The government plans to introduce legislation aimed at neutering parts of Labor’s finance advice reforms on Wednesday under the cover of the Prime Minister’s statement on red-tape reduction.
The legislation, which will be separate to the red-tape bills, will remove the catch-all requirement for financial advisers to act in clients’ “best interests”. It will also re-allow sales commissions and other forms of conflicted remuneration where advice is general in nature.
The change would allow banks to reward tellers and advisers with commissions for selling bank products where they made it clear they were offering general rather than personal advice.
Another clause will remove a requirement for financial planners to write to clients annually informing them they are continuing to receive yearly payments from their accounts, and every second year to invite them to “opt in” to continue the payments. The first letters are due at the end of this financial year.
Senator Scott Ludlam welcomes Tony Abbott to WA (by Greens MPs)
As for the premeditated destruction of the National Broadband Network and Attorney General George Brandis’ degrading capitulation to the surveillance state when confronted with the unlawful actions of the US NSA even the Internet is turning green, for the win. Geeks and coders, network engineers and gamers who would never have voted green in a million years without the blundering and technically illiterate assistance of your leadership team; for this, I can only thank you. - Scott Ludlam
More artwork on the streets of Melbourne. The artist wants you to share this like crazy, and doesn’t even care about getting credit! That being said, all credit to the incredible talent behind these…
Not in my name Abbott.