Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 341 - 350 of 1224 results for "Licensees"

RI Advice failed oversight obligations: Court

KARREN VERGARA  |  MONDAY, 2 AUG 2021
... Advice didn't take reasonable steps to protect his clients. ASIC deputy chair Sarah Court said: "Financial advice licensees need to understand that they can be liable if their advisers do not act in the best interests of their clients and do not ...

IOOF advice outflows soar

ANNABELLE DICKSON  |  THURSDAY, 29 JUL 2021
... 2.0 strategy. The outflows were partially offset by $0.4 billion of flows from new self-employed advisers joining the licensees as well as organic inflows. It follows the acquisition of MLC which, on 1 June 2021, saw 406 MLC advisers join with IOOF advice ...

AMP shakes up advice service model

KARREN VERGARA, JAMIE WILLIAMSON  |  MONDAY, 26 JUL 2021
... into a central pool. For so long as the clients remained in the central pool, they did not receive services but AMP licensees continued to charge fees to approximately 14,000 clients in this pool," Orr said at the time. In 2019, AMP advisers were up ...

ASIC industry levy to increase

KARREN VERGARA  |  FRIDAY, 23 JUL 2021
... a fixed amount of $1500 per licence, according to ASIC's newly released estimates. This figure is based on 2991 licensees with 21,308 advisers. The FY20 estimates stood at $2426 charged for each representative plus the $1500. In aggregate, the levy ...

Advisers overlook home equity release strategies

KARREN VERGARA  |  THURSDAY, 22 JUL 2021
... research. Regtech Fourth Line and retiree financial services provider Pension Boost looked at the Statement of Advice of 15 licensees and 1980 financial advisers. Of the 5000 SOAs produced between 1 July 2019 to 15 May 2021, not one mentioned a home ...

ASIC prepares licensees for reference checks

KARREN VERGARA  |  WEDNESDAY, 21 JUL 2021
... financial adviser to request a reference about the candidate from the referee licensee. ASIC said it expects recruiting licensees to undertake appropriate background checks beyond reference checking before authorising new representatives. "Licensees ...

FAR draft legislation released

KANIKA SOOD  |  MONDAY, 19 JUL 2021
... that will be subjected to FAR. Currently, it is proposing life insurers with more than $4 billion in assets, and RSE licensees with more than $10 billion in assets to be subjected to the above enhanced requirements within FAR. Life insurers and RSE licensees ...

AFA slams new SOA measures

KARREN VERGARA  |  WEDNESDAY, 7 JUL 2021
... said. Of particular concern in this section in the letter: "Reliance on attestations by financial advisers or advice licensees that services have been provided has limitations due to the potential for conflicts of interest, so cannot in all circumstances ...

ASIC announces advice affordability findings

KARREN VERGARA  |  TUESDAY, 6 JUL 2021
... strategic advice could benefit consumers, but again, uncertainty about the laws are a major concern. Some said that licensees are limiting advisers' ability to provide strategic advice and that more ASIC guidance is needed. A business' overheads ...

CFS unveils new leadership team

KARREN VERGARA  |  MONDAY, 5 JUL 2021
... Bryce Quirk has been appointed as chief distribution officer to help the firm focus responding to the evolving needs of licensees and advisers. CFS is currently recruiting for a newly created CFS group chief risk officer position to bring risk and compliance ...