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Showing 41 - 50 of 57 results for "Buyer of Last Resort"

AMP profits dive, chief pay restructured

ELIZABETH MCARTHUR  |  THURSDAY, 8 AUG 2019
... businesses drove a revenue decrease of $40 million to just $17 million. This half's results were also impacted by Buyer of Last Resort arrangements. AMP says the impact of practices submitting Buyer of Last Resort notices and other factors resulted in ...

Financial Wisdom to shut down

JAMIE WILLIAMSON  |  WEDNESDAY, 7 AUG 2019
... The bank noted in its results that agreements pre-dating 2013 allow Financial Wisdom advisers to exercise a Buyer of Last Resort provision but no applications have been received to date. "It is not currently possible to reliably estimate the financial ...

Fees for no service an old issue: AMP

DARREN SNYDER  |  FRIDAY, 4 MAY 2018
... "the 90-day exception". "Between 2010 and 2016, of the 2417 register transactions that took place, 39 were Buyer Of Last Resort (BOLR) transactions which involved application of the 90-day exception," the AMP submission said. "We have apologised to and ...

ASIC totally unprepared for advice reforms: Tynan

ALEX BURKE  |  THURSDAY, 19 APR 2018
... financial institutions and consultants were also part of said club. "The reality is the 90-day exception, buyer of last resort stuff - this has been going on for 30 years. ASIC knows this. It's not just AMP. It's what the entire industry was built on," ...

RECAP: Advice in the Royal Commission spotlight (Days 1 - 3)

KANIKA SOOD  |  THURSDAY, 19 APR 2018
... misconduct in its three RC submissions. Testifying for AMP, head of advice Anthony 'Jack' Regan admitted the Buyer of Last Resort (BOLR) measures were designed to incentivise financial advisers to show preference for its in-house platforms, up until ...

NAB details serious compliance concerns in RC advice submission

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... service fees. Follow Financial Standard for ongoing coverage of the financial services Royal Commission: AMP's buyer of last resort measures scrutinised AMP executive apologises for advice failings Commonwealth Bank refunding millions in fees for no ...

AMP's buyer of last resort measures scrutinised

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
AMP has admitted that its Buyer of Last Resort measures, up until June 2017, were designed to incentivise financial advisers to show preference for its in-house platforms. Giving evidence on the first day of the Royal Commission's inquiry into financial ...

AMP executive 'apologises' for advice failings

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... apology." Follow Financial Standard for ongoing coverage of the financial services Royal Commission: AMP's buyer of last resort measures scrutinised NAB details serious compliance concerns in RC advice submission Commonwealth Bank refunding millions ...

ANZ issues last minute RC submission correction

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... compliance concerns in RC advice submission Commonwealth Bank refunding millions in fees for no service AMP's buyer of last resort measures scrutinised Royal Commission must cast net wider

Succession planning ensures quality customer service

JAMIE WILLIAMSON  |  WEDNESDAY, 4 OCT 2017
... end-to-end commitment that mirrors the lifelong journey of the advice process and offloading a practice via Buyer of Last Resort (BoLR) arrangements is a damning reflection of both an adviser and the advice industry. BoLR provisions allow the purchase ...