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]
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