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Showing 1 - 10 of 89 results for "Poor advice"

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 ...

The regulatory pendulum has swung too far: FSC

ANDREW MCKEAN | FRIDAY, 31 JAN 2025

... remains "a genuine last resort," restricting compensation to those who've suffered actual financial losses due to poor advice, rather than unrealised gains. Expanding the scheme to more sectors, he warned, would create the perception that it underwrites ...

Regulation, profitability top adviser worries: BT

KARREN VERGARA | TUESDAY, 9 JUL 2024

... particularly contentious." "Advisers agree that people should have the right to be compensated where they have received poor advice, but they are concerned about why they should have to pay for someone else's poor advice," Ashenden said. Cost base increases ...

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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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