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The Financial Advice Association of Australia (FAAA) expressed concerns about Treasury's proposal to abolish fee consent forms and Fee Disclosure Statements (FDS) in its response to the first round of reforms.
A group of independent financial advisers has argued that adopting many of the QAR recommendations would set the industry back to pre FOFA levels of conflicts of interest. A submission to the advice
Collaborating and developing its own solutions to current challenges will go a long way to improving the advice industry writes Nathan Jacobsen. For too long the profession has taken a reactive rather than a proactive approach to change.
The Government is allowing financial advisers to issue their fee disclosure statements 60 days from the anniversary date for the transition period.
Advisers look likely to be given more flexibility around the new fee disclosure statement rules following strong lobbying around flaws in the existing proposed arrangements.