Commission

Financial planning

Individual charged over $600k commission from criminal proceedings

A second individual related to Courtenay House has been charged with carrying on an unlicensed financial services business and receiving over $600k in commissions which w...

Life/Risk

QOA outlines proposals for life insurance commission

The Quality of Advice Review has stated there are benefits of retaining commission for life insurance but admits it could result in a real risk of lower-quality advice fo...

Life/Risk

Removal of life commission would reduce sales by 60%: FSC

Less than 10% of life insurance advice is placed without commission, according to the Financial Services Council, and thousands more of Australians would be able to obtai...

Life/Risk

Life advisers must prove need for commissions

In a similar way to mortgage brokers, life/risk advisers are going to have to make their case if they want to retain commission-based remuneration structures....

Life/Risk

Policy-makers misunderstand life/risk commissions

A new whitepaper developed by ClearView is arguing that policy-makers have railed to understand life/risks commissions and the significant risks associated with removing ...

Financial planning

ASIC bans inadequately trained planner

A Hobart financial planner who was not sufficiently trained, despite holding a Diploma of Financial Planning from Kaplan, or competent to provide financial services has b...

Financial planning

RC lacks understanding of advice, says AFA

The Association of Financial Advisers has defended life/risk commissions and grandfathering while criticising the Royal Commission’s interim report, claiming it suggests ...

Policy & Regulation

PC: Trail commissions for mortgage brokers should go

Trail commissions have been dealt another blow, with the Productivity Commission recommending that they be banned in mortgage broking for all loans from the end of this y...

Financial planning

ASIC: Trails equate to ongoing fees

The Australian Securities and Investments Commission has told the Royal Commission that grandfathered trail commissions equate to ongoing fees....

Financial planning

FSU slams CBA over commission conflicts

The Commonwealth Bank yesterday admitted to the Royal Commission that its home loan commission scheme was riddled with conflicts, which the Financial Services Union said ...

Policy & Regulation

We’ve never called for a ban on commissions says ASIC

The Australian Securities and Investments Commission says it has never called for a ban on commissions paid to mortgage brokers so has never analysed the impact such a ba...

Financial planning

Fee-for-service not holy grail

Charging commissions for life/risk advice may be more professional than a fee-for-service model as they were only paid if advisers achieved a claim result for clients, Sy...

Policy & Regulation

LIF changes not price fixing – O’Dwyer

Revenue and Financial Services Minister, Kelly O’Dwyer has warned that the changes to commission structures under LIF could have been harsher without industry consultatio...

Policy & Regulation

LIF legislation will end churn – O’Dwyer

The Government's legislation underpinning the Life Insurance Framework will enter Parliament next week with the Minister for Revenue and Financial Services, Kelly O'Dwyer...