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Showing 381 - 390 of 922 results for "Incentive"

Aussie banks cleared of Wells Fargo-type conduct

EMMA RAPAPORT  |  WEDNESDAY, 2 AUG 2017
The corporate regulator has cleared eight Australian banks of any systemic misconduct involving illegal opening of accounts as seen at international firm Wells Fargo. The audits, undertaken by ASIC in December 2016 of the big four plus BOQ, Citibank ...

Advice business offers enforceable undertaking

JAMIE WILLIAMSON  |  TUESDAY, 1 AUG 2017
... policies and procedures, and 39 client advice files. The regulator determined that Financial Index Australia's Adviser Incentive Scheme was likely to encourage representatives to switch clients from existing third-party products to FIA's in-house products. ...

Australian Unity launches funeral bond

KARREN VERGARA  |  MONDAY, 31 JUL 2017
... funeral expenses and the security of a capital guarantee, but alternative growth-style investment options provide an incentive for younger retirees to consider a funeral bond product, he said. "The longer we remain in a low interest environment, the ...

Direct life insurance review underway: ASIC

KARREN VERGARA  |  FRIDAY, 28 JUL 2017
A major review investigating why some consumers are worse off from purchasing life insurance via direct channels is underway. ASIC senior executive leader and regional commissioner, Michael Saadat, told the FSC Leaders Summit this week that the corporate ...

Industry fund offers retirement income bonus

EMMA RAPAPORT  |  THURSDAY, 20 JUL 2017
... years and transferring from a high growth investment option. According to the fund, this offer represents the highest incentive paid by any super fund, and means that a new retirement pension account of $500,000 could get a bonus of $3600. "We were able ...

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 ...

Broaden levy to foreign banks: Big four

KARREN VERGARA  |  MONDAY, 19 JUN 2017
Large foreign banks should also be subjected to the proposed $6.2 billion bank levy, Australia's four major banks told the Senate Standing Committee on Economics reviewing the levy Bill last week. Many multinational banks, while active in the institutional ...

Funds management not up to scratch: ASIC

EMMA RAPAPORT  |  WEDNESDAY, 14 JUN 2017
The funds management industry has demonstrated broad commitment to its legal obligations but is still falling short in a number of areas. In a report issued yesterday, ASIC found that responsible entities operating managed funds on behalf of retail ...

Default super must protect member interests: AIST

KARREN VERGARA  |  WEDNESDAY, 7 JUN 2017
A survey conducted by the Australian Institute of Superannuation Trustees (AIST) found a majority (91%) of Australian employees want profits to be reinvested back in their superannuation fund rather than distributed to other stakeholders. AIST chief ...

ASIC launches LIF instrument

KARREN VERGARA  |  TUESDAY, 6 JUN 2017
ASIC launched a new instrument cementing the maximum amount of fees and ongoing commissions advisers can charge on life insurance products as part of industry-wide reforms. The Life Insurance Commissions Instrument will cap advisers' commissions and ...