Financial planning under scrutiny at Royal Commission
Financial planning executives face a grilling before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry next week, with the major banks and AMP scheduled to deal with fees for no service, platform fees and inappropriate financial advice.
The Royal Commission has confirmed the appearance of Westpac, the Commonwealth Bank, ANZ and AMP in the second round of public hearings in Melbourne next week, alongside the Financial Planning Association (FPA), the Association of Financial Advisers (AFA) and the Australian Securities and Investment Commission (ASIC) to discuss the disciplinary regime around the financial advice profession.
The five topic areas to be traversed during the public hearings are:
- Fees for no service
- Investment platform fees
- Inappropriate financial advice
- Improper conduct by financial advisers
- The disciplinary regime for the financial advice profession
The Royal Commission said the second round of public hearings would consider the conduct of financial services entities that provide financial advice to consumers, including the treatment of consumers, compliance with the law and community standards and expectations, and the sufficiency of the current legal and regulatory structure.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
