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“An adviser puts in the research, they will go through a due diligence process and that’s why we have approved product lists, and there is a certain amount of research that goes into that,” Osborne said. “If the product provider has been shielding things from the research process… unfortunately what has happened in the past is that the adviser has been held accountable.” Osborne said advisers had been held responsible for lack of disclosures by product makers, which the Australian Securities and Investments Commission (ASIC) failed to pick up on. “It’s something that needs to be taken into account, simply because a product actually failed it does not mean the adviser has failed in their attempts to work in a client’s best interest and perform their due diligence,” Osborne said. ....
What an ongoing fee is and isn’t What an ongoing fee is and isn’t Annual opt-in arrangements are set to cause headaches for the industry from next financial year, but there are ways to structure fee arrangements so advisers don’t get caught by the new rules, a compliance expert has said. A A Addressing the AIOFP conference in Hobart on Wednesday, Philborne Financial Consultants director Phil Osborne said it was important for advisers to understand that not all flat-fee arrangements would qualify as ongoing fees under new royal commission legislation, which was set to come into force from 1 July. ....