{"id":25506,"date":"2014-03-18T18:49:21","date_gmt":"2014-03-18T08:49:21","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=25506"},"modified":"2014-03-19T06:54:39","modified_gmt":"2014-03-18T20:54:39","slug":"best-interests-changes-wont-impact-consumers-fsc","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/03\/18\/best-interests-changes-wont-impact-consumers-fsc\/","title":{"rendered":"Best Interests Changes Won\u2019t Impact Consumers – FSC"},"content":{"rendered":"

The Financial Services Council has obtained new legal advice which confirms that the proposed changes to the best interests duty will not reduce consumer protection.<\/p>\n

<\/p>\n

\"\"<\/a>
FSC CEO, John Brogden<\/figcaption><\/figure>\n

Commercial counsel Ian Jackman SC<\/strong> and Gregor Drew<\/strong> were engaged by the FSC to analyse the Government\u2019s proposed Future of Financial Advice (FoFA) amendments. In their advice to the FSC, Mr Jackman and Mr Drew state that the removal of the \u2018catch-all\u2019 step from the safe-harbour provisions would not compromise the protections provided by the best interests obligation.<\/p>\n

FSC CEO, John Brogden<\/strong>, said: \u201cThe legal advice is clear. The proposed amendments do not reduce in any way a financial adviser\u2019s legal requirement to act in the best interest of their clients.\u201d<\/p>\n

Mr Brogden also pointed out that the legal advice provided by Mr Jackman and Mr Drew highlights why the amendment to the best interests duty is necessary.<\/p>\n

\u201cConsumers will not be impacted by the amendment being proposed to the best interests duty. In fact, removal of the catch all phrase will provide clarity to consumers on what they can expect from their adviser,\u201d he said.<\/p>\n

According to Mr Jackman and Mr Drew, given the scope of the other safe harbour steps, it is “difficult to conceive of any other steps” that the provider might take in order to meet the best interests duty.<\/p>\n

\u201cOur advice confirms these small technical amendments do not change the substance nor the intent of the FoFA reforms. That is, to improve the quality and quantity of financial advice and to make it accessible for all Australians,\u201d Mr Brogden concluded.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Services Council has obtained new legal advice which confirms that the proposed changes to the best interests duty will not reduce consumer protection.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8],"tags":[],"class_list":["post-25506","post","type-post","status-publish","format-standard","category-associations","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/25506","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=25506"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/25506\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=25506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=25506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=25506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}