King & Wood Mallesons

Asia-Pacific 100 position: 3

Conflicted remuneration ban less than meets the eye

By Michael Mathieson and Michelle Levy

The assistant treasurer, Arthur Sinodinos, was quizzed recently about the timetable for his Future of Financial Advice (FoFA) changes. He responded: ‘… you will know by the end of the year. Because I am trying to get all this wrapped up, before parliament … rises …’. The second week of December is the last week of parliamentary sittings for 2013, and so one would expect to hear from Mr Sinodinos around this time.

Many will be keen to see the changes to the ban on conflicted remuneration, introduced by the previous government with effect from 1 July 2013.

The ban is not a ban on upfront or trailing commissions, although it may stop the payment of some commissions. But not always — only some payments will fall within the reach of the ban and in other cases exceptions might apply…

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