The long-awaited legislation for the Royal Commission changes – including annual client consent for ongoing advice fees – have now passed the House of Representatives. Whilst we’re waiting for its Royal Assent by the Governor General to make it Law, the key changes for Financial Advisers are effective 1 July 2021. The changes cover Client Fee Consent and Annual Fee Arrangements, as well as statements regarding independence that need to be included in FSGs.

The Masterclass at our March Professional Development Days will include a session by our Advice Coaches (Greg Dawes and Kerry Fleming) on the Ongoing Fee Arrangement Changes, focussing on what’s changing, transitioning to the new agreements, and the tools and support we’ll be providing for the transition. 

In the meantime, if you have any questions regarding ongoing service agreements, please contact the Governance team.

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