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Do new independence disclosures go far enough?
Do new independence disclosures go far enough?
An industry body is calling for asset-based fees to be recognised as conflicted remuneration and disclosed to clients, but concedes the government has shown little recent interest in addressing the issue.
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PIFA president Daniel Brammall said the industry association had been unsuccessful in its bid to amend royal commission legislation around annual renewals and independence disclosures to include asset-based fees, despite “a great deal of interest from all sides of politics”.
“The interest came from the government, the opposition and the cross-bench, as well as from consumer groups like Choice and Super Consumer Australia,” Mr Brammall said.