WebThe counter-argument is that conflicted advice and hidden fees are the greater long-term threat to consumers. Advisers also have a habit of selling advice to consumers that's … WebNov 23, 2014 · There will be less scope for scaled advice which was part of the Abbott government reforms. FOFA still fails to set educational or professional standards for financial planners. Until...

FOFA fiasco: no quick fix for the advice industry

WebWhen providing scaled advice, planners cannot contract out of or avoid the best interests duty and their obligations under other FoFA measures (see s960A and s965). ASIC’s view on scaled advice ( RG175 and RG244 ) is: • A planner must identify the subject matter of the advice that has been sought by the client (whether explicitly or ... Weba result of the FOFA reforms, the number of advisers giving only scaled advice will increase for each year from 2013–2026 under the reforms. Indeed, taking 2012 as a base year, the increase in the number of advisers giving scaled advice under the FOFA reforms will more than triple by 2016 (966) and increase eight-fold by 2026 (2,471). self assessment of internal controls

Streamlining of FOFA

WebFeb 8, 2013 · The Government introduced the concept of ‘scaled advice’, part of the Future of Financial Advice (FOFA) reforms, as a means of addressing two key problems: advice complexity – providing advice that is something less than holistic; and; advice affordability – providing advice that is affordable to more people. WebJun 17, 2014 · Scaled advice The majority recommended that advisers have an explicit obligation to explain clearly to their clients what scaled advice is and its limitations. This is intended to address the risk that clients will misunderstand the scope of advice being provided under a scaled advice model. Webinformation for every scale or weighing device that the location intends to use, as described in Section I. NOTE: Each scale must be inspected and sealed by the Chicago Department … self assessment ontario