["route"]=> string(1) "0" string(0) "" Mr Carter admitted to the commission that the planned service fee was for access to advice and support services and not necessarily for the provision of actual financial services that had been provided. string(11) "latest-news" ["route"]=> ["menu-anchor_rel"]=> string(314) ", Royal Commission reveals details on dodgy super fees. ["link"]=> Former NAB executive Paul Carter fronted the Royal Commission on Monday to explain why MLC continued to deduct plan service fees from its MasterKey Personal Super (MKPS) member accounts, when many of them had no link to an adviser, and some of the poor disclosure around these fees to consumers. string(3) "url" NAB made part provisions for the $67 million refund at its half year results. ["language"]=> } [0]=> In a recent ASX statement, MLC’s trustee Nulis, stated it would stop deducting plan service fees from MLC MasterKey Personal Super (MKPS) member accounts from 30 September 2018, and that it would refund all MKPS members for planned service fees paid while in the product. NULL [1]=> ["data":protected]=> ["show_empty_categories"]=> SMSF Adviser analyses and interprets regulatory and legislative changes to ensure the SMSF sector is kept informed on the tips, tools and best practice for serving SMSF trustees. SMSF Adviser brings you exclusive access to educational content to help you stay at the top of your game. } Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Critical considerations highlighted with timing of death benefits, Lonsdale partners with SMSF Adviser for virtual masterclass event, ASIC faces fresh questions on industry super campaign, [Free trial] Stop chasing debtors and get paid for your work on time, From our small business to yours: how to outsource your SMSF audits, Fixed Fee Playbook: How to implement fixed fees in your accounting firm, The role of technology in managing the new independence standards, Pre-signing of wills and BDBNs: Another warning, Examining PS LA 2020/3 and the ATO’s views on penalties, SMSF auditors challenged by new penalty regime, Rebuilding super savings after early access, AAT upholds commissioner’s decision in excess contributions case, Court makes orders in family trust dispute. ["tree"]=> var addy_text0b65e603e9cf91365a8033cae4bb78dd = 'Miranda.Brownlee' + '@' + 'Momentummedia' + '.' + 'com';document.getElementById('cloak0b65e603e9cf91365a8033cae4bb78dd').innerHTML += ''+addy_text0b65e603e9cf91365a8033cae4bb78dd+'<\/a>'; Get the latest news and opinions delivered to your inbox each morning. * Mandatory fields. string(0) "" Premium subscribers can access even more content from Financial Standard. ["menu-anchor_title"]=> ["show_description"]=> string(3) "378" ["anchor_title"]=> ["query"]=> This email address is being protected from spambots. Mr Carter also stated that MLC sought legal advice about charged the plan service fees to ensure it was legally permissible to do so and that is “proactively engaged the regulator” on the issue. int(1) HUB24 announced a series of significant transactions, including plans to acquire Xplore Wealth and the sale of its financial advice business. The refund comes as NAB is in the process of demerging its MLC business, including its superannuation and wealth management functions. string(69) "index.php?option=com_content&view=category&layout=momentum:smsf&id=84" var prefix = 'ma' + 'il' + 'to'; Life insurance, TPD insurance, and income protection insurance available within super. string(1) "*" Investing trends and strategies from the industry’s thought leaders. ["type"]=> string(1) "*" var addy0b65e603e9cf91365a8033cae4bb78dd = 'Miranda.Brownlee' + '@'; We’re changing the fees for MLC MasterKey to make them simpler and more transparent. object(Joomla\CMS\Menu\MenuItem)#264 (32) { string(0) "" Open an MLC MasterKey Pension Fundamentals account Apply now If you are an existing MLC customer, login here The refund comes as a result of ongoing discussions between Nulis and the Australian Securities and Investments Commission (ASIC), the NAB-owned MLC said in a statement on Thursday. ["menu_image"]=> Get the Financial Standard Daily Newsletter. string(0) "" NAB introduced the fee when it moved away from commission-based remuneration for financial advisers in 2012. string(0) "" string(8) "mainmenu" string(3) "376" ["show_cat_tags"]=> string(0) "" string(1) "0" ["/news"]=> string(4) "News" ["menu_show"]=> The refund comes as the royal commission prepares for two weeks of hearings about misconduct and conduct falling below community expectations on August 6. The Australian Journal of Financial Planning. As the superannuation round of the Royal Commission kicks off, further details about super members unknowingly being charged fees for no service by MLC have emerged. MLC is lowering the fees for its MasterKey Fundamentals product for accounts above $150,000, and introducing a new core menu. string(1) " " bool(false) string(0) "" addy0b65e603e9cf91365a8033cae4bb78dd = addy0b65e603e9cf91365a8033cae4bb78dd + 'Momentummedia' + '.' + 'com';

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