ASIC grants limited no-action on deficient fee consents due to DBFO change
ASIC has granted a limited no-action enforcement position on fee consent and ongoing fee arrangements, due to a technical change introduced in Tranche 1 of the Delivering Better Financial Outcomes legislation. The legal change means account numbers are now required on forms for the withdrawal of advice fees from product accounts, but ASIC will only grant a waiver if a rectified form is submitted in the next three months.
Compliance