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

ASIC consults on anti-hawking rules

KANIKA SOOD  |  THURSDAY, 22 JUL 2021
... Anti-hawking reforms are slated for an October 5 start. They are a part of the government's response to the Hayne Royal Commission, which said hawking meant Australians were getting sold financial products they did not need or want. The consultation ...

ASIC prepares licensees for reference checks

KARREN VERGARA  |  WEDNESDAY, 21 JUL 2021
... cancelling a licence or imposing licence conditions. The new rules are covered by the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 and ASIC' Reference checking and information sharing protocol, which both take effect on October ...

FAR draft legislation released

KANIKA SOOD  |  MONDAY, 19 JUL 2021
... Executive Accountability Regime (BEAR) which has applied to banks since July 2018. In February 2019, the Hayne Royal Commission recommended extending BEAR to include APRA-regulated entities including superannuation funds and insurers, following which ...

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 ...

No charges in AMP BOLR investigation

JAMIE WILLIAMSON  |  FRIDAY, 16 JUL 2021
... business is "pleased to have closure on the matter". The conduct was the subject of intense scrutiny during the 2018 Royal Commission. At the time, Senior Counsel Assisting Michael Hodge also noted that AMP would dial down fees for orphaned clients rather ...

Insurers dodging Royal Commission reform

ELIZABETH MCARTHUR  |  MONDAY, 12 JUL 2021
Last week, the federal government announced exemptions for the insurance industry in relation to Royal Commission reforms. According to the Consumer Action Law Centre, these exemptions allow the insurance industry to side-step the Royal Commission recommendations ...

OnePath to remediate over pressure selling

ELIZABETH MCARTHUR  |  MONDAY, 12 JUL 2021
... concerted regulatory action. Notably, the deep dive review also informed the evidence base for several Hayne Royal Commission misconduct case studies. Our review uncovered egregious sales practices, with tens of thousands of consumers paying for products ...

Regulators warn trustees of super advice fee obligations

KARREN VERGARA  |  THURSDAY, 1 JUL 2021
... received Royal Assent, limiting the advice fee deductions from superannuation accounts as recommended by the Hayne Royal Commission. Recommendation 3.3 sought to prohibit the deduction of advice fees (other than for intra-fund advice) from superannuation ...

Better Advice regulations hit parliament

KARREN VERGARA  |  FRIDAY, 25 JUN 2021
... superannuation, financial services and the digital economy Jane Hume introduced The Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Bill 2021 in parliament on June 24. Otherwise known as the Better Advice Bill, the proposed ...

Government to create ASIC, APRA regulator

ANNABELLE DICKSON  |  THURSDAY, 24 JUN 2021
... Regulation Authority (APRA). Under the Financial Regulator Assessment Authority Bill 2021, based off the Hayne Royal Commission recommendations 6.13 and 6.14, the Financial Regulator Assessment Authority (FRAA) will be established. Recommendation 6.13 ...
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