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29 February 2012
© Commonwealth of Australia 2012 ISBN 978-1-74229-589-3
View the report as a single document - (PDF 2605KB)
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Conduct of the inquiry Background to the inquiry Previous committee inquiry into financial products and services in Australia Structure of the report
Corporations Amendment (Future of Financial Advice) Bill 2011 Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011
Submitter's views Committee view
Support for a statutory 'best interests' duty for financial advisers Formulation of the 'best interests' provisions Views of submitters on the 'best interests' provisions in section 961B Ability for advisers to provide scaled advice under the new duty Scope of the best interests duty and proposed carve-outs
Submitters' views General advice Volume-based rebates Risk insurance inside superannuation Asset-based fees on borrowed amounts Grandfathering provisions Technical amendments and 'drafting anomalies'
Volume-based shelf-space fees Anti-avoidance provisions Soft-dollar benefits Scrutiny of Bills
Carve-out for basic banking products Stockbroking carve-out The timeshare industry
Submitters' views
The projected impact on industry
The consultation process The implementation timeframe Concluding comments and a final recommendation
Impact of FOFA on the financial advice industry FOFA Regulatory Impact Statements fail government's own process requirements Unrealistic Implementation Timeframe Opt-in will add unnecessary additional costs and red tape Retrospective Fee Disclosure Statements – not part of the government's proposed changes until the last minute Best Interests Duty Providing Scaled Advice The government’s confused and ever-changing position on Risk Insurance inside superannuation Conflicted remuneration Grandfathering Provisions Anti-Avoidance Provision New ASIC powers Intra Fund Advice not defined by FOFA legislation
Monday 23 January 2012 Tuesday 24 January 2012
Committee Secretary Parliamentary Joint Committee on Corporations and Financial Services PO Box 6100 Parliament House Canberra ACT 2600 Australia Phone: +61 2 6277 3583 Fax: +61 2 6277 5719 Email: corporations.joint@aph.gov.au
Committee Secretary Parliamentary Joint Committee on Corporations and Financial Services PO Box 6100 Parliament House Canberra ACT 2600 Australia
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