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Showing 81 - 90 of 121 results for "Interests Duty"

ASIC takes civil action against AMP

HARRISON WORLEY | WEDNESDAY, 27 JUN 2018

... division of the recently scrutinised mutual failed to ensure its authorised financial planners complied with the best interests duty of the Corporations Act. First aired during advice hearings at the Royal Commission earlier this year, AMP Financial ...

Best-in-show funds pose pressing issues for advisers

KARREN VERGARA | WEDNESDAY, 13 JUN 2018

... best-in-show list would be taken into account when guidance is provided to advisers, particularly around the best interests duty, Lavery said. Furthermore, the same section mentions ASIC would consider making it mandatory for advisers to consider the ...

Dover roasted for 'Orwellian' protection policy

JAMIE WILLIAMSON | FRIDAY, 27 APR 2018

... were given legal effect - Dover would be liable for inappropriate advice or that which did not adhere to the best interests duty. Costello said paragraphs in the document serve to relieve Dover of responsibility, including in cases of negligence and ...

Royal Commission must cast net wider

JAMIE WILLIAMSON | MONDAY, 16 APR 2018

... regulator has failed to effectively monitor advice provided by industry funds for its compliance with the best interests duty introduced under the Future of Financial Advice (FoFA) reforms. Responding to questions about ASIC's investigation into vertically ...

IFAs tackling bank-owned competitors head on

KARREN VERGARA | FRIDAY, 16 FEB 2018

... best interests of clients the majority of the time. ASIC found 75% of cases analysed did not comply with the best interests duty; institutionally-aligned advisers favoured their own products and left clients ''significantly worse off" in 10% of cases. ...

Vertically integrated institutions failing to manage conflicts of interest

JAMIE WILLIAMSON | THURSDAY, 25 JAN 2018

... reviewing case files provided by the institutions, ASIC found 75% of the customer files did not comply with the best interests duty and its related obligations. In these instances, the adviser had either failed to sufficiently research and consider the ...

ASIC successfully files injunction against Melbourne advice provider

JAMIE WILLIAMSON | MONDAY, 15 JAN 2018

... Protection Act 2009 and the Australian Securities and Investments Commission Act 2001, including breaches of the best interests duty and unlicensed conduct. As such, ASIC sought injunctive relief as well as declarations of contraventions and financial ...

Melbourne advice firm cops historic $1 million fine

JAMIE WILLIAMSON | MONDAY, 30 OCT 2017

A Melbourne-based financial advice firm is the first to be penalised for breaching the best interests duty, slapped with a $1 million fine by the Federal Court. NSG Services, currently named Golden Financial Group, was found on eight separate occasions ...

ASIC flags stronger adviser surveillance

KARREN VERGARA | WEDNESDAY, 23 AUG 2017

... general advice to retail clients when selling financial products (and therefore do not need to comply with the best interests duty and related obligations), but are actually providing personal advice. The corporate regulator also said it is addressing ...

Life Insurer Code of Practice falls short: AFA

KERRIE SYDEE | TUESDAY, 20 SEP 2016

... "The code needs to also impact the organisational behaviours that unreasonably conflict an adviser in their Best Interests Duty and induce inappropriate replacement advice. This means the code must contain commitments to advice professionals as well ...

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Australian Unity to shed 195 roles

MATTHEW WAI

Australian Unity is reducing its workforce by 195 positions due to underperformance stemming from delays in government support for its Home Health platform and the integration of several businesses.

Count shutters limited-advice business, slips in size ranking

MATTHEW WAI

Count Financial has reportedly wound up its restricted SMSF/limited-advice service, losing some 26 advisers on the Financial Adviser Register, latest data shows.

First Super recruits head of investments from Prime Super

MATTHEW WAI

First Super has appointed a new head of investments, replacing Chris Artis, who was in the position for the past three months on an interim basis.

BMO eyes Euroz Hartleys' capital markets business

KARREN VERGARA

Euroz Hartleys confirmed it is in discussions with Canada's BMO Financial Group for a potential sale of its capital markets business for $145 million.

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