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The financial services minister has said that recently introduced reforms to ongoing fee arrangements (OFAs), which will cost the industry $28 million, were necessary to stop clients from being “charged invisibly”.
In a letter to Western Australian senator Linda Reynolds, financial services minister Jane Hume said the government was “committed to enhancing the financial advice OFA framework” to address the risk of fee-for-no-service misconduct revealed by many of the major financial institutions during the royal commission.
Read more at the ifa.