Finance minister Mathias Cormann has rejected media suggestions that Treasury has “watered down” elements of the government’s adviser register.
However, an explanatory statement on the exposure draft published on the Treasury website explains that professional association membership and qualifications elements will be included on the register "in time" and would require "further amendment to the principal regulations", indicating they may be a late addition. Addressing the AIOFP conference in Sydney recently, ASIC official Joanna Bird said the regulator is also firmly committed to the register, and expressed hope that the Senate’s FOFA decision did not have ramifications for the project’s progress. “I hope it isn't in jeopardy because I think it has a real standalone benefit regardless of that,” Ms Bird said. “We have not received any indication from the government that things have changed but as you appreciate, it's a fairly fluid environment.”
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
With more still to come.
The CEO of a privately owned advice network has urged executives to focus on how they have helped their advice network when entering the 2022 ifa Exce...
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.