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Showing 71 - 80 of 328 results for %22Best Interest Duty%22

Former Dover adviser banned

ANNABELLE DICKSON  |  THURSDAY, 21 OCT 2021
... 2015 to 4 May 2016 and Dover Financial Advisers from March 6 to 23 October 2017. ASIC found that Sherwal misunderstood the best interests duty requirements and could not follow proper advice processes. "Mr Sherwal prioritised his own interests above ...

Industry mixed over FSC advice framework

ANNABELLE DICKSON  |  FRIDAY, 15 OCT 2021
... regulatory framework fully implemented by 2020. It also wants the safe-harbour steps abolished as a result of complying with the Best Interests Duty, and the Letter of Advice to replace the Statement of Advice and Record of Advice by 2023. Synchron director ...

Super system "frayed": Hume

ELIZABETH MCARTHUR  |  FRIDAY, 15 OCT 2021
... reforms also aim to address these inadequacies. Hume appeared to take a swipe at some funds when she said that under the best financial interests duty clarification within Your Future, Your Super funds will not be able to spend member money on activities ...

FSC advice reforms slash time, costs by 30%

KARREN VERGARA  |  TUESDAY, 12 OCT 2021
... "Anecdotally, we've been hearing for about two years that the interplay between the FASEA code of conduct, and the Best Interest Duty tests was causing the industry a great deal of angst." Many advice practitioners KPMG interviewed highlighted examples ...

IDII pitfalls advisers should avoid

KARREN VERGARA  |  WEDNESDAY, 22 SEP 2021
... newer products with higher premiums and less features or benefits. First and foremost, Cameron said that the best interest duty must be front of mind in this context. "Advisers need to make reasonable inquiries into the client's relevant circumstances ...

Why advisers must understand Retirement Income Covenant

ELIZABETH MCARTHUR  |  WEDNESDAY, 22 SEP 2021
... explained, financial advisers will have to think about the principals for retirement income that covenant lays out in terms of best interests duty. "The sorts of conversations and ideas you are going to be discussing with clients are going to be quite ...

APRA to mandate independent certifications

KARREN VERGARA  |  WEDNESDAY, 22 SEP 2021
... parties must obtain and provide APRA an independent certification that the arrangements and policies entered into are in the best interests of members and otherwise satisfy legal and regulatory requirements within a fixed timeframe. APRA said it will ...

APRA intensifies scrutiny of underperformers

KARREN VERGARA  |  FRIDAY, 10 SEP 2021
... including relating to the movement of members and outflow of funds," he said. APRA will also sharpen its assessment of the best financial interest duty (BFID) so that trustees must have regard to members' financial interest first and foremost beyond ...

Westpac cops $10.5m fine

ANNABELLE DICKSON  |  TUESDAY, 24 AUG 2021
... provided unlicensed personal financial advice. Westpac Securities and BT Funds Management were found to have breached their best interests duty when providing personal financial product advice in calls made to 14 customers related to switching their ...

Managed accounts fulfil best interest

ANNABELLE DICKSON  |  WEDNESDAY, 28 JUL 2021
The increased uptake of managed accounts is seeing advisers fulfil their client best interest duty with ease, according to new research. The latest Investment Trends Managed Accounts Report showed 91% of advisers rated managed accounts as 'good' or ...