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Showing 391 - 400 of 891 results for "Failing"

SMSF auditors in firing line

ELIZA BAVIN  |  FRIDAY, 14 FEB 2020
... arose following ASIC concerns about failures to meet requirements including independence standards and auditing standards, failing to comply with Continuing Professional Development (CPD) requirements and otherwise not being a fit and proper person." ...

AMP faces fresh class action

ALLY SELBY  |  WEDNESDAY, 12 FEB 2020
... failed to act in its clients' best interests by selling in-house life insurance products at inflated prices, thus failing to provide them with objective financial advice. The class action firm said it would imminently file the charges against AMP ...

Problems persist with PYSP communication: ASIC

ELIZA BAVIN  |  WEDNESDAY, 12 FEB 2020
... problems have been persistent in its review of superannuation trustees' PYSP communication with members, with some trustees failing to present facts and instead focusing on member and insurance retention. The regulator launched the review last year because ...

Former licensee boss banned

JAMIE WILLIAMSON  |  TUESDAY, 11 FEB 2020
... advisers. Surveillance identified serious concerns about the licensee's compliance with its obligations as an AFSL, failing to do all things necessary to ensure financial services provided were done so efficiently, honestly and fairly. Spectrum was ...

Separate advice and product: AIOFP

ELIZABETH MCARTHUR  |  FRIDAY, 7 FEB 2020
... Financial Complaints Authority's (AFCA) submission on the Compensation Scheme of Last Resort, it too addressed managed funds failing as an issue for the scheme. "An aspect that is commonly lost on all concerned when product failure occurs is that advisers ...

AMP to pay $5m for churn

JAMIE WILLIAMSON  |  WEDNESDAY, 5 FEB 2020
The Federal Court has ordered AMP to pay $5.175 million for failing to ensure its financial advisers complied with the best interests duty by engaging in insurance churn. In a case brought in June 2018, ASIC alleged that a number of AMP Financial Planning ...

Retirement funding system failing: Report

ELIZA BAVIN  |  MONDAY, 3 FEB 2020
The specialist retirement funding provider completed its submission to the Retirement Income Review in response to the government's consultation paper released late last year. The report said the purpose of the review is to ascertain the degree ...

Regulators should face consequences for non-compliance: FSC

HARRISON WORLEY  |  FRIDAY, 31 JAN 2020
The Financial Services Council is calling for ASIC and APRA to face consequences for failing to cooperate with one another. In a submission to Treasury on exposure draft legislation for the Financial Regulator Reform (No.2) bill, the FSC said it generally ...

UK regulator fined for pension failure

HARRISON WORLEY  |  TUESDAY, 28 JAN 2020
The UK's financial conduct regulator has been hit with a fine for failing to comply with requirements to include sufficient information in a chair's statement to members of its staff pension plan. The Financial Conduct Authority (FCA) has been ...

Class action accuses NAB of super rip-off

ELIZABETH MCARTHUR  |  WEDNESDAY, 22 JAN 2020
... trustees failed to give priority to the interests of beneficiaries where a conflict of interest arose. NAB is accused of failing to transition in excess of $6.3 billion of accrued default amounts over to the lower-cost MySuper product in a timely way. ...