Friday, March 29, 2024

Further Financial Advice Legislation in 2024

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2024 will see further legislation developed to implement the remaining elements of the Government’s financial advice reform package. In a statement outlining the Government’s introduction this week of the first tranche of legislation to deliver...

First Tranche of Govt’s Response to QoA Review in Parliament

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The Government has introduced the Bill into Parliament which delivers the first tranche of its Delivering Better Financial Outcomes package, including the initial response to the Quality of Advice Review. The Explanatory Memorandum for the...

Financial Adviser Average Gross Revenue Jumps

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Financial adviser average gross revenue at the eight ASX listed financial advice firms has jumped considerably in the first half of the 2024 financial year, according to the latest analysis by Wealth Data. The firm’s...

Charging Fees for Risk-Only Advice?

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Our latest poll is based on findings, hot off the press, which reveal a growing cohort of advisers charge their clients a fee when delivering stand-alone life insurance advice. As we report elsewhere (see: $1,689...

$1,689 ‘Risky’ Advice Fee

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News that advisers delivering insurance-only advice charge their clients an average advice fee of $1,689 in addition to any commission income they receive, generated strong reader interest this week... Advisers delivering insurance-only advice charge their...

Surge in AFCA Complaints

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AFCA is "very concerned" that so far in 2024 complaint volumes are already far ahead of the same period last year, including complaints about delays, service quality and communication disputes across insurance and superannuation. In...

Licensees Reminded About Ongoing Obligations

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While most financial advisers are currently registered with ASIC, the regulator has reminded AFS licensees and relevant providers of the importance of complying with the registration obligation on an ongoing basis. ASIC says in a...

New Partnership to Strengthen Financial Advice Talent Pipeline

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Technology company Iress has announced a new partnership with financial services career pathway provider, Striver, to attract “much needed” talent into the financial advice industry. The company says that as demand surges for financial advice...

APRA Challenges Sector to Increase Transparency

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Insurers are being challenged to increase their transparency, with APRA’s Executive Director of Insurance Sean Carmody saying a more transparent industry is a more trusted industry and that transparency will help build a more...

Metlife Foundation Expands Community Program to Include Australia

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MetLife Foundation has announced it's expanding its Community Impact Grant Program to Asia, including to Australia. The grants program was originally launched in the US last year and the foundation says the Asia program will...