The advice profession has scored a victory with the government’s latest announcement, allowing licensees to charge a direct fee for advice offered by the new class of advisers.
While informal discussions about tranche two of the DBFO reforms drag on with no clear end in sight, the FAAA remains optimistic but hopes the focus on scams isn’t coming at the expense of DBFO progress.
The exit of big institutional players is challenging for the profession given the role they play in funding technological advancements and new entrant academies, an industry figure has said.
Several years after its own senators recommended the scope of the CSLR be extended to encompass managed investment schemes, the Labor government has responded.
The government is consulting on the draft regulations that support the implementation of the first tranche of its response to the Quality of Advice Review.
The AIOFP, while supporting the FAAA’s stance on the CSLR, has urged for actionable steps, cautioning that mere media expressions of anger may not effectively influence politicians who could misinterpret advisers’ intentions.
Stephen Jones has acknowledged that further legislation will be developed to implement the remaining elements of the Delivering Better Financial Outcomes package in 2024.
The deadline for submission of internal dispute resolution (IDR) data to ASIC has passed for a range of financial entities, including financial services licensees.