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Showing 61 - 70 of 94 results for "Best Interests Duty"

Melbourne advice firm cops historic $1 million fine

JAMIE WILLIAMSON  |  MONDAY, 30 OCT 2017
A Melbourne-based financial advice firm is the first to be penalised for breaching the best interests duty, slapped with a $1 million fine by the Federal Court. NSG Services, currently named Golden Financial Group, was found on eight separate occasions ...

ASIC flags stronger adviser surveillance

KARREN VERGARA  |  WEDNESDAY, 23 AUG 2017
... general advice to retail clients when selling financial products (and therefore do not need to comply with the best interests duty and related obligations), but are actually providing personal advice. The corporate regulator also said it is addressing ...

Life Insurer Code of Practice falls short: AFA

KERRIE SYDEE  |  TUESDAY, 20 SEP 2016
... "The code needs to also impact the organisational behaviours that unreasonably conflict an adviser in their Best Interests Duty and induce inappropriate replacement advice. This means the code must contain commitments to advice professionals as well ...

Parliament repeals key FoFA amendments

LAURA MILLAN  |  TUESDAY, 24 NOV 2015
... statements to pre-1 July 2013 clients; and the repeal of the opt-in requirement. The bill repeals changes to the best interests duty and scaled advice, the execution only provision, changes to allow the payment of mixed benefits; and the general advice ...

ASIC sets up special robo-advice taskforce

LAURA MILLAN  |  FRIDAY, 6 NOV 2015
... developments in digital advice. The taskforce will focus on studying how robo-advice providers comply with the best interests duty, how they develop and test their algorithms, what are the training and competency requirements for those sitting behind ...

Zenith re-rates BetaShares ETF

ALEX BURKE  |  TUESDAY, 13 OCT 2015
... extended periods," BetaShares managing director Alex Vynokur said. He added, "With the introduction of the best interests duty under FOFA, and in light of the high allocations to cash in SMSF and retiree investment portfolios, we've seen significant ...

Forward-thinking advisers benefit from opt-in deadline

ALEX BURKE  |  WEDNESDAY, 1 JUL 2015
... being debated in the Senate. As a result, all advisers and licensees will need to strictly comply with the best interests duty, opt-in regime and fee disclosure arrangements. As reported in Financial Standard, the Financial Planning Association of Australia ...

FPA shines light on "catch-all" dilemma

LAURA MILLAN  |  TUESDAY, 25 NOV 2014
... government's changes to the FoFA legislation have brought back the "catch-all" provision in section 961(2)(g) of the best interests duty, which adds a very general clause to the six safe harbour definitions of what constitutes 'best interest'. Bobbin ...

Original FoFA laws take immediate effect

JAMES FERNYHOUGH  |  THURSDAY, 20 NOV 2014
... other major change is that advisers are now regulated by a 'catch-all' provision in section 961(2)(g) of the best interests duty, which adds a very general clause to the six safe harbour definitions of what constitutes 'best interest'. In the end, commissions ...

BT asks for full adviser disclosure to consumers

LAURA MILLAN  |  MONDAY, 21 JUL 2014
... require an adviser to ensure the client is aware of their rights, and the adviser's responsibility under the Best Interests Duty, shows FoFA has moved in the right direction." The SMSF Professionals' Association of Australia (SPAA) also welcomed the ...