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Showing 1 - 10 of 91 results for "Poor advice"

ASIC zeroes in on recurring compliance breaches

VINNY VUCAGO  |  THURSDAY, 10 SEP 2026
... also flags ongoing concerns around personal advice involving superannuation contributions and rollovers. ASIC said poor advice in this area had resulted in clients exceeding contribution or transfer balance caps and incurring additional tax. Advisers ...

FAAA urges insolvency crackdown to curb soaring CSLR costs

VINNY VUCAGO  |  THURSDAY, 9 JUL 2026
... checks remain necessary given advisers' ongoing obligations and the potentially significant financial consequence of poor advice for consumers. The submission forms part of the Productivity Commission's consultation on reducing barriers to business dynamism ...

CSLR levy must be directed towards bad actors: Burgess

MATTHEW WAI  |  FRIDAY, 29 MAY 2026
... licensed financial adviser to invest in a regulated retail financial product, and as a result have fallen victim to poor advice and/or product failure." Burgess also said the government should share CSLR funding responsibility, a suggestion echoed by ...

Advisers reprimanded over fee-for-no-service conduct

MATTHEW WAI  |  WEDNESDAY, 22 APR 2026
... relevant provider and decided to not take any action," it said. Last month, an adviser received a reprimand for providing poor advice to a client to roll their super over to another product, costing them their insurance coverage.

Adviser reprimanded over clients' loss of cover

JAMIE WILLIAMSON  |  THURSDAY, 26 MAR 2026
... their insurance coverage. The financial adviser was reprimanded this month, after they were found to have provided poor advice in August 2023. The adviser recommended two clients rollover their super balances to a new plan, failing to identify that death ...

FSC questions SMC's claim on younger members' super switches

RIDDHIMA TALWANI  |  MONDAY, 23 MAR 2026
... default fund on the recommendation of a financial adviser has necessarily been subject to predatory lead generation or poor advice, and the default funds making that claim do not hold the necessary data to substantiate those arguments," FSC said. FSC ...

Interprac sued over Shield, First Guardian failures

JAMIE WILLIAMSON  |  THURSDAY, 13 NOV 2025
... repeated audit failures. "Interprac's alleged oversight and compliance failures exposed thousands of Australians to poor advice and significant financial risk," ASIC deputy chair Sarah Court said. "We allege Interprac failed to ensure certain authorised ...

Shield-linked advice firm director, compliance manager banned

JAMIE WILLIAMSON  |  THURSDAY, 28 AUG 2025
... incentivised to recommend Shield and failed to adequately manage conflicts of interest, causing investors to be given poor advice. This included advisers having undisclosed bonus arrangements tied to recommending Shield. Other serious compliance failures ...

CSLR costs driven by poor advice: AFCA

ELIZA BAVIN  |  TUESDAY, 1 APR 2025
The Australian Financial Complaints Authority (AFCA) lead ombudsman, investments and advice Shail Singh has told financial advisers that poor practices are the main contributor to the soaring costs of the Compensation Scheme of Last Resort (CSLR). "It's ...

DBFO reforms package 'pretty disappointing': FAAA

ANDREW MCKEAN  |  TUESDAY, 25 MAR 2025
... professional financial advisers. "This type of advice is both complex and high stakes for the consumers involved - if poor advice is given in this lifestage, it can be extremely difficult for a consumer to recover their financial position when no longer ...
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