...

Financial planning

Revisit conflicted remuneration, not risk commissions, policymakers told

Instead of targeting commissions for life insurance products, policy reforms should revisit conflicted remuneration, which hasn’t been properly handled by FOFA, Chan & Na...

Funds management

ASIC says model portfolios fit with best interest duties

The corporate regulator will consider model portfolios as a suitable investment under best interest duties if they do not adopt mechanistic processes on selecting assets ...

Editorial

Tapping a vast market for advice

Mike Taylor writes that industry fund members represent a large and largely untapped client base for financial planners to which the FPA has rightly sought to provide acc...

Financial planning

ASIC has power on planner education: Cormann

ASIC has the power to move to lift planner education standards, according to Finance Minister, Mathias Cormann....

Financial planning

ASIC allows legal relief but refuses ‘independence’ request

ASIC reports it has refused applications for relief including one from a planner who requested the use of the word ‘independent’ to describe their practice....

Financial planning

Adviser registry to provide cost-efficient transparency

The Government's proposed registry of financial advisers will provide transparency without the costs associated with regulation the Minister for Finance and acting Deputy...

Financial planning

Regulation missing on separating advice from products

The financial services sector still lacks regulation that requires advisers to identify when they are providing independent advice and when they are selling products, a l...