•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

From Komfie Manalo, Opalesque Asia:

At least seven of the biggest fund managers in Australia, including AMP, AXA, BT, CFS, ING, Macquarie and MLC, on Monday ratified the new Investment and Financial Services Association (IFSA) Superannuation Charter that rewrites the rules of engagement between financial adviser providing advice on super and their clients. The new rule now allows clients to dictate the fees on superannuation advice.

A report by the Financial Standard, the over 135 IFSA members representing over $1.027bn in assets have agreed to support the charter which clearly state the cost of financial advice from other costs relating to the super product and services.

IFSA has been calling for changes to the Superannuation Industry (Supervision) Act (SIS Act) to recognize the role of financial advice in superannuation.

According to Money Management, IFSA told the Cooper Review that the regulatory and legislative environment surrounding superannuation has changed dramatically since the SIS Act was originally introduced, and that it needs to be amended to reflect these changes.

The document submitted to the Cooper Review highlights the changes, particularly the enactment of the Financial Services Reform Act (FSRA)......................

To view our full article Click here