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Showing 71 - 80 of 177 results for "Conflicted remuneration"

Comyn promises personal accountability

KARREN VERGARA  |  TUESDAY, 20 NOV 2018
... approached FoFA "unsuccessfully" and was mishandled based on "poor decisions." This included: not removing conflicted remuneration earlier; not requiring customers prior to FoFA to opt in for ongoing fee for service; and banks not transitioning away ...

Royal Commission interim report flawed

JAMIE WILLIAMSON  |  WEDNESDAY, 3 OCT 2018
... added that it seems likely that the final report will include recommendations to abolish grandfathering of conflicted remuneration arrangements as they relate to superannuation and investment products. "What action they recommend on commissions related ...

FSU, FSC respond to interim report

JAMIE WILLIAMSON  |  FRIDAY, 28 SEP 2018
... sector's many excesses. "We know how that greed was allowed to spiral out of control. It was because of conflicted remuneration, a sales culture that put profits before people and senior bankers and executives of financial corporations who were content ...

Royal Commission tables life insurance policy questions

KARREN VERGARA  |  THURSDAY, 27 SEP 2018
... insurance round of the Royal Commission could shake up the direct life insurance segment and potentially ban conflicted remuneration in risk products. The document, released yesterday, questions the adequacy of the current regulatory regime to protect ...

Retail super funds in hot water: Royal Commission

KARREN VERGARA  |  MONDAY, 27 AUG 2018
... not complying with general advice obligations and instead giving "financial product advice"; Contravened conflicted remuneration provisions of the Corporations Act via the distribution agreement; and Engaging in misconduct by not benchmarking the performance ...

Productivity Commission proposes more changes to financial advice

KARREN VERGARA  |  MONDAY, 6 AUG 2018
... Integrity Officer (PIO) to minimise risks of negative customer outcomes. One function is to report on conflicted remuneration with respect to mortgage products (including referral fees) - but this should expand to other potentially conflicted payments ...

IMAP awards managed accounts excellence

KARREN VERGARA  |  THURSDAY, 2 AUG 2018
... place on the services they receive, he said. Out of FoFA came transparency, clarity and the demise of conflicted remuneration, Potter said. Conversely, a legal structure and sustainable revenue streams have been beneficial to the service offerings of ...

BT Financial Advice cuts grandfathered commissions

JAMIE WILLIAMSON  |  WEDNESDAY, 20 JUN 2018
... time to implement the change across its various IT systems, platforms and products. A prospective ban on conflicted remuneration was outlined in the FoFA reforms in 2013 but an allowance was made for the continuation of payments agreed to prior to 1 ...

Adviser performance data vital to remuneration

JAMIE WILLIAMSON  |  TUESDAY, 19 JUN 2018
... years, we've found a lot of advisers have had difficulty creating salary packages for their staff, as the conflicted remuneration elements of FoFA have removed the ability to pay commissions to advisers," Elixir managing director Sue Viskovic said. "While ...

AFA criticises draft FASEA standard

KARREN VERGARA  |  FRIDAY, 8 JUN 2018
... changes are applied on a prospective basis, but not retrospectively. This is the case with grandfathered conflicted remuneration and the opt-in obligation, the AFA said, adding it might be a "dangerous complication" to imply the new requirements reflect ...