Alterations to the Corporations Act 2001:

The revisions to the Corporations Act 2001 made by the Australian government as part of the Future of Financial Advice (FoFA) reforms initiated in July 2013.

The revisions aim to make the supply of financial advice and the fees charged more transparent, as well as to ascertain that financial advisor operate to achieve the most ideal outcomes for the clients.

Given are some of the significant changes:

1. Taking commissions from financial advisers is prohibited if it may probably affect the counselling they give to a client.

2. Every two years, clients must go-in for ongoing advice fees.

3. All commissions on insurance goods sold inside superannuation are currently prohibited (prospective ban); however, the prohibition does not apply to insurance products sold outside superannuation.

4. Putting a stop to volume-based payments.

5. There are no upfront or trail commissions allowed (and like payments)

6. All payments of $300 or more (per benefit) to a third party in exchange for services that are not directed by the client but benefit them are prohibited (with the exception of professional development and IT administration services that meet certain criteria); these are referred to as soft-dollar payments.

7. Extending scaled guidance, a new type of restricted counsel that can be delivered by a variety of advisers, including superannuation trustees, financial planners, and possibly accountants, smoothing the performance field for those who supply advice

8. A legislative ‘best interest duty’ for financial counselling, with a’reasonable steps’ qualification.
If you have lost finance or faced financial troublesdue to bad financial guidance, you may be eligible for compensation.

Why Taxcellent Consulting Services?

We can help you. Taxcellent Consulting Services has the largest superannuation, insurance and financial advice disputes department in Australia.

We have experience dealing with financial services disputes for advice provided by the Commonwealth Bank, NAB and Macquarie Private Wealth.

We offer ‘no win, no fee’* arrangements for these types of cases, which means that you don’t have to pay for our legal services if we don’t win. We have specialist financial lawyers in Melbourne, Sydney, Brisbane, Perth, Adelaide and throughout Australia.

We have offices in Melbourne, Sydney, Brisbane, Perth, Adelaide, Darwin and throughout Australia.

If you believe you are not being treated fairly by your financial adviser or another professional in this industry, contact us today to find out how we can help.

Financial advice dispute cases

  • Financial advice disputes
  • Commonwealth Bank Open Advice Review program
  • Macquarie private wealth
  • NAB financial advice
  • Big Banks pushing in-house products
  • Financial Circle Pty Ltd
  • Combined Insurance sickness and accident policies
  • Irresponsible lending disputes
  • NAB lending misconduct
  • Future of financial advice reforms

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