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Showing 51 - 60 of 104 results for "best interests duty"

Non-compliant personal advice rife at super funds: ASIC

JAMIE WILLIAMSON  |  TUESDAY, 3 DEC 2019
... by ASIC as part of its review of financial advice provided by super funds were found to be compliant with best interests duty. Reviewing the personal advice provided by 21 super funds, ASIC's Report 639: Financial advice by superannuation funds shows ...

Former Apogee, GPS Wealth advisers banned

JAMIE WILLIAMSON  |  THURSDAY, 7 NOV 2019
... financial services after ASIC surveillance found he failed to act in his clients' interests, comply with the best interests duty and to provide appropriate advice. Khaw, a former authorised representative of Apogee, was not adequately trained or competent ...

ASIC nudges robo-adviser to shutter

ELIZABETH MCARTHUR  |  FRIDAY, 18 OCT 2019
... obligations required of human advisers - the advice must be appropriate to the client and comply with the best interests duty. "ASIC expects AFS licensees and financial advisers using or recommending digital advice tools to ensure that they adequately ...

Treasurer moves on broker remuneration

ELIZABETH MCARTHUR  |  TUESDAY, 27 AUG 2019
Treasurer Josh Frydenberg announced the government will introduce a best interests duty for mortgage brokers and seek to reform broker remuneration. It is the next step in the government's response to the Royal Commission, releasing draft legislation ...

APRA receives new super powers

KARREN VERGARA  |  FRIDAY, 5 APR 2019
... ensure that APRA can take effective action, including addressing underperformance and compliance with the best interests duty. He added the new law was another example of the Government taking action on Commissioner Kenneth Hayne's final recommendations. ...

Industry funds wary of stapling default members

KANIKA SOOD  |  FRIDAY, 15 FEB 2019
... "The legislation will also see directors of superannuation funds face criminal penalties for breach of their best interests duty and provide the Australian Prudential Regulation Authority with more powers to deal with underperforming superannuation funds," ...

Advisers question value of best interests duty

DARREN SNYDER  |  WEDNESDAY, 30 JAN 2019
One in five financial advisers disagrees or strongly disagrees the best interests duty was necessary to raise industry standards. And more than 70% believe the duty has not improved advice quality. These are two of 11 findings from research released ...

ASIC cracks down on non-compliant AFSL

JAMIE WILLIAMSON  |  MONDAY, 21 JAN 2019
... processes in place to identify non-compliance by authorised representatives or to ensure they were fulfilling the best interests duty. HNW Planning is now required to engage an independent expert to make recommendations on how to improve the practice's ...

ASIC and Westpac court battle sees mixed outcome

DARREN SNYDER  |  FRIDAY, 4 JAN 2019
A landmark Federal Court judgment has provided greater clarity between general and personal financial advice, ruling in favour of Westpac's position. Yet the bank still managed to breach the Corporations Act. Judge Jacqueline Gleeson said ASIC failed ...

SMSFs: Who, what, where, when and how

JAMIE WILLIAMSON  |  MONDAY, 15 OCT 2018
... or is it the SMSF itself that's already established? This is very important when it comes to fulfilling the best interests duty," Smith said. "If you're only dealing with one party and that party is giving you instructions on what to do with someone ...