recommendations

Policy & Regulation

Govt introduces legislation for 4 RC recommendations

The four recommendations being legislated relate to mortgage brokers, consumer protection, and insurance contracts....

Financial planning

How IOOF leveraged its ‘self-employed advice model’

IOOF appears to have contained the fall-out from an end to grandfathering and threats to life/risk commissions because of its ‘self-employed advice model’....

Financial planning

ASIC intends to fully implement RC recommendations

The Australian Securities and Investments Commission has signalled its intention to fully implement Commissioner Hayne’s 12 recommendations to the regulator. ...

Policy & Regulation

Mixed reaction to RC

Industry superannuation funds have welcomed the Royal Commission’s final report, but financial planning groups are concerned about the outcome for their members....

Financial planning

ASIC takes Advanced Wealth Financial to court

The Australian Securities and Investments Commission has taken court action against Advanced Wealth Financial Services and Richard Gardner....

Superannuation

BT backs PC’s super recommendations

BT Financial Group has welcomed the release of the Productivity Commission’s final report into Australia’s superannuation system....

Policy & Regulation

NAB chairman suggests unilateral client remediation

The chairman of National Australia Bank, Ken Henry has told the Royal Commission it should consider allowing banks to remediate customers without first seeking permission...

Funds management

Big four move into red

The big four banks have moved into the red over the past week, with Westpac falling just under nine per cent....

People & Products

Zurich, Oxford University investigate financial support issues

Zurich Insurance Group has launched a research program in conjunction with the Smith School of Enterprise and the Environment at Oxford University. ...

Policy & Regulation

APRA reveals enforcement strategy terms of reference

The prudential regulator has announced the terms of reference for a review of its enforcement strategy....

Superannuation

Govt puts super fund governance back on agenda

Despite suggestions it had shelved its push for majority independent directors on superannuation fund boards, the Government has made clear the issue remains very much al...

Life/Risk

FSC and insurers rebuffed on worker rehabilitation proposal

The Joint Parliamentary Committee on Corporations and Financial Services has rebuffed an FSC proposal to allow life/risk insurers to participate in getting injured worker...

Financial planning

CFPL gets qualified mark on EU undertakings

Commonwealth Financial Planning has sought an extension of time from the independent expert appointed to oversee the outcome of its enforceable undertaking (EU) over fees...

Policy & Regulation

AFCA unveils strategy, brand ahead of launch

The new ombudsman vows to “proactively work with consumers, small business and the financial services sector to resolve and reduce financial disputes”....

Financial planning

Royal Commission flags fees and regulatory failings in report

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has highlighted a toxic sales culture and a failure to regulate wrongd...