On 28 April 2011, Bill Shorten the Assistant Treasurer announced the proposed FOFA reforms. Godfrey Pembroke has long been an advocate of reform in these areas, and it is worth noting the stances taken by Godfrey Pembroke at times placed it at odds with the financial planning industry.
In 2006 Godfrey Pembroke made the decision to no longer accept initial or trailing commissions on investment products on behalf of new clients some seven years before the legislation is to take effect. From that date forward Godfrey Pembroke took a true “fee-for-advice” remunerated stance.
In April 2010, Godfrey Pembroke publicly announced a move to a complete fee model, including insurance inside and outside superannuation. We are committed to implementing these changes which are in excess of the regulations and well ahead of the proposed 1 July 2013 date.
In 2004, MLC on behalf of Godfrey Pembroke Financial Consultants made the decision to no longer pay or receive volume-based payments to and from platform providers.
All Godfrey Pembroke clients can already withdraw from their financial planning agreement with one month’s written notice, and we will be offering all our clients the opportunity to ‘opt in’ to advice every two years.