Michael Hodge

Superannuation

The Royal Commission has heard that the time-table attaching to the AMP superannuation fund boards’ decision to cut MySuper fees by 50 basis points was devised elsewhere ...

Financial planning

NAB insists fees for no service a “process issue”

NAB chief executive, Andrew Thorburn, has defended some fees for no service charged by the bank as a “process issue” rather than dishonesty, as he came under fire at the ...

Financial planning

Westpac ‘thinking through’ future of advice business

Westpac chief executive, Brian Hartzer has acknowledged that the big banking group is ‘thinking through’ the future of its advice business....

Financial planning

Industry solution proposed for fee for no service

At the same time as confirming Westpac has lost around half its authorised representatives since 2015 the bank’s chief executive has also confirmed a proposed industry so...

Financial planning

BTFG execs paid price for RC issues

Westpac chief executive, Brian Hartzer has confirmed that senior executives within BT Financial Group suffered significant remuneration consequences for issues raised at ...

Policy & Regulation

RC: Banks cop blast compared to industry funds

Counsel assisting the Royal Commission has pointed to serious breaches within the major banks while suggesting many of the issues surrounding industry funds can be dealt ...

Policy & Regulation

RC questions whether ASIC used its powers

The Royal Commission has acknowledged that the Australian Securities and Investments Commission wants more powers but has questioned whether it has ever used all the powe...

Financial planning

Kell admits ASIC acted too slowly on grandfathered commissions

ASIC deputy chair, Peter Kell, has admitted to the Royal Commission that while the regulator has not paid enough attention to grandfathered commissions in the past, it is...

Financial planning

AMP Super had no knowledge of AMP adviser activity

The Royal Commission has been told that the AMP Super trustee had little or no knowledge of what AMP advisers were doing in relation to recommending superannuation produc...

Financial planning

NAB/MLC relied on adviser attestations on fees

National Australia Bank and MLC Limited were prepared to rely on the attestations of their financial advisers to help determine whether to refund clients on the basis of ...

Policy & Regulation

RC asks why IOOF’s Kelaher has not appeared

Counsel assisting the Royal Commission has directly questioned why IOOF managing director, Christopher Kelaher was not appearing at today’s hearings rather than the compa...

Superannuation

How ISA received $5.5 million from AustralianSuper

The Royal Commission has been told how Industry Super Australia received $500,000 from AustralianSuper for the ‘fox in the henhouse’ television advertising campaign after...