Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 10961 - 10970 of 28277 results for "NOT"

Advice not yet a real profession: Kell

ALEX BURKE  |  TUESDAY, 17 APR 2018
In his statement to the Royal Commission, ASIC deputy chair Peter Kell argued financial advice is not yet a profession. Kell told Special Counsel Assisting Rowena Orr that while there are professionals in the industry, "we do not view the industry as ...

SMSF home bias drags returns

KARREN VERGARA  |  TUESDAY, 17 APR 2018
Self-managed super funds' home bias dragged returns for the sector in the 12 months to February, latest SuperGuard 360 research shows. According to the SG360 SMSF Reference Index, SMSFs generated a 5.5% return (before fees and tax) - well below the ...

AMP deliberately misled ASIC over ongoing fees

ALEX BURKE  |  TUESDAY, 17 APR 2018
... had been transitioned into a BOLR pool. Under this arrangement, clients would continue to be charged fees while they were not receiving services for up to 90 days. Hodge pointed out that on numerous occasions AMP had communicated to ASIC that this was ...

Chief economist update: Back to the shops

BENJAMIN ONG  |  TUESDAY, 17 APR 2018
... financial markets in the first quarter of 2018 and the prospect of another two or three more interest rate hikes this year. Why not? Average weekly earnings growth have accelerated to 2.7% in the year to March from 2.6% in the previous month and take ...

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 were ...

Social media singles out ASIC in Royal Commission coverage

ALEX BURKE  |  MONDAY, 16 APR 2018
... April 16, 2018 LF Economics founder Lindsay David said the Royal Commission should extend its reach to investigating ASIC. Not only have @asicmedia told the #BankingRC that some financial advisers charge up to $2000 in fees for no service, but they've ...

AMP's buyer of last resort measures scrutinised

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... products were on the APSL." In response, Regan said that he was unsure, despite the BOLR policy clearly stating that it is not applicable to products not on the APSL. Further, where a product was on the APSL but the related product was not an AMP platform ...

AMP executive 'apologises' for advice failings

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... then conceded that AMP has failed to act honest, fairly and efficiently in relation to charging fees for no service but could not be certain whether AMP's own position was that there has been a failure. Pushed further, Hodge questioned whether Regan ...

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. Providing examples of misconduct by authorised representatives and financial advisers employed by CBA and related ...

ANZ issues last minute RC submission correction

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... there was no evidence that sufficient research was undertaken prior to providing the advice; and cases where advisers did not accurately disclose fees," she said. Follow Financial Standard for ongoing coverage of the financial services Royal Commission ...