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Showing 101 - 110 of 126 results for "Counsel Assisting"

Royal Commission case study: advice put retirement in ruins

JAMIE WILLIAMSON  |  THURSDAY, 19 APR 2018
... McDowall was brought to tears relaying her experience with a Westpac financial adviser in 2015. Answering to Senior Counsel Assisting Rowena Orr, McDowall explained how she sought the assistance of the Melbourne adviser to implement a retirement income ...

Dead advice clients slugged ongoing service fees

JAMIE WILLIAMSON  |  THURSDAY, 19 APR 2018
... that had died. Referring to a document from a December 2015 CBA risk and compliance committee meeting, Senior Counsel Assisting Michael Hodge told the Commission of an instance in which service fees were charged to a client that passed away in 2007 by ...

RECAP: Advice in the Royal Commission spotlight (Days 1 - 3)

KANIKA SOOD  |  THURSDAY, 19 APR 2018
... executive general manager of the private banking division, Marianne Perkovic, also began her testimony. Senior Counsel Assisting Michael Hodge pursued a line of questioning that revealed CBA slashed adviser numbers even as it grew its client base.The ...

Royal Commission latest: CBA doing more with fewer advisers

KARREN VERGARA  |  WEDNESDAY, 18 APR 2018
... Perkovic, who fronted the afternoon session of the financial services Royal Commission on Wednesday. Senior Counsel Assisting Michael Hodge referenced a memo sent to CBA senior staff dated 3 May 2012, detailing concerns about ongoing service obligations ...

AMP platform fees laid bare

KARREN VERGARA  |  WEDNESDAY, 18 APR 2018
... deducted would be to call AMP's call centre, which would then be carried out by the operations team. When Senior Counsel Assisting Michael Hodge asked if there was any reason why AMP couldn't do more to facilitate the legislative rules and make it easier ...

Outgoing CEO name removed from critical AMP report draft

ALEX BURKE  |  TUESDAY, 17 APR 2018
... removed outgoing chief executive Craig Meller's name from a draft of a critical report about the business. Senior Counsel Assisting Michael Hodge referred to the Clayon Utz report prepared about misconduct in the advice business. He took AMP advice head ...

No view on ending adviser commissions: AMP

ALEX BURKE  |  TUESDAY, 17 APR 2018
... mandating a cessation of the commission-based adviser remuneration model, despite personal reservations. Senior Counsel Assisting Michael Hodge asked Regan whether AMP had formulated a view on whether it would be appropriate for planners to only charge ...

Advice not yet a real profession: Kell

ALEX BURKE  |  TUESDAY, 17 APR 2018
... 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 a whole as having reached what ...

AMP deliberately misled ASIC over ongoing fees

ALEX BURKE  |  TUESDAY, 17 APR 2018
... the business deliberately misled ASIC over ongoing fees-for-no-service policies on multiple occasions. Senior Counsel Assisting Michael Hodge singled out AMP's 90-day exception rule, whereby the business would continue to charge clients fees while they ...

NAB details serious compliance concerns in RC advice submission

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... which lacked a reasonable basis for the advice and failed to act in the best interests of the clients. Special Counsel Assisting Rowena Orr said this included an unspecified number of instances of failing to provide advice tailored to the customers objectives ...