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In the aftermath of high profile corporate collapses resulting in significant losses for Australian investors acting on financial advice, the Parliamentary Joint Committee on Corporations and Financial Services launched an inquiry into the financial planning industry
The NSW Government has once again extended the timetable for abolition of stamp duty on unlisted marketable securities, mortgages and transfer of non-land business assets for another 12 months
As part of the FOFA reforms, recent amendments have been made to the Corporations Act which impose two statutory obligations on any individual (the provider) who provides personal advice to a retail client
Although it is hard to understand how this view could have arisen, there was a view amongst some members of the financial planning industry that financial planners did not owe fiduciary duties to their clients
