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Delivering Better Financial Outcomes - Ongoing Fee Arrangement Approved Standardised Consent Form

The Law Council of Australia provided a submission to the Treasury regarding the stakeholder consultation process for the development of a standardised consent form for ongoing fee arrangements.

The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (Cth) implemented changes to consent forms which includes a power for the Minister to approve a form for clients of financial advisers giving consent to enter into or renew an ongoing fee arrangement or authorise the deduction of ongoing fees by their financial adviser.

Treasury has sought feedback from interested stakeholders on potential design parameters for an approved consent form, including:

  1. existing examples of best practice forms for both entering into a fee arrangement and deducting fees from a financial product;
  2. examples of where existing practices present administrative burdens that could be resolved with an approved form;
  3. any prior work on consolidated forms that may have been undertaken; and
  4. information regarding business practices or systems that would require updating or changing as a result of consolidating consent forms and fee deductions into a standardised form.

Read the full submission below.

Last Updated on 09/12/2024

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