POWERED BY MOMENTUM MEDIA
SPAA code of conduct will obviate opt-in
The Self-Managed Super Fund Professionals' Association (SPAA) is aiming to ensure its members will be exempt from opt-in requirements when Future of Financial Advice (FOFA) requirements take effect.
SPAA will work with the Australian Securities and Investments Commission (ASIC) to update its code of conduct to ensure the code is adequate to obviate opt-in requirements, as stipulated by the amended FOFA legislation.
Minister for Financial Services and Superannuation Bill Shorten last week announced that although opt-in requirements would remain part of the FOFA reforms, financial advisers could obviate the need for opt-in if they were part of a professional organisation governed by an acceptable code of conduct, as determined by ASIC.
SPAA chief executive Andrea Slattery said the FOFA reforms will result in the raising of standards across the financial planning profession, which is a positive step to boosting consumer confidence in advisers.
While supporting best interests requirements, SPAA maintained the view that a statutorily imposed opt-in regime is unnecessary.
The best interest duty, the banning of commissions, and the use of fee for service will assist in building trusted relationships with clients based on agreed terms with the client, according to SPAA.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
