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Showing 171 - 180 of 334 results for %22Best Interest Obligation%22

Bristol Street adviser banned

ELIZABETH MCARTHUR  |  FRIDAY, 28 JUN 2019
... cases, he recommended switching to more expensive products without demonstrating why the switch would be in his clients' best interests. Muscat focused his advice on switching insurance and super. ASIC said he failed to provide advice on debt reduction ...

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 ...

ASIC bans AFSL chief executives

ELIZABETH MCARTHUR  |  MONDAY, 29 APR 2019
... qualifications and experience to manage a foreign exchange derivatives fund. ASIC alleges the two men failed to act in the best interests of members of the fund and did not exercise the degree of care and diligence required. The regulator said they had ...

Freedom to divest all operations

KARREN VERGARA  |  MONDAY, 15 APR 2019
... to Freedom." Based on the alternatives available, the board found that transitioning the admin business is in the best interest of shareholders. After transferring the admin business, it intends to offload Sydney-based financial advice firm Spectrum ...

ASIC approves AMP for MDAs

HARRISON WORLEY  |  TUESDAY, 9 APR 2019
... monitors and supervises the MDA services provided by its advisers, and that its advisers are adequately trained and meet their best interests obligations," ASIC said. The corporate regulator also said it added the conditions to ensure AMPFP maintained ...

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 ...

AMP overhauls wealth leadership

ELIZABETH MCARTHUR, JAMIE WILLIAMSON  |  THURSDAY, 4 APR 2019
... monitors and supervises the MDA services provided by its advisers, and that its advisers are adequately trained and meet their best interests obligations," the regulator said. "ASIC expects to see improvements in the standards of supervision, conduct ...

Major advice licensee in possible best interest breach

JAMIE WILLIAMSON  |  THURSDAY, 4 APR 2019
... regulator became concerned that some of SMSF Adviser Network's advisers failed to demonstrate compliance with the best interest duty and related obligations. The watchdog found Statement of Advice (SOA) documents used by the group contained heavily ...

Consumers confused by general, personal advice

ELIZABETH MCARTHUR  |  FRIDAY, 29 MAR 2019
... only apply when personal advice is provided. The FoFA protections include obligations for advisers to act in their clients best interests and to provide advice that is appropriate to their client's personal circumstances. These same obligations do not ...

Unions have right to express views: Combet

KANIKA SOOD  |  TUESDAY, 19 MAR 2019
... of members, he said. "Of course they can raise an issue to be discussed in the board room but it has to be in the best interest of the members. "And that's a really important thing to understand. What that has typically meant is that partisan industrial ...