News : Financial Planning

Appointments, Financial Planning

AFA names new chief executive

AFA chief executive

The AFA has announced the appointment of a new chief executive following Philip Kewin’s decision to step down in March.

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Financial Planning

AMP fee model ends BOLR, client ownership

AMP fee BOLR

AMP will end its buyer-of-last-resort arrangements with advisers and hand over ownership of clients as part of a new fee model to start in 2022.

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AFCA, Financial Planning

Compo scheme to cost advisers $300 a year

compensation scheme advisers

Financial advisers are set to be charged nearly $300 a year under plans to introduce a compensation scheme of last resort.

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Financial Planning

Trustees more open to advice

SMSF trustees financial advice

SMSF trustees have become more open to receiving financial advice after COVID-19, an online industry survey has shown.

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ASIC, Financial Planning

Record response will direct ASIC advice action

ASIC financial advice

ASIC has committed to taking steps to make the provision of limited advice easier after receiving a high level of responses from practitioners on the issue.

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Financial Planning, Regulation

FPA supports Better Advice bill in the main

FPA Better Advice bill

The FPA has said the Better Advice bill needs improvement, but has welcomed the effort to create a single disciplinary body for financial planners.

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Financial Planning

Time to end persecution of advisers

AFA persecution advisers

The AFA has called for an end to the denigration of financial advisers after an opposition senator labelled them as giving “shonky advice”.

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Documentation, Financial Planning

Ongoing fee arrangement guidance released

ongoing fee arrangements

Advisers have been provided with new guidance by ASIC on handling ongoing fee arrangements that incorporates royal commission recommendations.

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Accounting, Financial Planning

Accountants backing away from SMSF advice

SMSF advice accountants

The number of accountants offering advice to SMSF clients via financial planning arrangements has dropped markedly in the past year.

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Financial Planning, Regulation

AFA questions disciplinary body remit

AFA disciplinary body

The AFA has recommended the new single disciplinary body not review administrative and minor matters to avoid cost blowouts in adviser regulation.

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