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

Search Results

Showing 91 - 100 of 218 results for %22Best Financial Interests Duty%22

ASIC nudges robo-adviser to shutter

ELIZABETH MCARTHUR  |  FRIDAY, 18 OCT 2019
... the same legal obligations required of human advisers - the advice must be appropriate to the client and comply with the best interests duty. "ASIC expects AFS licensees and financial advisers using or recommending digital advice tools to ensure that ...

ASIC prepares to be primary super conduct regulator

ELIZABETH MCARTHUR  |  THURSDAY, 12 SEP 2019
... positioning itself to take on this enhanced duty. "We will be driving better behaviour by trustees to ensure that they act in the best interests of members, by undertaking the necessary supervision and surveillance of superannuation trustees, with more ...

AFCA ombudsman addresses adviser concerns

KRISTI CHENG  |  TUESDAY, 10 SEP 2019
... obligations in force at the time, including the obligation for personal advice to have a reasonable basis, rather than the "best interest duty" which applies to personal advice given since July 2013." Adviser obligations prior to 1 July 2013 are those ...

Managed investment scheme operator AFSL canned

ELIZABETH MCARTHUR  |  FRIDAY, 12 JUL 2019
... years. ASIC found Worboys and Barnett did not exercise care or diligence to the degree required and failed to act in the best interests of the members of the Courtenay House Capital Investment. The two men allegedly failed to ensure the persons responsible ...

MLC faces class action over adviser fees

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 JUL 2019
... members for adviser commissions. IMF Bentham and William Roberts will allege NULIS breached its obligations to act in the best interests of members of the MLC Super Fund. The fees in question were allegedly levied in order to pay commissions and other ...

Sunsuper slashes fees

KARREN VERGARA  |  FRIDAY, 28 JUN 2019
... officer Jason Sommer said: "Passing on a reduction in fees and costs is consistent with our duty to act in our members' best interests and halving the weekly administration fee for our pension members and reducing investment fees and costs is a great ...

AMP faces super fee gouge class action

KARREN VERGARA  |  THURSDAY, 30 MAY 2019
... building on the findings of the Royal Commission, the action filed claims the AMP trustees - whose duty was to act in the best interests of members - failed to monitor, compare, negotiate or seek reductions of hefty fees being pocketed by related AMP ...

No single solution for advice: CFA

HARRISON WORLEY  |  TUESDAY, 14 MAY 2019
... accessing financial advice. The institute is calling for conflicted remuneration to be outlawed, alongside strengthening the best interest duty and ensuring advice remains independent. Additionally, it has called for the remuneration of advisers and ...

Superannuation mergers strike oligopoly fears

KARREN VERGARA  |  TUESDAY, 23 APR 2019
... criminal consequences if trustees and directors breach sections 52 and 52A of the SIS Act. "In some instances, acting in the best interests of members will require underperforming funds to merge or exit the industry. If trustees and trustee directors ...

APRA receives new super powers

KARREN VERGARA  |  FRIDAY, 5 APR 2019
... civil penalties against trustees and their directors for breaching obligations to members, including the duty to act in the best interests of members. For example, APRA can issue a direction on RSEs if certain financial risks affect the interests of ...