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Showing 21 - 30 of 91 results for "Poor advice"

A sensible roadmap: Industry responds to QAR paper

JAMIE WILLIAMSON  |  MONDAY, 29 AUG 2022
... there is real potential for conflicts of interest. The best interests duty is the only bulwark consumers have against poor advice," Financial Counselling Australia chief executive Fiona Guthrie said. "From time to time, financial counsellors assist people ...

Focus on providing 'good advice': QAR draft proposals

JAMIE WILLIAMSON, CASSANDRA BALDINI  |  MONDAY, 29 AUG 2022
... "evidence suggests the best interests duty has not been more effective than disclosure in protecting consumers from poor advice." Instead, there should be a focus on providing 'good advice'; "A duty to give good advice does place a different ...

AFA hits back at QAR submissions from Choice, ISA

CASSANDRA BALDINI  |  MONDAY, 11 JUL 2022
... hit back, saying: "They are oblivious to the fact that it is actually saying that there was no correlation between poor advice and the use of either hybrid or level commission models." Meanwhile, the AFA said the Choice discussion on asset-based fees ...

AFA names Great Advice Awards winners

KARREN VERGARA  |  THURSDAY, 30 SEP 2021
... Wealth's Dawn Thomas was the Western Australian winner for building trust with a client who had previously received poor advice. Sunsuper head of advice and retirement Anne Fuchs said: "We were proud to support the AFA Great Advice awards in 2021 and ...

ASIC zeroes in on bad SMSF advice, conduct

KARREN VERGARA  |  TUESDAY, 23 FEB 2021
... SMSF Association's National Conference via video link that several key projects are progressing to address the poor advice and behaviours that remain active in the SMSF sector. The watchdog is taking the appropriate actions against any misleading ...

Dealer groups slam FPA policy

ELIZABETH MCARTHUR  |  THURSDAY, 4 JUN 2020
... AFSL that they say the FPA failed to consider. "Additionally, licensees provide capital protection in the event of poor advice or importantly, remediation when needed, in the event there is no recourse through the adviser," the statement said. "The FPA ...

Adviser fears over ASIC relief

HARRISON WORLEY  |  THURSDAY, 30 APR 2020
... personal advice provided by 21 super funds was compliant. SCA is concerned funds will provide Australians with yet more poor advice because of its competing responsibilities: to act both in the best interests of the fund's members, and the individual ...

Major regulatory efforts delayed

HARRISON WORLEY  |  WEDNESDAY, 15 APR 2020
... markets. Additionally, ASIC said it would "heighten" its support for consumers vulnerable to scams, and receiving poor advice, and added it would "identify other actions needed to support firms", including providing regulatory relief where appropriate. ...

ASIC cancels slew of AFSLs

JAMIE WILLIAMSON  |  FRIDAY, 3 APR 2020
... MyPlanner Australia and MyPlanner Professional Services licences after surveillance determined advisers were providing poor advice under inadequate supervision. About a week later ASIC took action against one its individual advisers, accepting an enforceable ...

Court confirms Storm Financial founders breached duties

JAMIE WILLIAMSON  |  FRIDAY, 27 MAR 2020
... day-to-day of Storm Financial, ASIC alleged their failure to take reasonable steps to prevent Storm Financial from giving poor advice meant they did not exercise their powers as directors with the care and diligence a reasonable person would have employed. ...