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Financial advice industry bodies including the SMSF Association (SMSFA), Association of Financial Advisers (AFA), and Financial Planning Association (FPA) have jumped on ASIC’s Affordable Advice review to call for an industry reset. This week the SMSF Association released their submission, with key concerns relating to compliance, both in terms of costs and burdens being applied,…
To say the last few years have been testing for advisers would be a gross understatement. The reverberations of the Hayne Royal Commission, which highlighted important issues, though mainly those faced by vertically integrated institutions, has led to a big increase in compliance costs and regulatory hurdles. The result in many cases has been the…
It was a busy day for the Federal Government, announcing the proposal to disband FASEA, introduce lack of independence disclosure requirements and then finally, introduce a new fee disclosure regime. Advisers had been hit with an increasingly complicated set of rules when it came to receiving fee payments from ongoing clients. A combination of grandfathering,…
2021 may be shaping up as the ‘Year of the Financial Adviser’. After what has been a tumultuous and stressful few years for the industry, promises of a more streamlined regulatory framework may finally be coming to fruition. Assistant Minster for Superannuation and Financial Services, Jane Hume, and Treasurer Josh Frydenberg had a business day…
The reshaping of the Australian financial advisery industry continued on Friday, with the Australian Securities and Investment Commission (ASIC) releasing details on its new approach to “insurance claims and handling businesses.” The legislation resulted from a recommendation during the Royal Commission and seeks to increase the professionalism and transparency for all parties involved in advising…
Delivering value in spades It has been a difficult few years for financial advisers following the Royal Commission. The Commission uncovered some long-standing issues that were predominantly associated with the vertical integration of advice and investment management, resulting in a much needed professionalisation and cleanout of the industry. This has continued into 2020 with thousands…
Fewer people in Australia are likely to get financial advice in the wake of the Hayne Royal Commission – the inevitable consequence of implementing the final report’s wide-ranging recommendations.
