Churning: FPA picks holes in FSC plans, fails to rule out clawbacks
FPA CEO Mark Rantall has told Wealth Professional that the FSC shouldn’t penalise financial advisers for acting in their clients’ best interests, but he hasn’t ruled out clawbacks. On the controversial issue of clawbacks, Rantall pointed out that most life insurers already clawback 100% of an adviser’s commission should their client’s policy lapse within 12 months. Whether this provision – and the FSC’s suggested additional 75% clawback for lapses within two years and 50% clawback for lapses within three – are reasonable is another question.
Bidding War for ClearView?
Suncorp Limited (ASX: SUN) is rumoured to be considering a rival bid for ClearView Wealth (ASX: CVW) according to reports in the Australian Financial Review (AFR).
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