Ongoing fee reforms a positive step: Hume

The financial services minister has said that recently introduced reforms to ongoing fee arrangements (OFAs), which will cost the industry $28 million, were necessary to stop clients from being “charged invisibly”.

by Shared by the ifa | 14 Jun, 2021

ATO cautions businesses over FBT calculation methods

In a letter to Western Australian senator Linda Reynolds, financial services minister Jane Hume said the government was “committed to enhancing the financial advice OFA framework” to address the risk of fee-for-no-service misconduct revealed by many of the major financial institutions during the royal commission.