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Government announces QAR response
Quality of Advice Review, AFSL, Financial Advice Practices, Compliance obligations Guest User Quality of Advice Review, AFSL, Financial Advice Practices, Compliance obligations Guest User

Government announces QAR response

Conrad Travers shares his thoughts about Minister Stephen Jones today’s announcements in mid June 2023 regarding the government’s response to the Quality of Advice Review (QAR).

A summary of the government’s response; assuming this passes the legislative process:

  • Safe harbour removed from BID.

  • Ongoing fee renewal (FDS) removed and fee consent to be consolidated in one industry wide form.

  • SOA replaced with "fit for purpose" advice record

  • Wholesale warnings to come in

  • Consent requirements for life, general and CCI

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‘Game changer’ ATO consultation on advice fees launched
Tangelo in the media, Financial Advice Practices, Tax deductability, Advice Fees Guest User Tangelo in the media, Financial Advice Practices, Tax deductability, Advice Fees Guest User

‘Game changer’ ATO consultation on advice fees launched

Conrad Travers of Tangelo Advice Consulting has been working with the FPA to campaign for expanding tax deductions for financial advice fees. “We believe there is a strong case under both 8-1 and 25-5 for all financial planning fees to be deductible,” Travers says. “We believe that in our current environment, around 75 per cent of the strategies an adviser recommends have a tax component to them.” Travers says the firm looks forward to a potential win for advisers and their clients.

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Tangelo’s submission for CP 332 - Promoting access to affordable advice for consumers
Regulatory Reform, Compliance obligations, AFSLs, Financial Advice Practices Guest User Regulatory Reform, Compliance obligations, AFSLs, Financial Advice Practices Guest User

Tangelo’s submission for CP 332 - Promoting access to affordable advice for consumers

Tangelo has made a submission to the CP 332 - Promoting access to affordable advice for consumers ASIC consultation. Working across the industry, on behalf of a variety of clients, we have strong views on what should be done to make high quality advice available to all Australians who need it.

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Structural rethink needed for advice industry
Tangelo in the media, AFSLs, Compliance obligations, Financial Advice Practices Guest User Tangelo in the media, AFSLs, Compliance obligations, Financial Advice Practices Guest User

Structural rethink needed for advice industry

One of the interesting insights to come out of the ‘How to Regulate Advice session at Professional Planner’s Best Practice Forum was ASIC’s assessment that licensees themselves were being too conservative around policy guidance. That is, it was observed that licensees were going far beyond ASIC’s guidance, which in some circumstances had been to the detriment of scaled advice.

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