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Showing 11 - 20 of 121 results for "Interests Duty"

Cole puts funds on notice as expenditure data is revealed

ELIZA BAVIN  |  WEDNESDAY, 30 OCT 2024
... specifically reinforces trustees' accountability for ensuring expenditure decisions are aligned to the best financial interests duty." Cole said the expectation for trustees to act in the best financial interests of members is "not new, nor unreasonable". ...

Hanson backs Dixon Advisory inquiry

KARREN VERGARA  |  WEDNESDAY, 18 SEP 2024
... ASIC took action on Dixon Advisory in 2021, alleging 51 instances of bad financial advice that breached the best interests duty under the Corporations Act. ASIC ultimately settled for a $7.2 million penalty and $1 million to cover its legal costs. The ...

APRA reprimands Cbus, BUSSQ over governance issues

ANDREW MCKEAN  |  WEDNESDAY, 14 AUG 2024
... union, the CFMEU, are not undermining its compliance with governance obligations, including the best financial interests duty and fit and proper obligations for its board of directors which includes CFMEU bosses," Howarth said. A BUSSQ spokesperson ...

Early contributions boost retirement balances

ANDREW MCKEAN  |  FRIDAY, 21 JUN 2024
... compliance checks, whilst also ensuring advisers can maintain high standards and satisfy obligations such as the Best Interests Duty, without compromising on speed.

Bragg calls for another Financial System Inquiry, critiques ASIC, APRA

ANDREW MCKEAN  |  FRIDAY, 23 FEB 2024
... concerns about APRA's effectiveness, particularly regarding perceived shortcomings in enforcing the Best Financial Interests Duty (BFID). Despite its straightforward intention, there's a worrying trend where large superannuation entities, purportedly ...

ASIC waves red flag at advisers, trustees over Choice products

JAMIE WILLIAMSON  |  THURSDAY, 22 FEB 2024
... continue investing in the underperforming option in one way or another. Eleven files demonstrated breaches of the best interests duty and appropriate advice obligation, primarily in relation to the underperforming product, including no explanation as ...

Final QAR reforms open door to super funds

CASSANDRA BALDINI  |  THURSDAY, 7 DEC 2023
In its final response to the Quality of Advice Review (QAR), the government plans to modernise the best interests duty and amend the Statement of Advice (SoA), while also granting approval for superannuation funds to provide personal advice. In its ...

Key advice reforms still coming, Jones promises

JAMIE WILLIAMSON  |  WEDNESDAY, 22 NOV 2023
... any changes to the provision of Statements of Advice (SoAs) and the removal of Safe Harbour Steps from the Best Interests Duty and raised concerns that these recommendations may no longer be adopted. However, Jones assured delegates these changes are ...

Treasury unveils advice reforms draft legislation

KARREN VERGARA  |  TUESDAY, 14 NOV 2023
... reduce administrative burdens of financial advisers but is missing key pieces, such as the elimination of the Best Interests Duty and the overhaul of the Statement of Advice (SoA). Released today, the proposed legislation is the first tranche of the ...

Advice from Shartru failed best interests duty, ASIC says

JAMIE WILLIAMSON  |  MONDAY, 31 JUL 2023
... representatives have not been adequately supervised, leading to some financial advice provided failing the best interests duty. The additional conditions follow targeted surveillance by ASIC, during which it found Shartru was not adequately monitoring ...