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Showing 41 - 50 of 104 results for "Best Interests Duty"

ASIC reviewing risk advice, pushes for scaled advice

ANNABELLE DICKSON  |  WEDNESDAY, 14 OCT 2020
... or two files," she said. Metz said the regulator is looking to see if the advice provided complies with the best interests duty and related obligations. "We're looking to see what position consumers have been placed into as a result of getting the advice. ...

Hume clarifies survival of the fittest in MySuper

ELIZABETH MCARTHUR  |  THURSDAY, 8 OCT 2020
... these default products as low as possible was integral to retirement outcomes. A new, clearer articulation of best interests duty for super trustees was also a surprising reform to come out of the budget. The new duty makes it clear that trustees must ...

ASIC drags Evans Dixon to court

KANIKA SOOD  |  FRIDAY, 4 SEP 2020
... separately) of financial advice to the eight sample clients resulted in two or more contraventions each of the best interests duty under the Corps act. The action may mean a big bill for Evans Dixon shareholders; ASIC said the maximum civil penalty for ...

Industry bodies work to ease regulatory burdens

ELIZABETH MCARTHUR  |  FRIDAY, 3 APR 2020
... quickly and efficiently as possible," Marshan said. "We have been asking for some certainty from ASIC around best interests duty and the Code of Ethics to ensure you can scope the advice quickly and efficiently for the client to deal with, for example ...

Could relief on advice compliance save consumers?

ELIZABETH MCARTHUR  |  THURSDAY, 2 APR 2020
... have to be a choice between consumer protection and relief. "Even if there was relief, advisers always have a best interests duty obligation to their clients - that is paramount, it's a great protection for clients and it would still apply in every ...

ANZ Australia risk chief exits

JAMIE WILLIAMSON  |  FRIDAY, 28 FEB 2020
... ANZ Financial Planning, RI Advice and Millennium3. The audit found 5% of advice provided did not meet the best interests duty and also that the number of instances in which poor advice was provided jumped dramatically from 60 in 2008 to 2810 in 2015. ...

Consultation on mortgage broker best interests duty opens

ALLY SELBY  |  THURSDAY, 20 FEB 2020
The corporate watchdog has started a four week consultation process to draft guidance on the new best interests duty for Australia's mortgage brokers. From July 1 this year, mortgage brokers will be legally required to act in the best interests of consumers ...

AMP to pay $5m for churn

JAMIE WILLIAMSON  |  WEDNESDAY, 5 FEB 2020
... 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 advisers ...

ASIC claims to support robo-advice

ELIZABETH MCARTHUR  |  FRIDAY, 10 JAN 2020
... ASIC has claimed it is "supportive" of robo-advice, though harbours concerns around its ability to meet the best interests duty. The regulator said it has met with industry to discuss proposed models for robo-advice covering risk profiling and investment ...

Sophistication: More than money

ELIZABETH MCARTHUR  |  TUESDAY, 7 JAN 2020
... $250,000 in annual income. That's what qualifies them for the accountant's certificate." However, he said to meet best interests duty most good financial advisers would not look at clients in such simple terms. Lane said his team usually excludes the ...

Editor's Choice

Invesco launches new equity fund

ELIZA BAVIN
Invesco said the new fund will give Australian investors access to a systematic global equity strategy with a 20-year track record.

FCA pursues Neil Woodford again

KARREN VERGARA
The Financial Conduct Authority (FCA) is going after failed fund manager Neil Woodford again, this time for allegedly providing unauthorised investment advice via W4.0, his Dubai-based investment platform.

Former APRA deputy chair launches retirement solutions startup

KARREN VERGARA
A former APRA deputy chair has launched CipherIQ, a new venture that provides retirement solutions via account-based pensions in partnership with superannuation funds, financial advisers and retirees.

Global X launches space tech ETF

MATTHEW WAI
Global X has now launched the space tech ETF (ASX: MOON).

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