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Showing 31 - 40 of 104 results for "Best Interests Duty"

No proof of member benefit: APRA on super fund spends

JAMIE WILLIAMSON  |  TUESDAY, 26 OCT 2021
... that benefited members. "The expenditures reviewed were undertaken when RSE licensees were subject to the best interests duty. It is APRA's view that in most cases there was a basis for making the decision to spend. However, too much of the expenditure ...

Former Dover adviser banned

ANNABELLE DICKSON  |  THURSDAY, 21 OCT 2021
... 2016 and Dover Financial Advisers from March 6 to 23 October 2017. ASIC found that Sherwal misunderstood the best interests duty requirements and could not follow proper advice processes. "Mr Sherwal prioritised his own interests above those of his clients ...

Industry mixed over FSC advice framework

ANNABELLE DICKSON  |  FRIDAY, 15 OCT 2021
... fully implemented by 2020. It also wants the safe-harbour steps abolished as a result of complying with the Best Interests Duty, and the Letter of Advice to replace the Statement of Advice and Record of Advice by 2023. Synchron director Don Trapnell ...

FSC advice reforms slash time, costs by 30%

KARREN VERGARA  |  TUESDAY, 12 OCT 2021
... framework fully implemented. By 2023, it wants the safe-harbour steps abolished as a result of complying with the Best Interests Duty, and the Letter of Advice to replace the Statement of Advice and Record of Advice. KPMG director of superannuation advisory ...

Why advisers must understand Retirement Income Covenant

ELIZABETH MCARTHUR  |  WEDNESDAY, 22 SEP 2021
... advisers will have to think about the principals for retirement income that covenant lays out in terms of best interests duty. "The sorts of conversations and ideas you are going to be discussing with clients are going to be quite different," he said. ...

Westpac cops $10.5m fine

ANNABELLE DICKSON  |  TUESDAY, 24 AUG 2021
... unlicensed personal financial advice. Westpac Securities and BT Funds Management were found to have breached their best interests duty when providing personal financial product advice in calls made to 14 customers related to switching their superannuation ...

Dixon Advisory to pay $8.2m to settle ASIC action

KANIKA SOOD  |  FRIDAY, 9 JUL 2021
... separately) of financial advice to the eight sample clients resulted in two or more contraventions each of the best interests duty under the Corp oration s A ct. At the time, ASIC said the maximum civil penalty for contraventions it alleged against Dixon ...

Admin fees could balloon from BFID

KARREN VERGARA  |  TUESDAY, 16 MAR 2021
... acting in the best financial interests of members thanks to the introduction of the word 'financial' in best interests duty. Hall & Wilcox partner Adrian Verdnik said the onus will be on trustees to prove they always acted in the best financial ...

ASIC imposes licence conditions on Poynter Hargraves

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 FEB 2021
... "ASIC's surveillance also found that some clients were provided with financial advice that failed to meet the best interests duty and related obligations." The additional licence conditions require Poynter Hargraves to engage an independent expert to ...

Give the people advisers: Retirement Income Review

ELIZABETH MCARTHUR  |  FRIDAY, 20 NOV 2020
... vertically integrated firms and found that 75% failed to comply with the requirements associated with the best interests duty, but the quality of advice had improved after the Future of Financial Advice reforms. However, ASIC found only 10% of files ...