Changes to the Future of Financial Advice (FOFA) bill that passed through the Senate with bipartisan support in November last year would lead to an increase in the training and educational benefits allowed to advisers under the new definition of conflicted remuneration.
Imac legal and compliance director and principal lawyer Ian McDermott told financialobserver changes to the wording of the bill broadened the provisions surrounding conflicted remuneration, which would result in more education and training benefits becoming exempted from being considered conflicted remuneration.
Read the full article in Financial Observer
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