7.57 The Committee proposes that the Government consider the reasons given by the VPA, Minter Ellison Lawyers and the FSC with respect to the commencement of royalty returns and the 30-day deadline for obtaining a client`s approval to pursue an agreement. 7.34 Under the new law, licensees who have an ongoing pricing agreement with a customer must file a royalty declaration to private customers who have entered into the agreement after July 1, 2013, as described above. This amendment is in line with the government`s obligation to merely canvass annual royalties. The explanatory statement indicates that the amendment is based on the assumption that the retroactive application of the annual royalty requirement “imposes high costs and minimal benefits on the industry.” [53] Trail commissions paid to consultants or their trading groups were being grandpa, but there was no prohibition on current wealth-based fees, such as. B consulting fees. At the time of the adoption of this measure, we found that current asset-based commissions could easily continue to play the role that trail commissions had fulfilled and recommended that these payments be fully suspended. If you are not satisfied with your financial advisor`s fees or advice, the first step is to talk to them. If you are not satisfied with your response, you can file a complaint. 7.36 The ACTU strongly supported the current requirement that all customers receive a consolidated annual award. [56] Like Dr.
Marina Nehme, there is no need to change the tax disclosure provisions. It considers that disclosure is desirable because it provides additional protection to customers. Therefore, it believes that all current private clients of financial advisors who have an ongoing pricing system should receive a royalty return to promote transparency in the system and strengthen consumer confidence. Improving transparency would also limit abuses in the system. In addition, Dr. Nehme submitted that it could be costly and confusing for consultants to maintain two separate disclosure systems within their organizations. [57] She asked the following questions about limiting the implementation of royalties to certain individuals: the removal of the requirement for consultants to provide a consolidated annual fee count to clients before July 1, 2013 will already anchor low levels of price transparency and deprive many customers of information that could encourage them to make better decisions about who and how they pay for advice. [55] If you pay a consulting fee, you should receive a billing return (SDS) every 12 months. This shows the fees you paid.
7.7 A number of them wanted the opt-in regime to be maintained. They recognized the benefits that such regular messages would have for consumers. For example, the ACTU found that the explanatory statement “does not provide a cost assessment or the costs associated with the implementation of the opt-in.” On this basis, the government`s conclusion that it was “unnecessary” in relation to the benefits of protecting clients from current costs for consulting services that are not or not at all used. [6] She explained her concerns: the information made available to clients should include the fees they paid, paid for and for what services.