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1.Market Observations, 2.financial advice

21 Jun 2014 (AFR) – Cormann’s FoFA changes benefit banks, product pushers

(21 June 2014, AFR, p4, Christopher Joye)

‘Today when you walk into a financial institution and speak to someone about anything other than the most basic loan, deposit, or insurance product, you know they cannot receive kick-backs from the product provider if they give you “general advice”. That’s information limited to explaining the features and performance. It cannot involve a recommendation tailored to your financial needs.’

‘If you want “personal advice”, which takes in your goals and circumstances, including your assets, liabilities, income and risk preferences, you know that the planner always has to act in your best interests. They can never receive conflicted payments from anyone based on products sold to you. Planners can only make money from their clients in the same way trusted lawyers and doctors do. These principles are…’

Read the full story at AFR.com (might need AFR login access)

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