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Grandfathering to end
The Federal Treasurer, Josh Frydenberg has said the Government will take action on all 76 recommendations contained in the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Included in the moves will be the real of grandfathered conflicted remuneration as soon as reasonably practicable, with the Government accepting a timetable for removal of 1 January, 2021.
The Government has also signalled further moving on life risk commissions with the Royal Commission stating the cap should ultimately be reduced to zero.
In doing so, the Treasurer said the Government would be implementing a compensation scheme of last resort and that his message to the financial sector was that misconduct must and that consumers must come first.
As well, Frydenberg said the Government would be clarifying the roles of the financial services regulators with the Australian Securities and Investments Commission becoming the primary conduct regulator.
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ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
