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Showing 21 - 30 of 141 results for "Hayne Royal Commission"

Super funds in pole position for expanded advice

KARREN VERGARA  |  MONDAY, 26 FEB 2024
... advisers will end up as proxy salespeople driven by commissions - the type of behaviour exposed by the Hayne Royal Commission. Abood, however, doesn't see history repeating itself. "I think the super funds are also very well aware of the reputational ...

AMP chair steps down

KARREN VERGARA  |  WEDNESDAY, 14 FEB 2024
... AMP board as non-executive director on 15 June 2019 at the height of AMP's tumult in the wake of the Hayne Royal Commission. She took over as chair in August 2020. She replaced Catherine Brenner who left in the hope that investors could regain confidence ...

Advisers urged to check ASIC registration status

JAMIE WILLIAMSON  |  THURSDAY, 18 JAN 2024
... close to 6000 financial advisers who are still not registered with ASIC. Under the Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021, all relevant providers must be registered with ASIC to provide personal financial advice ...

Adviser numbers stable at 15,650

KARREN VERGARA  |  MONDAY, 15 JAN 2024
... there were as many as 20,667 advisers. The population peaked at nearly 30,000 at the end of 2018 as the Hayne Royal Commission was finalising its verdict. The Financial Advice Association Australia (FAAA) remains concerned with the stagnant number of ...

AMP shareholder class action settlement slashed

KARREN VERGARA  |  MONDAY, 9 OCT 2023
... class action, which combined several lawsuits following revelations of the firm's misconduct during the Hayne Royal Commission, alleged that AMP failed to disclose critical market information that could have affected the share price. This included charging ...

AMP settles class action for $110m

KARREN VERGARA  |  MONDAY, 21 AUG 2023
... NSW Supreme Court ordered the litany of class actions levelled against AMP to merge into one after the Hayne Royal Commission exposed scathing revelations that included among other issues, charging fees for no services under various contexts. The class ...

Advisers lacking PII sidestep AFCA rulings

KARREN VERGARA  |  FRIDAY, 28 JUL 2023
... complaints received by AFCA relating to advice is reflective of the maturity of the industry, in particular post-Hayne Royal Commission," Singh said. "Over the past few years, AFSLs have come to see dispute resolution as an essential part of the system ...

Adviser demand up as industry turns corner: Recruiter

KARREN VERGARA  |  FRIDAY, 7 JUL 2023
... coming from the employers who want to re-adopt the associate adviser role, which was popular prior to the Hayne Royal Commission and FASEA regulations. "We see this client shift as a response to increase capacity to absorb the referrals and new client ...

Life, funeral insurers cop $14m fine

KARREN VERGARA  |  WEDNESDAY, 5 JUL 2023
The disgraced director of Select AFSL, the company the Hayne Royal Commission exposed for hawking life and funeral insurance to vulnerable customers, has been banned from managing a company for five years, while his companies were fined $13.5 million. ...

Jones lifts adviser levy freeze, updates funding model

KARREN VERGARA  |  TUESDAY, 27 JUN 2023
... relevant sub-sectors it will charge. The financial advice industry has copped skyrocketing levies since the Hayne Royal Commission, which forced out 40% of the population. The formula is driven by the denominator, meaning that as more advisers exited ...