{"id":11271,"date":"2014-11-03T21:06:15","date_gmt":"2014-11-04T02:06:15","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=11271"},"modified":"2014-11-03T21:06:15","modified_gmt":"2014-11-04T02:06:15","slug":"is-mathias-cormann-acting-in-investors-best-interest-or-the-banks","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/03\/is-mathias-cormann-acting-in-investors-best-interest-or-the-banks\/","title":{"rendered":"Is Mathias Cormann acting in investors’ best interest — or the banks?"},"content":{"rendered":"

Chris Joye from the AFR comments on Finance Minister Mathias Cormann\u2019s final Future of Financial Advice (FoFA) bill:<\/p>\n

Cormann seeks to assure consumers that a commission \u201cis banned if it is made solely because a product .\u200a.\u200a. has been sold\u201d.<\/p>\n

This is part of his new definition of a commission, which lawyers say bears no resemblance to the real legal meaning of commissions under precedent laws.<\/p>\n

The word \u201csolely\u201d makes the definition a farce. Cormann\u2019s explanatory statement says: \u201cIf an employee [had] to meet a reasonable target \u2013 [like] selling 1000 products \u2013 as well as a compliance target .\u200a.\u200a. the payment would not be made solely because of general advice [and] .\u200a.\u200a. would be permitted.\u201d In every other universe, these payments are a \u201ccommission\u201d and\/or \u201cconflicted remuneration\u201d.<\/p>\n

I do not have a problem with the Coalition\u2019s changes to the laws on \u201cgeneral advice\u201d. Companies should be free to motivate sales staff, as is the case across the rest of the economy.<\/p>\n

My main concern is with Cormann\u2019s modifications to the \u201cpersonal advice\u201d laws, which allow planners to earn up to 10 per cent of their total remuneration in sales bonuses partly determined by how many products they sell to customers relying on personal advice.<\/p>\n

Cormann\u2019s logic is because he has exempted these \u201cperformance bonuses\u201d \u2013 which planners do not support \u2013 from the ban on conflicted remuneration, they are not conflicted remuneration: \u201cWith personal advice the requirements are very stringent, so all remuneration that would conflict the advice given is banned, and the overarching requirement for the adviser to act in the best interests of the client remains in place.\u201d<\/p><\/blockquote>\n

Conflicts of interest are rife in the provision of financial advice. Removal of the overriding requirement that an adviser act ‘in the best interest’ of their client leaves the door open to an array of abuses. The argument that advisers are already obliged to act in the client’s best interest is not an argument against removal of the provision. If the obligation is already implied, making it an express obligation would simply reinforce this by removing any doubt.<\/p>\n

In my view, advisers offering personal advice should not receive any (material) incentive for recommending specific products. That would limit the potential for any conflict of interest and improve public perception of adviser integrity. And where general advice is offered, the adviser should be required to (prominently) notify readers or listeners that they (the adviser) receive incentive payments based on the products they recommend. After all, the primary concern of the industry should be to protect the consumer. In doing so, advisers will benefit from an enhanced reputation and trust from the community.<\/p>\n

Read more at Senate has last chance to fix financial advice<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chris Joye from the AFR comments on Finance Minister Mathias Cormann\u2019s final Future of Financial Advice (FoFA) bill: Cormann seeks to assure consumers that a commission \u201cis banned if it is made solely because a product .\u200a.\u200a. has been sold\u201d. This is part of his new definition of a commission, which lawyers say bears no … <\/p>\n

Continue reading “Is Mathias Cormann acting in investors’ best interest — or the banks?”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[50],"tags":[421,744,1428,1496,1533,2643,2644],"class_list":["post-11271","post","type-post","status-publish","format-standard","hentry","category-financial-planning","tag-best-interest-duty","tag-commissions","tag-fofa","tag-future-of-financial-advice","tag-general-advice","tag-performance-bonuses","tag-personal-advice"],"yoast_head":"\nIs Mathias Cormann acting in investors' best interest - or the banks? - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Mathias Cormann acting in investors' best interest - or the banks? - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Chris Joye from the AFR comments on Finance Minister Mathias Cormann\u2019s final Future of Financial Advice (FoFA) bill: Cormann seeks to assure consumers that a commission \u201cis banned if it is made solely because a product .\u200a.\u200a. has been sold\u201d. 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In future, I will no longer publish newsletters under the banner of Research & Investment nor issue\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/other\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11405,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/12\/08\/australian-banks-rally-on-murray-report\/","url_meta":{"origin":11271,"position":2},"title":"Australian banks rally on Murray Report","author":"ColinTwiggs","date":"December 8, 2014","format":false,"excerpt":"The ASX 200 Financial sector (ex-REITs) responded well to release of David Murray's report into the financial services industry. As the largest constituent of the ASX 200 index, comprising more than one-third of market capitalization, sector performance is critical in determining future direction of the broader index. Breach of resistance\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"ASX 200 Financial ex Property","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-12-08-xxj.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-12-08-xxj.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-12-08-xxj.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":18588,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/01\/australian-banks-still-overpriced\/","url_meta":{"origin":11271,"position":3},"title":"Australian banks: Still overpriced","author":"Colin Twiggs","date":"August 1, 2019","format":false,"excerpt":"Summary We have just completed a review of Australia's four major banks -- Commonwealth, Westpac, ANZ and NAB -- and conclude that they are collectively overpriced by 23.5 percent. 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Although not yet as dangerous as in the period from 2004-2007, this behaviour is shown by the rapid expansion of\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8780,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/11\/22\/sp-500-momentum-and-economic-outlook\/","url_meta":{"origin":11271,"position":5},"title":"S&P 500 Momentum and Economic Outlook","author":"ColinTwiggs","date":"November 22, 2013","format":false,"excerpt":"This an example of the monthly updates from the new Research & Investment joint venture between Incredible Charts and Porter Capital. S&P 500 Momentum \u2013 October 2013 Latest Performance S&P 500 Momentum is based on Porter Capital's successful ASX200 Prime Momentum strategy which returned +38.43% for the 12 months ended\u2026","rel":"","context":"In "Momentum Trades"","block_context":{"text":"Momentum Trades","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investing\/momentum-investing-2\/momentum-trades\/"},"img":{"alt_text":"GILD","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-11-09-nflx-us.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-11-09-nflx-us.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-11-09-nflx-us.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=11271"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11271\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=11271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=11271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=11271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}