Posts tagged FOFA
FOFA’s Battle of the Bulge: Consumers, Regulation and the Palmer United Party

On 14 July 2014, the Labor Party introduced the Government’s amending Regulations in the Senate, confident of their ability to disallow the regulations and therefore derail the Government’s proposed changes to Labor’s regulatory framework. They were mistaken. The Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014, effective from 1 July 2014, addressed the majority of the Government’s intended reforms and promised certainty in regards to grandfathering, opt-in and best interests. The practical impact of these changes may be somewhat different.

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Commonwealth Financial Planning v Couper: An Insider’s view

Martin Culleton, a Partner with regional law firm RMB lawyers, was the solicitor for Noel Stevens (and then the estate of Noel Stevens) who took on Commonwealth Financial Planning over inappropriate advice, secured a decision in his client’s favour and successfully defended CFP’s appeal against the initial judgment. In this post Culleton talks about Commonwealth Financial Planning v Couper, compliance, conflict and the specific challenges faced by advisers within vertically integrated businesses.

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Risk Advice and Advice Risk: 6 Lessons from Couper

In the context of Commissioner Kell's crusade against commissions, churn and conflicts, risk advisers' processes have started to attract a heightened degree of regulatory attention. Despite the expected legislative roll back of some FOFA elements, regulatory scrutiny of risk advice is only likely to increase in the wake of the New South Wales Court of Appeal's decision in Commonwealth Financial Planning Limited v Couper [2013] NSWCA 444. This article considers what FOS, ASIC and PI Insurers are likely to take from this decision and suggests steps Advisers should take in response.

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Talking the walk: a Christmas gift for financial planners

In the last days of 2013, the Assistant Treasurer, Senator Arthur Sinodinos, announced a number of proposed refinements to the some of the key elements of FOFA - including "opt in", Fee Disclosure Statements and Grandfathering. This article addresses the proposals and their likely impact on consumers, advisers and the advice profession.

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