{"id":11232,"date":"2011-06-29T09:23:49","date_gmt":"2011-06-28T23:23:49","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=11232"},"modified":"2021-06-29T23:05:23","modified_gmt":"2021-06-29T13:05:23","slug":"opt-in-wont-impose-heavy-cost-burden-shorten","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/06\/29\/opt-in-wont-impose-heavy-cost-burden-shorten\/","title":{"rendered":"Opt-in Won’t Impose Heavy Cost Burden – Shorten"},"content":{"rendered":"
\n\t\t
To what extent will a two-year client opt-in process impose a financial burden on your advice practice?<\/strong><\/div>
    \n\t\t
  • Significant extra cost to business (86%)<\/small>
    <\/div><\/li>\n\t\t
  • Minor additional business cost (10%)<\/small>
    <\/div><\/li>\n\t\t
  • No additional business cost (5%)<\/small>
    <\/div><\/li>\n\t\t
  • Not sure (0%)<\/small>
    <\/div><\/li>\n\t\t<\/ul>
    <\/div><\/div>\n\t\t\n<\/div>\n\n

    Financial Services Minister Bill Shorten<\/strong> has told advisers this week he is not convinced that a client opt-in process every two years will have a significant impact on the cost of running an advice business.<\/p>\n

    We would like your opinion on this issue, where we are asking:<\/p>\n

    To what extent will a two-year client opt-in process impose a financial burden on your advice practice?<\/em><\/strong><\/p>\n

    A recent riskinfo poll addressed the question of whether opt-in measures themselves would reduce the cost of advice to consumers, but this poll addresses the cost of opt-in to the practice.<\/p>\n

    In speaking to advisers at an AFA function this week, Mr Shorten said that in all the discussions he has had with industry representative groups\u00a0and individual advisers he has not been swayed by their argument that the administrative and associated financial costs of implementing and maintaining a two-year opt-in process will severely impact the profitability of advice businesses.\u00a0 He said he has listened to\u00a0concerns that have been raised\u00a0and has compromised by extending the opt-in requirement out from one to two years.<\/p>\n

    Mr Shorten said he is taking a pragmatic approach to opt-in and is “… keen to continue a close dialogue with industry to ensure that to the greatest extent possible, opt-in can fit in with the existing advice process and that the compliance regime is not heavy-handed.”<\/p>\n

    He also told media that some advisers had approached him after his speech, telling him they could ‘live’ witha two-year opt-in process.<\/p>\n

    Is this the case with your own practice?\u00a0 Do you accept Minister Shorten’s contention that opt-in requirements will pose no serious threat to business profitability? Or do you hold that opt-in measures will indeed be found to have a significant cost impact on your bottom line?<\/p>\n

    Mr Shorten has indicated he continues to listen to the industry and we encourage you to offer your constructive comments on this issue, where it is not too late for your voice to be heard…<\/p>\n","protected":false},"excerpt":{"rendered":"

    Financial Services Minister Bill Shorten has told advisers this week he is not convinced that a client opt-in process every two years will have a significant impact on the cost of running an advice business.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49],"tags":[],"class_list":{"0":"post-11232","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-compliance-regulation","7":"category-polls","8":"headers-new"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/11232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=11232"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/11232\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=11232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=11232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=11232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}