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

CFS adopts advice consent solution

KARREN VERGARA  |  THURSDAY, 14 OCT 2021
... their clients," he said. The annual renewal obligation came into effect on July 1, as recommended by the Hayne Royal Commission. A client who does not renew an ongoing fee arrangement with their adviser for example, will terminate the arrangement 30 ...

Industry calls for expanded CSLR

ANNABELLE DICKSON  |  WEDNESDAY, 6 OCT 2021
... policies by the Aboriginal Community Benefit Fund, now trading as Youpla." "One of the reasons we had a banking royal commission was because thousands of victims of financial misconduct had been left without compensation. The establishment of a compensation ...

Adviser exam cost jumps under new bill

KARREN VERGARA  |  THURSDAY, 30 SEP 2021
... advice exam, including substantially increasing the cost of each sitting. The Financial Sector Reform (Hayne Royal Commission Response-Better Advice) Bill 2021 exposure draft regulations released yesterday will see advisers sitting the soon-to-be ASIC ...

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 ...

Adviser overwhelm explained

ELIZABETH MCARTHUR  |  TUESDAY, 21 SEP 2021
... standards. In 2015, there was the Trowbridge inquiry into life insurance, before the process that would lead to the Royal Commission began in 2017. Looking forward, Anderson warned that financial advisers should not expect the pace of reform to slow ...

Criminal charges filed against CBA

ELIZABETH MCARTHUR  |  FRIDAY, 17 SEP 2021
... the Federal Court. The alleged conduct from CBA that is the subject of these charges was revealed during the Royal Commission and is the subject of a case study in the final report from Commissioner Hayne. This is the second criminal prosecution under ...

Global firm expands into Aussie wealth management

ELIZABETH MCARTHUR  |  FRIDAY, 17 SEP 2021
... outcomes." Kent added that she sees significant opportunities for the firm to expand in Australia. "Fuelled by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Australian wealth and asset management ...

ASIC urged to act on common ownership

KARREN VERGARA  |  FRIDAY, 10 SEP 2021
... very few actually hand all of their voting powers to a single entity," she said. MP Andrew Leigh said the Hayne Royal Commission criticised ASIC for being slow to act on emerging issues. "I worry that on common ownership, [ASIC] is making the same mistake," ...

Former Macquarie chief to head ASIC, APRA regulator

ANNABELLE DICKSON  |  FRIDAY, 10 SEP 2021
... Lynch (Australia). The government established the FRAA in response to recommendations 6.13 and 6.14 of the Hayne Royal Commission. Recommendation 6.13 is to subject APRA and ASIC to a capability review every four years while 6.14 is to establish a new ...

Colonial First State faces penalties for MySuper conduct

KANIKA SOOD  |  WEDNESDAY, 8 SEP 2021
... to the default MySuper product. The incidents relate to the period between 18 March 2014 and 21 July 2016. The Royal Commission referred the conduct to ASIC in February 2019 and ASIC filed the case a year later, in March 2020. A few months later, in ...
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