The shadow financial services minister says it’s “completely wrong-headed” to remove safe harbour steps despite the likelihood that the Quality of Advice Review will recommend it being removed in line with Commission Hayne’s suggestion.
Moving to Letters of Advice, abolishing safe harbour steps to comply with best interest duty and indexing the wholesale assets test are among proposals made by the Financial Services Council for the next Parliament.
Superannuation funds have a duty to act in their members’ best financial interest, writes Noel Davis, but widespread examples of bad practices indicate that is not always the case.