Allens lawyer Michelle Levy has withstood pressure to water down her controversial plan to encourage banks, fund managers and insurers to give financial advice by exempting them from the duty to act in clients’ best interests, following her year-long review of the sector’s complex regulations.
The final report clarified that the proposed “good advice” duty would contain implicit consumer protections that are, in Ms Levy’s opinion, more effective than the best interests duty introduced by Labor in 2012. If implemented by the government, advisers would no longer be required to provide lengthy statement of advice documents to clients. Instead, they would be required to keep records and provide notes to clients upon request. They would also no longer have to provide fee disclosure statements to clients.
Independent review? They must be joking
By all means cut red tape and paperwork, especially if it is not paperwork that helps the consumers/investor. But why would you want to have financial advice from people who didn’t have your best interest at heart?
this is remarkable and laughable. There is no rationale for this outcome. Is this the financial industry equivalent of Yes Minister? auspol
How is that possible without bribes? How?
Excellent.
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