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

Search Results

Showing 81 - 90 of 189 results for "Conflicted remuneration"

Life risk commissions must also go: Hayne

KANIKA SOOD  |  MONDAY, 4 FEB 2019
... changes to life risk insurance commissions could leave people underinsured. "I doubt that a complete ban on conflicted remuneration in respect of life insurance products would lead to significant underinsurance," Hayne said in the report today. "While ...

Grandfathered commissions to be banned

JAMIE WILLIAMSON  |  MONDAY, 4 FEB 2019
... grandfathered commissions will be outlawed. Further, from 1 January 2021, payments of any previously grandfathered conflicted remuneration still in contracts will instead be required to be rebated to applicable clients where the applicable client can ...

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 ...