RC | Money Management

RC

Policy & Regulation

FSC nominates last resort compensation as major challenge

The Financial Services Council has nominated initiating a compensation scheme of last resort as one of the major challenges facing the Government in 2021. ...

Financial planning

How many banned advisers have moved into advice management?

The Financial Planning Association wants managers of advice licensees subjected to the same reference-checking protocols as advisers in circumstances where it says it has...

Policy & Regulation

No loopholes, no carve-outs insist coalition of consumer groups

A coalition of consumer groups has pointed to key changes to advice and life insurance resulting from the Royal Commission and insisted on no loopholes and no carve-outs....

Financial planning

How the cost of an SOA rose 10% inside 12 months

Financial Planning Association chief executive, Dante De Gori has pointed to the impacts of increasing regulatory oversight with the cost of generating a statement of adv...

Policy & Regulation

ASIC far from done with RC prosecutions

External law firms have been brought in as the Australian Securities and Investments Commission looks to wrap up referrals from the Royal Commission....

Financial planning

AMP and big four see 52% increase in enforcement investigations

The Australian Securities and Investments Commission had staff on-site at the major banks and AMP for 216 days during October 2018 and December 2019....

Financial planning

Advisers still better off than mortgage brokers from RC

AFA’s Phil Anderson says that despite pushback on Royal Commission recommendations to change trail commissions for mortgage brokers, advisers were still better prepared f...

Policy & Regulation

PI ‘not worth the paper it’s written on’

The Federal Treasury has received yet more warnings that before it embarks on a compensation scheme of last resort it should fix professional indemnity insurance in circu...

Life/Risk

Life insurance take up drops 9%

Almost one-third of a survey’s respondents said life insurance products confused them and 65% of people without the product would rely on savings if they contracted a maj...

Policy & Regulation

ATO to use more education directives

The tax office is imposing more educational directives where self-managed superannuation fund members have breached regulatory contraventions in a bid to prevent reoffend...

Policy & Regulation

Mortgage brokers angered by clawbacks

Mortgage brokers believe the embedding of commission clawbacks in legislation will see them working for nothing....

Financial planning

Frydenberg continues his tick and flick approach to RC

The Government’s latest exposure draft legislation around the recommendations of the Hayne Royal Commission suggest little has been paid to the lobbying of the major fina...

Financial planning

AMP urged to commit to mediation with planners

As AMP moves to exit up to 250 financial planning business over 80 planners say they will face financial ruin as a result....

Financial planning

Advice bodies brace for opt-in outline

How the Government proposes to approach yearly opt-in and fee arrangements is expected to be made clearer in the next week or so and financial adviser groups are bracing ...

Financial planning

Advice in a ‘state of flux’

The exits of the banks and the exodus of financial advisers has left the industry in a state of flux, according to HLB Mann Judd head of wealth, Michael Hutton....