QAR: does the first tranche cut it?

One notable omission from Treasury's draft QAR legislation is optional SOAs, which were originally going to be part of the first "stream" of reforms when the Government first responded to the review ...

policy

Phil.Anderson

Advisely Partner

2 years ago

It was definitely disappointing that the removal of the Best Interests Duty safe harbour and the rationalisation of SoAs was not in the first package of QAR draft legislation, however a lot of work has been done on both of these critically important initiatives, so hopefully they will not be far behind. We knew they would not be in the first package, but disappointing nonetheless.

The one big thing in this first package was the removal of FDSs, however I guess this does not count for much if you had transitioned your business over to annual agreements. Hopefully the second package is not far off and will generate more excitely from the advice profession.

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