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Showing 61 - 70 of 121 results for "Interests Duty"

Industry bodies work to ease regulatory burdens

ELIZABETH MCARTHUR  |  FRIDAY, 3 APR 2020
... quickly and efficiently as possible," Marshan said. "We have been asking for some certainty from ASIC around best interests duty and the Code of Ethics to ensure you can scope the advice quickly and efficiently for the client to deal with, for example ...

Could relief on advice compliance save consumers?

ELIZABETH MCARTHUR  |  THURSDAY, 2 APR 2020
... have to be a choice between consumer protection and relief. "Even if there was relief, advisers always have a best interests duty obligation to their clients - that is paramount, it's a great protection for clients and it would still apply in every ...

ANZ Australia risk chief exits

JAMIE WILLIAMSON  |  FRIDAY, 28 FEB 2020
... ANZ Financial Planning, RI Advice and Millennium3. The audit found 5% of advice provided did not meet the best interests duty and also that the number of instances in which poor advice was provided jumped dramatically from 60 in 2008 to 2810 in 2015. ...

Consultation on mortgage broker best interests duty opens

ALLY SELBY  |  THURSDAY, 20 FEB 2020
The corporate watchdog has started a four week consultation process to draft guidance on the new best interests duty for Australia's mortgage brokers. From July 1 this year, mortgage brokers will be legally required to act in the best interests of consumers ...

AMP to pay $5m for churn

JAMIE WILLIAMSON  |  WEDNESDAY, 5 FEB 2020
... Court has ordered AMP to pay $5.175 million for failing to ensure its financial advisers complied with the best interests duty by engaging in insurance churn. In a case brought in June 2018, ASIC alleged that a number of AMP Financial Planning advisers ...

ASIC claims to support robo-advice

ELIZABETH MCARTHUR  |  FRIDAY, 10 JAN 2020
... ASIC has claimed it is "supportive" of robo-advice, though harbours concerns around its ability to meet the best interests duty. The regulator said it has met with industry to discuss proposed models for robo-advice covering risk profiling and investment ...

Sophistication: More than money

ELIZABETH MCARTHUR  |  TUESDAY, 7 JAN 2020
... $250,000 in annual income. That's what qualifies them for the accountant's certificate." However, he said to meet best interests duty most good financial advisers would not look at clients in such simple terms. Lane said his team usually excludes the ...

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 ...