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Showing 811 - 820 of 1612 results for "Investigation"

AMP admits to serious misconduct in RC submissions

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... respect of 49 clients. For this, seven customers have so far received $61,777 in compensation. While ASIC's investigation into this is ongoing, five other advisers have been identified as guilty of the same conduct and two have consequently been ...

Royal Commission must cast net wider

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... interests duty introduced under the Future of Financial Advice (FoFA) reforms. Responding to questions about ASIC's investigation into vertically integrated entities, Kell said: "We are looking at other aspects of advice and performance in some of those ...

Default options safeguard retirement savings: Research

JAMIE WILLIAMSON  |  WEDNESDAY, 11 APR 2018
... investment option, the level of voluntary contributions, drawdown strategy, and the financial advice they seek. Further investigation concluded that the "default settings of superannuation plans are 'sticky' and therefore have a large influence on the ...

Prime Access bungle costs ANZ $50 million

KANIKA SOOD  |  FRIDAY, 6 APR 2018
... footed a $50 million compensation bill as it puts the lid on its Prime Access compliance bungle. Back in 2015, an investigation by the corporate regulator revealed the bank had failed to provide documented annual reviews to more than 10,000 'Prime Access' ...

ASIC closes doors on Storm charges with two fines

ALEX BURKE  |  FRIDAY, 23 MAR 2018
Nearly a decade after ASIC began its investigation into Storm Financial, two directors have been fined $70,000 each for breach of duties. Emmanuel and Julie Cassimatis were previously disqualified from managing corporations for seven years. When they ...

Crunch time for limited MDA advisers

KARREN VERGARA  |  WEDNESDAY, 14 MAR 2018
... dealer groups provided discretionary services on platforms without having MDA authorisation, she added. An ASIC investigation effectively found a bunch of advisers were providing managed discretionary services they didn't know about and was one of the ...

Financial advice under the Royal Commission spotlight next month

ALEX BURKE  |  TUESDAY, 13 MAR 2018
The Royal Commission will set its sights on the financial advice industry in April, with the first hearing taking place on the 16th. The first round of public hearings commenced today and focused on consumer lending practices regarding credit products ...

FOS submission points finger at advisers

JAMIE WILLIAMSON  |  MONDAY, 5 MAR 2018
Financial advisers account for more than one-third of all serious misconduct issues identified by the Financial Ombudsman Service since early 2012. In a submission to the Royal Commission, FOS attributed 39% of serious misconduct identified in the last ...

Former Millennium 3 adviser banned

JAMIE WILLIAMSON  |  FRIDAY, 2 MAR 2018
... time, he also traded as a financial adviser under the business name Glenn Connor Financial Planning. The regulator's investigation found Connor took advantage of his trusted position as an independent financial adviser by using client's money for personal ...

Chief economist update: Trump spoils for war

BENJAMIN ONG  |  FRIDAY, 2 MAR 2018
... J. Trump signed a presidential memorandum calling on Secretary Wilbur Ross to prioritise a Department of Commerce investigation initiated last night into the effects of steel imports on US national security." This, a week later (27 April 2017): "Today ...