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Showing 41 - 50 of 285 results for %22Fee disclosure statement%22

Avanteos faces criminal charges over deceased super members

ELIZABETH MCARTHUR  |  WEDNESDAY, 8 DEC 2021
... remediated all affected customers. Avanteos's conduct was the subject of evidence given at the Royal Commission in the context of fee for no service conduct in the financial sector. The maximum penalty for each offence, which occurred between 2016 and ...

Former Dover adviser banned

ANNABELLE DICKSON  |  THURSDAY, 21 OCT 2021
... relevant circumstances resulting in their superannuation balances eroding. He also did not comply with the additional disclosure requirements when providing product switching advice. The conduct occurred while Sherwal was an authorised representative ...

DDO nil-reporting rule scrapped

KARREN VERGARA  |  THURSDAY, 16 SEP 2021
... and forms one of many amendments it wants to implement. Another proposal is it seeks to clarify that when a Product Disclosure Statement is given while providing personal advice as required by law, that "this conduct is within the scope of excluded conduct ...

NAB partners with life insurance, advice provider

ANNABELLE DICKSON  |  FRIDAY, 3 SEP 2021
... for more than 15 years. Late last month, NAB was ordered to pay $18.5 million by the Federal Court for misleading fee disclosure statements in relation to personal financial advice.

NAB fined $18.5m over misleading fee disclosure

JAMIE WILLIAMSON  |  THURSDAY, 26 AUG 2021
The big four bank has been ordered by the Federal Court to pay $18.5 million for misleading fee disclosure statements in relation to personal financial advice, in what is the first penalty imposed by the court for such failures. The court found NAB ...

No charges in AMP BOLR investigation

JAMIE WILLIAMSON  |  FRIDAY, 16 JUL 2021
ASIC's criminal investigation into AMP's fee-for-no-service conduct related to its Buyer of Last Resort Policy has wrapped up, with the regulator and Commonwealth Director of Public Prosecutions determining no charges should be brought. Under ...

Morningstar launches fee comparison tool

KARREN VERGARA  |  FRIDAY, 9 JUL 2021
... are meeting their best interest obligations and delivering client centric advice. The update includes labelling adjustments; fee breakdowns; and the ability for advisers to calculate client-specific fees. Users of Morningstar Direct will have access ...

AFA slams new SOA measures

KARREN VERGARA  |  WEDNESDAY, 7 JUL 2021
... by the regulators," Anderson said. From July 1, new laws mandated all ongoing fee clients to receive a Fee Disclosure Statement each year, that sets out the services provided, fees paid over the last year, as well as the services to be provided over ...

Regulators warn trustees of super advice fee obligations

KARREN VERGARA  |  THURSDAY, 1 JUL 2021
... meet the new regulation. On 2 March 2021, the Advice Fees and Independence Act received Royal Assent, limiting the advice fee deductions from superannuation accounts as recommended by the Hayne Royal Commission. Recommendation 3.3 sought to prohibit ...

ASIC takes on NAB for fee-for-no service breaches

KARREN VERGARA  |  FRIDAY, 18 JUN 2021
... that our clients were entitled to expect that they would be given on every occasion timely and accurate fee disclosure statement in accordance with our obligations at law," the bank's lawyers said. "We and the bank deeply regret that the contraventions ...