FINANCIAL SERVICES OVERHAUL TO HELP SMALL BUSINESS

Written on the 17 July 2014 by Paris Faint

FINANCIAL SERVICES OVERHAUL TO HELP SMALL BUSINESS

THE Senate has voted in support of the government’s amendments to financial advice laws, for the benefit of consumers and small business financial advisors.

The changes made to the Streamlining of Future of Financial Advice (FOFA) Bill will take full effect in coming months, providing significant changes to the current state of financial service.

According to a statement by the Minister for Finance Mathias Cormann investors will no longer need to keep re-signing contracts with their advisors on a regular basis - with annual fee disclosure requirements expected to be simplified as well.

The changes also promise to improve the operation of Best Interest Duty and the provision and availability of scaled advice.

Protected by these modifications is the requirement for financial advisors to act in the best interest of their clients, in addition to the ban on conflicted remuneration.

Clive Palmer, the Australian Motoring Enthusiasts Party and senators David Levonhjelm and Bob Day have shown their support for the alterations made.

The government expects progress to continue on further amendments and discussions surrounding the FOFA bill. 

Author: Paris Faint

Latest News

ASF UNVEILS TRAFFIC PLANS FOR THE SPIT

A SECOND bridge over the Nerang River is the centrepiece of the ASF Consortium's plan to improve traffic flow ...

BHP AND VALE EDGE CLOSER TO $47.5 BILLION SAMARCO DAM DISASTER SETTLEMENT

BHP Billiton (ASX: BHP) and Brazilian mining company Vale have entered into a preliminary agreement with Brazilian fe...

BLK SPORT FOUNDER TYRON BRANT REMAINS CEO UNDER NEW OWNERS

BLK Sport has been purchased from receivers McGrathNicol by a private consortium composed of a TimorLeste-based oi...

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter