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Showing 51 - 60 of 141 results for "Hayne Royal Commission"

BOQ divests St Andrew's Insurance

KARREN VERGARA  |  WEDNESDAY, 27 OCT 2021
... post‐tax statutory loss of about $26 million after the transaction. St Andrew's was embroiled in the Hayne Royal Commission for its affiliation with Select AFSL's dodgy sales practices. Select terminated its agreement to distribute and promote ...

ASIC sues former Freedom Insurance staff

KARREN VERGARA  |  MONDAY, 25 OCT 2021
A former Freedom Insurance director and consultant will head to Federal Court for their alleged involvement in aggressive sales tactics. ASIC has commenced civil penalty proceedings against former Freedom Insurance managing director of Keith Cohen and ...

Better Advice Bill gets green light

KARREN VERGARA  |  FRIDAY, 22 OCT 2021
... which introduces a new disciplinary body, passed the senate overnight. Under the Financial Sector Reform (Hayne Royal Commission Response-Better Advice) Bill 2021 (Better Advice Bill), from 1 January 2022, the Financial Services and Credit Panel within ...

Pinnacle backs investment platform

ELIZABETH MCARTHUR  |  FRIDAY, 22 OCT 2021
... industry, and pressures on the financial advice sector. "With the introduction of increased regulation post the Hayne Royal Commission, the exit of the major banks from the wealth management sector and the ongoing reductions in the number of licensed ...

CFS adopts advice consent solution

KARREN VERGARA  |  THURSDAY, 14 OCT 2021
... their clients," he said. The annual renewal obligation came into effect on July 1, as recommended by the Hayne Royal Commission. A client who does not renew an ongoing fee arrangement with their adviser for example, will terminate the arrangement 30 ...

Adviser exam cost jumps under new bill

KARREN VERGARA  |  THURSDAY, 30 SEP 2021
... advice exam, including substantially increasing the cost of each sitting. The Financial Sector Reform (Hayne Royal Commission Response-Better Advice) Bill 2021 exposure draft regulations released yesterday will see advisers sitting the soon-to-be ASIC ...

ASIC urged to act on common ownership

KARREN VERGARA  |  FRIDAY, 10 SEP 2021
... very few actually hand all of their voting powers to a single entity," she said. MP Andrew Leigh said the Hayne Royal Commission criticised ASIC for being slow to act on emerging issues. "I worry that on common ownership, [ASIC] is making the same mistake," ...

Former Macquarie chief to head ASIC, APRA regulator

ANNABELLE DICKSON  |  FRIDAY, 10 SEP 2021
... Lynch (Australia). The government established the FRAA in response to recommendations 6.13 and 6.14 of the Hayne Royal Commission. Recommendation 6.13 is to subject APRA and ASIC to a capability review every four years while 6.14 is to establish a new ...

ASIC to ease hardline stance

KARREN VERGARA  |  FRIDAY, 27 AUG 2021
The federal government is expecting ASIC to tone down its regulatory powers even though the Hayne Royal Commission exposed its ineffectiveness at enforcing corporate law. Federal treasurer Josh Frydenberg overnight released a new set of expectations ...

AMP flags recovery, profit jumps

KARREN VERGARA  |  THURSDAY, 12 AUG 2021
... performances from AMP Bank and its stakes in Resolution Life and the China Pension Life Company. In the pre-Hayne Royal Commission days, AMP boasted a 2017 half-year NPAT of $533 million, while its share price traded over $5. AMP shares closed at $1.08 ...