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Showing 1131 - 1140 of 1257 results for "Royal Commission"

Treat real estate agents like advisers: REIA

ALEX BURKE  |  TUESDAY, 17 APR 2018
... advisers and be directly remunerated by the real estate vendor, the Real Estate Institute of Australia advised in a Royal Commission submission. REIA president Malcolm Gunning noted a proliferation of businesses, portraying themselves as impartial, who ...

Westpac paid out $200m annually in conflicted remuneration

DARREN SNYDER  |  TUESDAY, 17 APR 2018
In statements to the Royal Commission, Westpac noted it has paid out about $200 million in payments each year since 2013 that constitute conflicted - albeit permitted - remuneration. BT Financial Advice national head Michael Wright provided a statement ...

No view on ending adviser commissions: AMP

ALEX BURKE  |  TUESDAY, 17 APR 2018
AMP advice head Anthony Regan told the Royal Commission that he has yet to "turn his mind" to the idea of mandating a cessation of the commission-based adviser remuneration model, despite personal reservations. Senior Counsel Assisting Michael Hodge ...

RC findings bring shame on advice industry: social media

ALEX BURKE  |  TUESDAY, 17 APR 2018
... Partners principal Shaun Gath criticised the industry's evasive responses to questions. Watching the Banking Royal commission, I'm reminded of what we recommended to the Joint Parliamentary Committee 9 years ago regarding fee for no service in financial ...

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 ...

AMP deliberately misled ASIC over ongoing fees

ALEX BURKE  |  TUESDAY, 17 APR 2018
Once again in the Royal Commission hot-seat, AMP advice head Anthony Regan conceded evidence suggests the business deliberately misled ASIC over ongoing fees-for-no-service policies on multiple occasions. Senior Counsel Assisting Michael Hodge singled ...

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
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. Commentators on Twitter were broadly critical of ASIC's attempts to police and ...

NAB details serious compliance concerns in RC advice submission

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... financial advisers giving rise to serious compliance concerns across its wealth division. In its submissions to the Royal Commission, NAB disclosed that between 1 January 2009 and 1 January 2018, it identified 68 advisers engaging in the provision of ...

AMP's buyer of last resort measures scrutinised

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... incentivise financial advisers to show preference for its in-house platforms. Giving evidence on the first day of the Royal Commission's inquiry into financial advice, AMP group executive, advice and New Zealand Anthony Regan admitted the BOLR policy ...