APB cost estimates on high side: Weatherston
Advisers associations are still getting their head around the bill introduced to Parliament this week which will regulate their members' business activities.
Friday, December 7th 2007, 7:12AM
The G4 group (SIFA, PAA, IFA and LBA) have been thinking if they got 2000 advisers into an APB then "we might be able to get the cost, excluding external disputes, resolution down to $500."
That would give the APB a budget of $1 million.
He says the base fee for the resolution service in Australia is around the A$300 mark.
Weatherston thinks membership of an APB will be somewhere between $750 and $1000 a year.
Dave McMillian at the Professional Advisers Association is still working through 91-page bill and will comment next week.
Good Returns has heard that officials have "very, very informally" said the government might provide some sort of transitional funding to help the establishment of APBs whether by way of suspensory loans or some other form of subsidy.
It is unclear if this is policy or not.
| « Cost of joining APB at least $1000 per adviser | Sovereign takes regulation bull by the horns » |
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