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Showing 101 - 110 of 167 results for "AFS Licensee"

Suncorp pays $1.4m remediation bill

JAMIE WILLIAMSON  |  TUESDAY, 3 SEP 2019
... clients was defective. ASIC was concerned Guardian Advice had failed to comply with its general obligations as an AFS licensee, including monitoring and supervising its representatives and ensuring they were adequately trained or competent. A number ...

Beware adviser conflicts of interest: Lonsec

ELIZABETH MCARTHUR  |  WEDNESDAY, 28 AUG 2019
Managed accounts have the potential to create significant conflicts of interest and conflicted remuneration for advisers. According to Rainmaker data, 29% of the investment platform market in Australia is in managed accounts already and that number ...

AMP MDA constraints frustrate advisers

ELIZABETH MCARTHUR  |  MONDAY, 5 AUG 2019
The additional conditions imposed on AMP Financial Planning's managed discretionary account (MDA) licence has resulted in so many constraints on financial advisers that the offering is reportedly "unusable". A source told Financial Standard that AMP ...

Spectrum Wealth representatives find new homes

ELIZABETH MCARTHUR  |  MONDAY, 29 JUL 2019
... wish to find a new adviser have been advised by ASIC to make sure they are dealing with an adviser authorised by an AFS licensee. The decision by Spectrum to voluntarily cancel its licence comes after the departures of some key personnel. This information ...

Sam Henderson cops ASIC ban

KANIKA SOOD, JAMIE WILLIAMSON  |  WEDNESDAY, 24 JUL 2019
The corporate regulator has banned high-profile financial adviser Sam Henderson, whose inappropriate financial advice was laid bare the in Royal Commission public hearings last year. The Sydney-based adviser was banned from providing financial services ...

Sydney advice firm loses AFSL

KANIKA SOOD  |  FRIDAY, 5 JUL 2019
... period information provided to ASIC by AWSM identified that AWSM would not be able to meet its obligations as an AFS licensee because of its financial position," ASIC said. AWSM is required to maintain their professional indemnity insurance and their ...

ASIC catches illegal dual licensees

ELIZABETH MCARTHUR  |  MONDAY, 13 MAY 2019
... an investigation into 65 AFS licence holders found that 58 were breaking the law. Under the Corporations Act, an AFS licensee cannot be the authorised representative of another AFS licensee - with the only exceptions being general insurance underwriting ...

ASIC outlines enforcement efforts

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 APR 2019
In the second half of last year ASIC brought criminal proceedings against nine individuals on 76 charges, with four people imprisoned as a result and $12.7 million imposed in civil penalties. ASIC also disqualified 28 directors and there were 72 instances ...

AMP overhauls wealth leadership

ELIZABETH MCARTHUR, JAMIE WILLIAMSON  |  THURSDAY, 4 APR 2019
AMP has announced five new appointments to its wealth management leadership team. Dedicated to providing better experiences and outcomes for clients, AMP has built out the executive team charged with overseeing its troubled wealth management business. ...

Major advice licensee in possible best interest breach

JAMIE WILLIAMSON  |  THURSDAY, 4 APR 2019
Extra conditions have been placed on the AFSL of one of Australia's biggest financial advice licensees following an investigation sparked by phenomenal growth in adviser numbers in just six months. SMSF Advisers Network has had additional licence ...