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

Consumer advocates criticise advice review

ELIZABETH MCARTHUR  |  THURSDAY, 3 FEB 2022
... insurance and financial advice, which is the root cause of many of the problems uncovered by the Financial Services Royal Commission," Consumer Action senior policy officer Cat Newton said. The review's draft terms of references states that it responds ...

Review of ASIC kicks off

ELIZABETH MCARTHUR  |  TUESDAY, 30 NOV 2021
... 2022. Interested parties will have until 28 January 2022 to get their submissions in. "The Financial Services Royal Commission highlighted that while both APRA and ASIC were already subject to a range of external assessment, review and oversight mechanisms ...

ASIC sues ANZ over home loan referrals

CHLOE WALKER  |  FRIDAY, 26 NOV 2021
... and real estate representatives. Introducer programs received considerable criticism in the Financial Services Royal Commission. ASIC alleges that between June 2016 and March 2018, ANZ breached consumer protection credit laws by accepting customer information ...

APRA to mandate independent certifications

KARREN VERGARA  |  WEDNESDAY, 22 SEP 2021
... ahead with mandating independent certifications within group insurance as recommended by the financial services Royal Commission. In a letter to registrable superannuation entity licensees, APRA clarified its position on Commissioner Hayne's Recommendation ...

ASIC to ease hardline stance

KARREN VERGARA  |  FRIDAY, 27 AUG 2021
... the manner they see fit while still complying with the law. This is a far cry from the 2018 financial services Royal Commission, which exposed ASIC as a toothless tiger that preferred to negotiate fines with big organisations over long lunches rather ...

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. ...
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