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Showing 131 - 140 of 218 results for %22Best Financial Interests Duty%22

Melbourne advice firm cops historic $1 million fine

JAMIE WILLIAMSON  |  MONDAY, 30 OCT 2017
A Melbourne-based financial advice firm is the first to be penalised for breaching the best interests duty, slapped with a $1 million fine by the Federal Court. NSG Services, currently named Golden Financial Group, was found on eight separate occasions ...

Government funds ATO superannuation taskforce

DARREN SNYDER  |  TUESDAY, 29 AUG 2017
... can't hide from their legal duty. We will give all Australians confidence that the superannuation system is working in their best interests." The Australian Institute of Superannuation Trustees (AIST) welcomed the package but also called for more frequent ...

ASIC flags stronger adviser surveillance

KARREN VERGARA  |  WEDNESDAY, 23 AUG 2017
... priorities in the next six months, ASIC will focus on enforcing higher standards among financial advisers in complying with best interest obligations and providing appropriate advice to clients. It will also target Australian financial services licensees' ...

Super funds must address climate risk: Market Forces

EMMA RAPAPORT  |  THURSDAY, 3 AUG 2017
... financial effect associated with climate change risks and the cardinal requirement of a trustee to act in the best financial interests of beneficiary," the barristers said. "It follows that climate change risks can and should be considered by trustee ...

FOFA breach sees former adviser banned

JAMIE WILLIAMSON  |  THURSDAY, 20 JUL 2017
A former Magnitude Group financial adviser was banned by ASIC for breaching the best interest duty introduced under the Future of Financial Advice reforms. Jason Sean Atkins of Perth is prohibited from providing financial advice for three years after ...

Asset managers still charging more for less

ALEX BURKE  |  FRIDAY, 30 JUN 2017
... cost of investing and the objectives of the fund or mandate they are investing in, so that they can choose the product that best meets their needs." The FCA also called out the asset consultant market, highlighting high and stable market shares for the ...

Robo-advisers expected to meet fiduciary rule

ALEX DUNNIN  |  FRIDAY, 16 JUN 2017
... legal obligations that apply to other advisers. "An investment adviser's fiduciary duty includes an obligation to act in the best interests of its clients and to provide only suitable investment advice," the SEC noted in its February 2017 investment ...

ASIC wins first court action for FoFA breaches

EMMA RAPAPORT  |  WEDNESDAY, 5 APR 2017
... the Corporations Act which affirm that a financial services licensee must ensure the advice they provide complies with the best interest obligation, and is appropriate for clients. ASIC deputy chairman Peter Kell said the finding against NSG is a yardstick ...

Profit-to-member super funds must restore trust: AIST

EMMA RAPAPORT  |  WEDNESDAY, 22 MAR 2017
... making process, Scheerlinck said. "As an industry we cannot solve all the ills of the world," she said. "However we can do our best by the millions of Australians' whose retirement savings are invested with a profit-to-member fund. We can give them confidence ...

Adviser contravenes FoFA obligations

EMMA RAPAPORT  |  MONDAY, 20 MAR 2017
... the Corporations Act and the Australian Securities and Investments Commission Act. This includes alleged breaches of the best interests obligations, engaging in unconscionable conduct, and failing to hold a current AFSL license. ASIC alleges that on ...