The AFA s Phil Anderson
The exhortation from ASIC and APRA for trustees to request client SoAs on top of fee consent forms will add cost and complexity to an already overburdened ecosystem, while disparaging comments from the regulators are eroding trust in the advice community according to the acting chief executive of the Association of Financial Advisers, Phil Anderson.
A few hours before July 1 regulation came into effect requiring advisers to start getting clients to sign fee consent forms before advice fees could be taken out of super fund accounts, the regulators advised trustees to go one step further and request to see client SOAs as part of their oversight.
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