Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 71 - 80 of 89 results for "Poor advice"

AIA pays advisers to move to hybrid commission

LAURA MILLAN  |  THURSDAY, 27 FEB 2014
... insurance companies to provide data for an investigation on inappropriate insurance switching. "Given our experience with poor advice on life insurance, ASIC considers life insurance sales to be a risk area for non-compliance where high levels of switching ...

SMSF trustees suffer "unacceptably poor advice"

LAURA MILLAN  |  WEDNESDAY, 13 NOV 2013
Self-managed super fund (SMSF) trustees are suffering "an unacceptably high level of poor advice" when it comes to set up and administering their funds. The Australian Institute of Superannuation Trustees (AIST) and Industry Super Australia (ISA) recently ...

AXA fined for poor advice in the UK

LAURA MILLAN  |  MONDAY, 16 SEP 2013
The UK Financial Conduct Authority (FCA) has imposed AXA a financial penalty for giving poor investment advice to NAB-owned banks in the UK. AXA will have to pay a fine of more than A$3 million to customers of NAB-owned Clydesdale Bank and Yorkshire ...

ASIC concerned over "pockets" of poor SMSF advice

LAURA MILLAN  |  MONDAY, 2 SEP 2013
The Australian Securities and Investments Commission (ASIC) has found "concerning pockets of poor advice" which involve recommendations that self-managed super fund (SMSF) investors gear into real property. ASIC's commissioner Greg Tanzer said that ...

PIS could face class action over "inadequate" advice

LAURA MILLAN  |  THURSDAY, 29 AUG 2013
... group's compliance and audit functions and the expert will test PIS' regulatory requirements, its ability to identify poor advice and the effectiveness of its advice audit and pre-vet functions.

PIS appoints PwC as independent expert

LAURA MILLAN  |  THURSDAY, 18 JUL 2013
... each quarter and will test compliance of PIS's personal advice with regulatory requirements, its ability to identify poor advice and the effectiveness of its advice audit and pre-vet functions. The order came after ASIC expressed concerns over PIS compliance ...

ASIC orders further PIS scrutiny over compliance concerns

LAURA MILLAN  |  WEDNESDAY, 17 JUL 2013
... each quarter and will test compliance of PIS's personal advice with regulatory requirements, its ability to identify poor advice and the effectiveness of its advice audit and pre-vet functions. Following ASIC's announcement, PIS owner Centrepoint Alliance ...

FPA calls on ASIC for clearer advice definitions

LINDA HAUSKEN  |  WEDNESDAY, 2 MAY 2012
... Shadow Shopper's methodology and a discussion of a hypothetical case study containing elements of good, adequate and poor advice, FPA members called for further clarification particularly in specific areas including what to include in a Statement of ...

FOFA Tranche 2 reforms tabled in Parliament today

ELISE BURGESS  |  THURSDAY, 24 NOV 2011
... potential to affect the quality of advice and the findings of ASIC shadow shopping surveys that illustrate that in case of poor advice, over half involved poor life insurance advice. The Best Interest Duty proposal would require advisers to act in the ...

ASIC surveillance sharpens focus on AFS licensees

MATT WOODINGTON  |  TUESDAY, 13 SEP 2011
... business models and this needs constant vigilance. Another priority is the training of advisers to reduce the risk of poor advice being given. On a similar note, ASIC said licensees must ensure their advisers comply with their stated procedures and check ...