Unit pricing guidelines amended
The major financial services regulators have amended their unit pricing guidelines in an effort to reduce the cost of doing business for the life insurance, superannuation and funds management industries.
The joint Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) Unit pricing — guide to good practice has been updated so that scheme operators can elect not to make payments to exited members for unit pricing errors where the compensation due is less than $20.
The decision has been made in stakeholders’ best interest, as they are the ones who ultimately have to bear the costs associated with writing cheques for small amounts.
The Investment and Financial Services Association welcomed the change, describing it as workable from a commercial perspective, and added it would continue to work closely with the regulators to improve the guidelines.
Recommended for you
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
