Consultation kicks off on fee consent forms
The Treasury has signalled the start of work on a new approach to financial advice fee consent forms.
Stakeholders and interested parties have received notification from Treasury that it is seeking feedback from interested stakeholders on the potential design of an approved consent form.
The Treasury notification noted that the exercise was part of the DBFO legislation and the power of the minister to approve a form covering ongoing fee arrangements or authorising the deduction of ongoing fees.
The Treasury told stakeholders that the Government only intended to approve a form “if there is broad consensus from stakeholders and where it is clear that efficiency benefits will be achieved”.
However, it also said that it was Treasury’s intention to finalise the design of the new form prior to the new arrangements under the first tranche of the DBFO legislation starting on 10 January, 2025.
It said this is because Treasury is aware that such a move will require system changes by some stakeholders.
Since when are product providers considered to be a stakeholder in the client-adviser relationship?
Since when you use their products for your clients needs.
And the same product providers process fees or commissions to Advisers for the clients products.
Ever since they collect the fees and pay it to us!. Was this a serious question
Ain’t it just grand that ASIC, Treasury and pollies can introduce not one but two layers of FDS & AFC with ZERO consultation to start with.
Years upon years of useless Red Tape costs and now they are supposedly going to consult.
Useless Canberra muppets
I look forward to the consent form being exactly like a FDS and FCF form all in one form. This will save zero time.