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ROYAL COMMISSION: Top stories
JAMIE WILLIAMSON  |  FRIDAY, 20 APR 2018
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.
Dead advice clients slugged ongoing service fees
JAMIE WILLIAMSON  |  THURSDAY, 19 APR 2018
The Commonwealth Bank has admitted one of its advice subsidiaries charged ongoing service fees to clients it knew had passed away.
Royal Commission latest: CBA doing more with fewer advisers
KARREN VERGARA  |  WEDNESDAY, 18 APR 2018
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.
CFSGAM prepares IPO, names board candidates
DARREN SNYDER  |  TUESDAY, 17 APR 2018
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.
Banks put revenue above quality advice: FSU
ALEX BURKE  |  MONDAY, 16 APR 2018
Following today's round of hearings for the Royal Commission, the Finance Sector Union of Australia (FSU) noted that "banks had better systems in place to track incoming revenue than to make sure customers had been given the ongoing advice they ...
NAB details serious compliance concerns in RC advice submission
JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
In the past nine years NAB has identified about 70 financial advisers giving rise to serious compliance concerns across its wealth division.
AMP's buyer of last resort measures scrutinised
JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
AMP has admitted that its Buyer of Last Resort measures, up until June 2017, were designed to incentivise financial advisers to show preference for its in-house platforms.
AMP executive 'apologises' for advice failings
JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
AMP's group executive, advice and New Zealand used his appearance at the Royal Commission public hearing to apologise on behalf of the group for failings in the provision of financial advice.
Commonwealth Bank refunding millions in fees for no service
JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
In its three submissions to the Royal Commission, Commonwealth Bank has admitted to at least $118.5 million of fee for no service misconduct.
ANZ issues last minute RC submission correction
JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
ANZ issued a correction to its submissions to the Royal Commission over the weekend ahead of the next fortnight's hearings on financial advice.
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