compliance

Financial planning

Institutional CEOs selected to advise Government

The Government has reconstituted the Financial Sector Advisory Council and has selected executives almost exclusively from the big end of town....

Policy & Regulation

ASIC admits few complaints about claims handling

ASIC deputy chairman, Peter Kell, has admitted that prior to issues around CommInsure, it had received few complaints about life insurance claims handling....

Accounting

Libertas launches accountant licensing package

Non-aligned group, Libertas Financial Planning, launches an accountants’ licensing package, with software that creates SOAs and walks them through compliance processes....

Financial planning

CommInsure focused on process rather than people — Narev

The Commonwealth Bank has defended its claims handling personnel and denied any misconduct, but chief executive, Ian Narev, has conceded process may have been put ahead o...

Financial planning

Former NAB planner banned

ASIC bans former financial planner after receiving information from National Australia Bank....

Funds management

Heavyweight meeting convinces banks

A meeting involving the Prime Minister, Treasurer and Assistant Treasurer saw the banks agreeing to absorb the cost of a higher financial services levy....

Policy & Regulation

Will super funds and insurers pay price for increased bank scruinty?

The Government is set to increase the APRA levy to fund increased ASIC scrutiny of the banking industry....

Policy & Regulation

Morrison outlines ASIC powers on banks

Federal Treasurer, Scott Morrison, flags meeting with ASIC later this week on issues of bank conduct....

Financial planning

Will ASIC get additional funding to investigate banks?

The Federal Treasurer, Scott Morrison has indicated the Government may direct additional Budget funding to ASIC to assist it in investigating the conduct of the major ban...

Policy & Regulation

Litigation funders target BBY directors

Litigation funders have backed moves to pursue legal action against failed stockbroking firm, BBY....

Financial planning

APRA tells super funds - prove value for money

APRA has told super funds they need to prove value for money from marketing and sponsorships....

Financial planning

DHA subject of AFP investigation

Defence Housing Australia which has promoted itself heavily in the financial adviser community is currently the subject of an AFP investigation....

Financial planning

Macquarie appeals against ASIC’s client money decision

Macquarie has applied to the AAT to review ASIC’s decision to impose conditions on its AFSL following investigations into breach reports relating to client money provisio...

Policy & Regulation

ASIC imposes more conditions on Macquarie AFSL

Macquarie Bank is appealing to the AAT following the imposition of additional conditions on its AFSL over client money handling....

Editorial

Culture in the eyes of the law

Corporations that merely pay lip-service to compliance and culture can expect little leniency from the Courts. Companies can face consequences, from penalties and liabili...