Productivity Commission deputy chair Karen Chester has recommended a swift end to grandfathered commissions in superannuation and taken a swipe at the retail funds industry for charging asset-based fees.
All professional financial planners have two clear responsibilities. First, to act in the public interest, as required by their profession; and second, to act in the best interests of clients, as required by the law. Any obligation to protect the interests of their employer/licensee and product manufacturers – even when those entities are one and the same […]
A “strong consensus” is building on key aspects of recommendations put forward by a Parliamentary Joint Committee inquiry to raise the level of professional, ethical and education standards in financial planning, according to the Assistant Treasurer Josh Frydenberg. Frydenberg said the government is close to finalising its approach to the PJC recommendations, but recognises that […]
The Assistant Treasurer, Josh Frydenberg, has called on the life insurance industry to assist financial planners and advisers adjust to reforms of the retail life insurance industry arising from the Trowbridge report. And he has said the government expects cost savings arising from the reforms to be passed on to consumers, and is working on […]
In March this year the Assistant Treasurer Josh Frydenberg hosted a roundtable to thrash out the issue of “consumer outcomes” arising from the multiple and overlapping regulatory reviews of financial planning currently underway. On the one hand, Frydenberg managed to get together 20 different and disparate groups to discuss the issue – a triumph of […]
Assistant treasurer Josh Frydenberg has suggested the government will not provide unconditional support for John Trowbridge’s recommendations around life insurance advice remuneration. “I’m sympathetic to some of the points made by the smaller players in the sector that some of the bigger shops could cross-subsidise their advisers in a way smaller insurance advisers couldn’t. “Again, […]