Industry bodies continue to ‘maintain the rage’ against the Future of Financial Advice (FoFA) reforms, accusing the Government of being deliberately misleading and creating a double standard.
Category: Remuneration
Advisers Disagree With Shorten on Cost of Opt-in
September 7, 2011 – 9:19 am
Over 80% of advisers say the cost of including opt-in processes into their business will be more than $100 per client. More than a quarter believe this cost will exceed $250 per client.
These are the outcomes of our latest poll, based on comments made by Financial Services Minister, Bill Shorten, in last week’s release of the first tranche of the draft Future of Financial Advice (FoFA) reform legislation.
Commissions Eroding Tax Breaks in Super - ISN
September 6, 2011 – 11:01 am
The Industry Super Network (ISN) has called for all non-advised superannuation accounts to be transferred into MySuper by 2015 to prevent millions of Australians “paying money for nothing”.
Mixed Industry Response to FoFA Legislation
August 31, 2011 – 9:55 am
There has been a mixed response from the financial services industry to the release this week of the first tranche of the Government’s Future of Financial Advice reform legislation.
Opt-in Won’t Apply to Risk Commissions - Confirmation
August 30, 2011 – 7:18 pm
Advisers receiving commissions on risk advice will not be required to comply with the opt-in regulations outlined in this weeks’ draft Future of Financial Advice (FoFA) reform legislation.
Cost of Opt-in - Your Say
August 30, 2011 – 5:01 pm
One of the more contentious statements stemming from the release this week of the first tranche of the Future of Financial Advice draft legislation was the apparent acceptance by Financial Services Minister, Bill Shorten, that the cost of opt-in will equate to approximately $11 per client.
This observation from Mr Shorten has prompted us to ask how much you believe opt-in will cost the bottom line of your business.
Our question is:
Draft FoFA Legislation - Concessions on Risk Commissions in Super
August 29, 2011 – 11:56 am
Concessions on risk commissions in superannuation have been balanced by extending a ban on soft dollar benefits to include life insurance outside super.
These changes and other details have been announced today at the release by Financial Services Minister, Bill Shorten, of the first tranche of the Government’s Future of Financial Advice (FoFA) reform legislation package.
Key elements impacting the life insurance sector include:
Clear Adviser Position on Commissions for Advised, Non-advised Insurance
August 24, 2011 – 3:24 am
Financial advisers are in favour of a call to reconsider banning risk commissions along advised and non-advised lines, rather than along individual and group insurance lines.
FoFA Latest - Wait Almost Over
August 23, 2011 – 3:30 pm
The long-awaited Future of Financial Advice (FoFA) draft legislation is expected to be released within the next two weeks, according to a spokesperson for Financial Services and Superannuation Minister, Bill Shorten.
Call to Allow Risk Commissions on all Advised Services
August 17, 2011 – 11:17 am
The recent call for the Government to reconsider its position on banning risk commissions on group and default insurance policies is re-shaping the broader debate on banning risk commissions.
The argument is that the Government should not be making a distinction between individual and group risk, but should instead be distinguishing between advised and unadvised insurance.
Our latest poll question asks:
