new
or
You are here : Stone Home > Info Center > Financial News > Australians to receive cheaper financial advice in future

Australians to receive cheaper financial advice in future

Updated:2010-04-27 15:45:41

More Australians will have access to low-cost, simple financial advice under a series of major reforms to the sector, the Australian federal government announced on Monday.

Financial Services Minister Chris Bowen said the Future of Financial Advice reforms were designed to tackle conflicts of interest that had threatened advice quality, and the mis-selling of products.

The package contained three key changes: financial planners will no longer be able to receive commissions; they'll be legally required to act in the best interest of clients and affordable financial advice services will be expanded.

Given Australia's aging population, Bowen said accessing sound advice was an important part of planning for the future.

"The expansion in the provision of low-cost, simple advice will be of particular benefit to individuals and families who may not currently have access to financial advice," Bowen told Australian Associated Press.

Requiring advisers to have their own "product neutral" charging structure, boosting the Australian Securities and Investments Commission's powers to act against doggy operators and establishing an expert panel to review professional standards were also part of the suite of reforms.

"These reforms will see Australian investors receive financial advice that is in their best interests, rather than being directed to products as a result of incentives or commissions offered to the financial adviser," Bowen said.

"I welcome the significant efforts of industry ... to remove commissions and improve professional standards - these reforms clearly support their efforts."

Most of the changes will apply from July 1, 2012.

 

 

 

Source:http://news.xinhuanet.com

Premium Related Products
JBS - Bridge saw with turning table
JBS - Bridge saw with turning table
Price:Negotiation
Origin:China
Categories:
Noor East Marble & grnite Co,. Ltd
EgyptEgypt
Compound Marble, Composite Tile
Compound Marble, Composite Tile
Price:Negotiation
Origin:India
Categories:
Stonemaster
IndiaIndia
Arabescato Orobico Gold
Arabescato Orobico Gold
Price:Negotiation
Origin:India
Categories:
Stonemaster
IndiaIndia
Browse by: Stone Manufacturers | All Products | For Buyers | For Sellers | Suppliers | Stonebtb.com International | Stonebtb.com China | Site Map
About Us | Stonebtb Service | Contact Us | Our Partners | Video | Exchange Link | Terms of Use
Copyright 2007-2019 Stonebtb.com All rights seserced