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Showing 611 - 620 of 1613 results for "Recommended"

Centrepoint adviser banned

JAMIE WILLIAMSON  |  TUESDAY, 28 NOV 2017
... permitted to under the Superannuation Industry (Supervision) Act 1993 or the SMSF's trust deed. He was also found to have recommended another client to use funds from his SMSF to provide a business loan to Rao, despite knowing that such an investment ...

Former adviser cops 10-year imprisonment

KARREN VERGARA  |  WEDNESDAY, 15 NOV 2017
... other clients; they were placed into administration in December 2012 and January 2013. The court heard that Sherwin recommended clients rollover their superannuation into an SMSF held in a bank account. ASIC began investigating the bank account activities ...

ASIC needs tougher, direct powers: Taskforce

KARREN VERGARA  |  THURSDAY, 9 NOV 2017
... compensation is payable to consumers affected by the breach," the Taskforce said. In identifying these issues, it recommended ASIC have the power to direct how a financial services or credit licensee should conduct itself to address or prevent compliance ...

The PI risks of goals-based advice

JAMIE WILLIAMSON  |  THURSDAY, 9 NOV 2017
... When it comes to providing approved product lists, Martinis said less is more. "Don't give your PI insurer the Zenith recommended list as your APL because you cannot possibly know 1200 products. Yes, that might be your investable universe, but what are ...

Banks will step out of wealth: Medcraft

DARREN SNYDER  |  TUESDAY, 31 OCT 2017
... public good" to which he replied "but I'm getting less and less people and funding so the good is declining." He then recommended, at minimum, a price signal should be established by the Federal Government for the use of ASIC resources. The big four ...

Melbourne advice firm cops historic $1 million fine

JAMIE WILLIAMSON  |  MONDAY, 30 OCT 2017
... regular internal audits, and that issues identified by external audits conducted were not adequately addressed nor recommended changes implemented. Further, NSG's "commission only" remuneration model meant that advisers would be paid by way of commission ...

Super lump sums increase poverty risks: Report

KARREN VERGARA  |  WEDNESDAY, 25 OCT 2017
... not very common in private schemes in Australia and few pension plans have mandatory survivor schemes in place." It recommended that at minimum, superannuation should be taken as an annuity to avoid people from falling into poverty once they run out ...

White-collar crime penalties to skyrocket

KARREN VERGARA  |  TUESDAY, 24 OCT 2017
... (12,500 penalty units), or three times the benefit gained (or loss avoided) or 10% of annual turnover. The paper also recommended serious offences receive the highest penalties: Imprisonment of 10 years, a fine of $945,000 (4500 penalty units), or three ...

Westpac faces class action over life insurance

KARREN VERGARA  |  MONDAY, 16 OCT 2017
... bank and its subsidiary, Westpac Life Insurance Services, on behalf of customers and superannuation funds that were recommended life insurance policies by St George Bank, Bank of Melbourne, BankSA or BT Advice. According to the statement of claim, advised ...

Cromwell divests IOF, reopens fund

KARREN VERGARA  |  WEDNESDAY, 4 OCT 2017
... Accumulation Index benchmark of 3.4% per annum over the same period. Lonsec and Zenith have rated the fund as 'highly recommended.' Cromwell's assets under management stands at $10.1 billion across Australia, New Zealand and Europe.