commonwealth financial planning

COMMONWEALTH FINANCIAL PLANNING

Financial planning

The Commonwealth Bank (CBA) has rejected a senator’s claims that it deliberately kept regulators in the dark and played down the seriousness its planning groups’ actions ...

Financial planning

Expect ASIC to be more rigorous

ASIC has signalled its oversight of enforceable undertakings is likely to be more rigorous....

Financial planning

Senate Committee expected to report on ASIC/COMMFP

The Senate Committee reviewing the operations of ASIC is expected to table its final report today....

Financial planning

CommFP says ASIC always knew

CommFP counters claims by ASIC that it was not informed of key elements of client compensation arrangements...

Editorial

Whistling up the watchdog

Mike Taylor writes that if the Senate Committee inquiry reviewing the actions of ASIC has achieved nothing else, it has has identified just how reliant the regulator has ...

Financial planning

ASIC admits targeting big dealer groups

ASIC admits it targeted the big planning groups for shadow shopping because it thought it would make the most impact....

Life/Risk

Duty of care reality checks

Advisers must be extremely diligent about ensuring they fulfill their duty of care, as two recent court cases have shown. David Glen runs through the post-FOFA adviser ch...

Financial planning

ASIC claims CommFP was not “upfront”

ASIC chairman, Greg Medcraft admits ambiguity led to CommFP client compensation failures, but claims the bank was not “upfront”....

Policy & Regulation

Let FOFA reforms bed-in: ISA

Industry Super Australia (ISA) has reiterated its view that Future of Financial Advise (FOFA) reforms should be given time to deliver benefits to consumers before new cha...

Editorial

Digging a deeper hole

Mike Taylor writes that the board of the Commonwealth Bank must be wondering how it was possible for the controversy around Commonwealth Financial Planning to get worse....

Financial planning

CBA responds to senate report delay

The Commonwealth Bank (CBA) has responded to its grilling at a Senate Committee by restating its compliance with the inquiry’s requests for more information. ...

Financial planning

Senate Committee extends quizzing of CommFP

The Senate Committee reviewing ASIC has lambasted ASIC and CommFP and signalled further quizzing of compensation arrangements....

Financial planning

Lack of paper trail for Nguyen advice rejected

Dispute resolution specialist rejects claims by CBA that clients of Don Nguyen were not compensated because of lack of documentation ...

Financial planning

Momentum grows on separating product from advice

The FPA signals a 10-point plan which would see product-related advice subject to regulation and salespeople precluded from being called financial planners/advisers....