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Showing 671 - 680 of 3918 results for "law"

ASIC revokes Centurion subsidiary licence, suspends fund manager

ANDREW MCKEAN  |  WEDNESDAY, 24 MAY 2023
ASIC has cancelled the AFSL of Centurion Custodian Funds Management and suspended Huntley Management for non-compliance. The AFS licence of Centurion Custodian Funds Management, a subsidiary of Centurion, has been cancelled effective from January 18. ...

Could the anti-woke movement come to Australia?

ROSE MARY PETRASS  |  WEDNESDAY, 24 MAY 2023
... managers from basing investment decisions on factors like climate change. This month, Florida governor Ron DeSantis signed into law a bill barring state officials from investing public money to promote ESG goals, and prohibiting ESG bond sales. This ...

Experience pathway could create two adviser tiers

KARREN VERGARA  |  TUESDAY, 23 MAY 2023
... and make distinctions with consumers," she said. The TAA prefers the same naming convention for all financial advisers in law. "The difference between an experienced adviser and a relevant adviser could then be simply addressed at the consumer level ...

AFCA outlines systemic issues in wealth management

ANDREW MCKEAN  |  TUESDAY, 23 MAY 2023
... to deliver MySuper fund members with insurance benefits, including permanent incapacity and death insurance. Superannuation law requires firms to provide these insurance benefits to fund members, unless they elect to opt out. However, AFCA said it was ...

Treasury consults on giving AFCA more super powers

JAMIE WILLIAMSON  |  TUESDAY, 23 MAY 2023
... under subsection 1053(1) of the Corporations Act, meaning it did not meet the definition of a superannuation complaints under law. The case cited involved MetLife issuing a policy to a superannuation fund trustee, under which MetLife would pay a benefit ...

BNPL to be regulated under Credit Act

CASSANDRA BALDINI  |  MONDAY, 22 MAY 2023
... market would be overhauled to safeguard vulnerable consumers. "Today I am proud to announce that the government will change the law, so that BNPL products are regulated as credit products," said Jones. He explained that under the plan BNPL providers ...

Regulation, funding inhibits digital advice: Report

KARREN VERGARA  |  MONDAY, 22 MAY 2023
Several key risks are inhibiting digital advice providers from operating with confidence, a new report finds, one of which is the red tape that is preventing them from moving successfully forward. AMP's Digital financial advice market scan, together ...

AMP fined $24m for charging deceased customers

KARREN VERGARA  |  FRIDAY, 19 MAY 2023
... determined that four AMP subsidiaries - AMP Life, AMP Financial Planning, AMP Superannuation, and NM Superannuation - breached the law. However, only AMP Life ($18m) and AMPFP ($6m) will pay a combined penalty of $24 million. AMP Life and AMP Financial ...

Super fund blunder likely down to bad data: Podcast

CASSANDRA BALDINI  |  THURSDAY, 18 MAY 2023
... their own inconsistent data." He flagged individuals signing up to funds multiple times also presents a duplication issue. The law states trustees must review their accounts to identify duplicates at least annually. "But the issue here is, the requirement ...

Abolishing FDSs a major win: Panel

KARREN VERGARA  |  TUESDAY, 16 MAY 2023
... advisers to go into product systems and check that they have the right amounts in their FDSs. "Now, that is a response to the law. The law is very inflexible, but it's incredibly impractical and inefficient. So, there's a strong reason for why ...