Australian advisory business faces clampdown on remuneration
Sector faces major shake-up by Australian government’s focus on quality of investor advice
The Australian financial advisory sector is in for a shake-up, as the government has moved to clamp down on remuneration structures that are currently said to jeopardise the quality of advice provided to Australian investors.
The Future of Financial Advice reforms, announced on April 26, will ban remuneration structures, including commissions and volume-based payments, and limit the use of percentage-based or asset-under-management fees to ungeared products from July 1, 2012. It will also
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