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Showing 11 - 20 of 148 results for "FOFA reforms"

IOOF executives dismiss conflicts of interest

KARREN VERGARA  |  FRIDAY, 10 AUG 2018
... vote. But ultimately the board went ahead and concluded they were "comfortable with it." In another matter concerning FoFA reforms, the Commission found IOOF continued to charge shelf space fees calculated based on volume or funds under management to ...

Macquarie axes grandfathered commissions

JAMIE WILLIAMSON  |  WEDNESDAY, 4 JUL 2018
... Commission earlier this year. The big banks and AMP copped widespread criticism for the practice - a legacy of the 2013 FoFA reforms - and ASIC, in its submission to the Royal Commission following its second inquiry, recommended the elimination of such ...

Allianz Retire+ announces leadership team

JAMIE WILLIAMSON  |  WEDNESDAY, 27 JUN 2018
... who most notably chaired the Parliamentary Joint Committee on Corporations and Financial Services that led to the FoFA reforms of 2013. The Allianz Retire+ board is rounded out by former KPMG partner and current Allianz Australia non-executive director ...

BT Financial Advice cuts grandfathered commissions

JAMIE WILLIAMSON  |  WEDNESDAY, 20 JUN 2018
... that all BT Financial Advice ongoing advice customers receive an opt-in notice (not just those who joined after the FoFA reforms commenced as required by FoFA) and giving customers the opportunity to openly provide and review feedback through BT Adviser ...

General advice "misleading": Productivity Commission

JAMIE WILLIAMSON  |  WEDNESDAY, 7 FEB 2018
... also being offered a much narrower range of in-house products. With the exception of wealth management due to the FoFA reforms, the Commission said providers in product markets are using terms and conditions to shift liability to consumers. It found ...

FOFA breach sees former adviser banned

JAMIE WILLIAMSON  |  THURSDAY, 20 JUL 2017
... arrangements (LBRAs) to fund the purchase of real property. This advice was deemed by ASIC to be in breach of the FOFA reforms. Atkins was a representative of Westpac subsidiary Magnitude Group from May 2015 to December 2015, prior to which he represented ...

FoFA should also protect retail banking customers: FSU

KARREN VERGARA  |  THURSDAY, 29 JUN 2017
FoFA reforms protecting consumers against conflicting remuneration structures when purchasing wealth products should be broadened to retail banking consumers as well, according to the Finance Sector Union. Speaking at yesterday's Senate inquiry into ...

ASIC wins first court action for FoFA breaches

EMMA RAPAPORT  |  WEDNESDAY, 5 APR 2017
... found that both men provided advice to clients that was in breach of the best interest duty introduced under the FOFA reforms. Chenh has already exercised his right of appeal to the Administration Appeals Tribunal and filed an application for review ...

ASIC confirms systemic failures in advice

KERRIE SYDEE  |  THURSDAY, 27 OCT 2016
... substantially reduce the likelihood of similar systemic failures occurring in the future. "Changes introduced through the FOFA reforms have shone a light on the advice fees that customers are paying and the services they should be receiving in return,' ...

Aligned advisers return to UK

MARK SMITH  |  WEDNESDAY, 3 AUG 2016
... advice - the new advisers will be restricted to recommending only Aviva products - after the UK's version of the FoFA reforms, the Retail Distribution Review, all but consigned the vertical model to the scrapheap when they came into force in January ...

Editor's Choice

Invesco launches new equity fund

ELIZA BAVIN
Invesco said the new fund will give Australian investors access to a systematic global equity strategy with a 20-year track record.

FCA pursues Neil Woodford again

KARREN VERGARA
The Financial Conduct Authority (FCA) is going after failed fund manager Neil Woodford again, this time for allegedly providing unauthorised investment advice via W4.0, his Dubai-based investment platform.

Former APRA deputy chair launches retirement solutions startup

KARREN VERGARA
A former APRA deputy chair has launched CipherIQ, a new venture that provides retirement solutions via account-based pensions in partnership with superannuation funds, financial advisers and retirees.

Global X launches space tech ETF

MATTHEW WAI
Global X has now launched the space tech ETF (ASX: MOON).

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