Federal Treasury has issued a Post-implementation Review – Future of Financial Advice: Additional amendments for public comment which aims to examine the effects on industry and consumers of the implementation of the following measures introduced as part of the Future of Financial Advice reforms:
- the ban on up-front and trailing commissions and like payments for both individual and group risk insurance within superannuation.
- the requirement for advisers to renew client agreement to ongoing advice fees every two years (opt-in regime).
- the ban on soft dollar benefits over $300 per benefit.
- the limited carve-out for basic products from the ban on certain conflicted remuneration structures and best interests duty; and
- the clarification provided in relation to access to scaled financial advice.”
For a full summary of the issues, email us a request at [email protected]
This document is designed to provide helpful general guidance on some key issues relevant to this topic. It should not be relied on as legal advice. It does not cover everything that may be relevant to you and does not take into account your particular circumstances. It is only current as at the date of release. You must ensure that you seek appropriate professional advice in relation to this topic as well as to the currency, accuracy and relevance of this material for you.
Liability limited by a scheme approved under Professional Standards Legislation. Legal practitioners of Radford Lawyers Pty Limited are members of the scheme.