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Showing 1 - 10 of 100+ results for "Financial Services Royal Commission"

ASIC releases grandfathered arrangement findings

KARREN VERGARA  |  FRIDAY, 16 JUL 2021
... charging an ongoing fee, an hourly rate or a fixed price or an asset-based fee, it found. The financial services Royal Commission recommended an end to the grandfathering of conflicted remuneration paid to financial advisers as soon as practicable under ...

Government to create ASIC, APRA regulator

ANNABELLE DICKSON  |  THURSDAY, 24 JUN 2021
... parliament. The legislation noted: "While both regulators are accountable to the parliament, the Financial Services Royal Commission noted that parliamentary committees, including Senate Estimates, have some limitations in assessing the effectiveness ...

ASIC takes on NAB for fee-for-no service breaches

KARREN VERGARA  |  FRIDAY, 18 JUN 2021
... "prolonged under-investment" in its systems, compliance and controls as first exposed by the financial services Royal Commission, which enabled customers to be charged millions of dollars in fees unbeknownst to them. ASIC alleges that the contraventions ...

Advisers win annual renew law relief

KARREN VERGARA  |  FRIDAY, 11 JUN 2021
... advice that reduces costly red tape on industry and maximises outcomes for consumers. The financial services Royal Commission recommended the annual renewal obligations in a bid to stamp out the fee-for-no-service problem that plagued the advice industry. ...

Research on education standards and morals launches

KARREN VERGARA  |  WEDNESDAY, 2 JUN 2021
... determine the impact that these changes may have had on the moral reasoning of advisers. The financial services Royal Commission mandated the professionalisation of advisers, forcing them to undertake further study and abide by a national code of ethics. ...

Adviser numbers at five-year low

KARREN VERGARA  |  FRIDAY, 23 APR 2021
The financial adviser population has reverted to the pre-financial services Royal Commission days, ending at 20,667 in the first quarter of 2021. Rainmaker analysis of ASIC's Financial Adviser Register found that the total number of financial advisers ...

ASIC opens breach reporting consultation

ANNABELLE DICKSON  |  THURSDAY, 22 APR 2021
... brokers. "We support the reform goals to promote consistent, timely and high-quality reports. The Financial Services Royal Commission expressed concern about prolonged and repeated failures by large entities to make breach reports required by the law," ...

Frontier zeroes in on poor culture

KARREN VERGARA  |  THURSDAY, 11 MAR 2021
... paper entitled CEOs Say One Thing and Do Another, Rafe focused on two case studies from the financial services Royal Commission - Commonwealth Bank and Westpac. Despite the many unethical behaviours of senior leaders who knowingly maximised profits at ...

Continuous disclosure laws to stay

KARREN VERGARA  |  WEDNESDAY, 17 FEB 2021
... 2021 is the culmination of about three years' work of the Productivity Commission and financial services Royal Commission attempting to address "structural flaws in the superannuation system", the explanatory memorandum reads. The bill covers four ...

Reference checks should cover all advice: FPA

KARREN VERGARA  |  MONDAY, 1 FEB 2021
... management and responsible managers and not just financial advisers. The reforms emanate from the financial services Royal Commission, which recommends that AFS licensees should be required to comply with reference checking and information-sharing regulations ...
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