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|As the Royal Commission disbands for the week, Financial Standard summarises all the evidence heard on day four and five of the financial advice industry's turn before Commissioner Kenneth Hayne.|
|Missed something? Here's a recap of the most read stories to come out of the first week of the Royal Commission's inquiry into financial advice.|
|The Commonwealth Bank has admitted one of its advice subsidiaries charged ongoing service fees to clients it knew had passed away.|
|After three days of the financial services Royal Commission tackling financial advice, Financial Standard summarises the top stories and key points you need to know.|
|It took Commonwealth Bank two years to notify ASIC its financial advisers were failing to meet ongoing service obligations - all during a time when it slashed adviser numbers and doubled its client base.|
|Colonial First State Global Asset Management will work towards an initial public offering and listing on the Australian Securities Exchange following a strategic review from its parent bank.|
|Real estate agents should be treated like financial advisers and be directly remunerated by the real estate vendor, the Real Estate Institute of Australia advised in a Royal Commission submission.|
|A top executive from Yarra Capital Management has joined the board of a $1.2 billion listed investment company.|
|ASIC was a specific target by social media commentators during the first round of hearings for the Royal Commission into Australia's biggest providers of financial advice.|
|In its three submissions to the Royal Commission, Commonwealth Bank has admitted to at least $118.5 million of fee for no service misconduct.|
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In light of the Royal Commission, the Turnbull Government has increased criminal and civil penalties for corporate misconduct and boosted ASIC's surveillance powers.
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Powerwrap has confirmed it recently completed a pre-IPO capital raise to the tune of $7.5 million.
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Two Blue Sky funds have been rated "unapproved" and "low investment grade" by SQM Research after the manager conceded it had fallen short of shareholder expectations.
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The financial advice industry is grappling with a sales culture mentality and is only at the "cusp" of being a "true profession," this morning's session of the Royal Commission has revealed.
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