Royal Commission

Financial planning

I wish we had acted sooner says NAB chairman

The chairman of National Australia Bank, Ken Henry has told the Royal Commission he wishes the board had acted more promptly in dealing with a customer remediation proces...

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...

Superannuation

RC sees industry funds increase satisfaction lead over retail

As the banks face issues with customer satisfaction so too have their associated super funds, with industry funds having increased their customer satisfaction ratings ove...

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 ...

Policy & Regulation

Should ASIC executives be subject to the BEAR?

Australian Securities and Investments Commission chairman, James Shipton has signalled his intention to subject his own executives to the same terms and conditions as the...

Policy & Regulation

AMP to face another Royal Commission grilling

AMP Limited is listed to face another round of Royal Commission questioning as the process enters its final week....

Life/Risk

Call for more mandatory training in life/risk

Life risk industry veteran, Michael Molesworth, has warned that underwriters and claims assessors need to be subject to more stringent education requirements or risk comm...

Financial planning

Bank satisfaction declines 3% since Banking Royal Commission

In the six months to October, satisfaction with banks fell to 78 per cent, with satisfaction declining a total of 3.2 per cent since the Banking Royal Commission began, a...

Policy & Regulation

ASIC questioned over governance practices

The Royal Commission has asked ASIC why recent new senior level roles were all filled by internal candidates from a limited pool, amid questions about the regulators’ gov...

Policy & Regulation

Does ASIC intend to regulate itself?

ASIC chair, James Shipton, has come under fire from the Royal Commission, which seemed dissatisfied with how the regulator intended to prove its performance improves goin...

Financial planning

FSU calls for professionalisation for all

The Finance Sector Union has called for the current move to professionalisation to be extended beyond just planners, but has warned that there are issues with an industry...

Policy & Regulation

Shipton defends ASIC’s close relationship with bank execs

The frequent contact between ASIC commissioners and the chief executives and boards of the institutions they regulate is purely professional, ASIC’s chair has told the Ro...

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

Are MDAs a product or a form of advice?

The Institute of Managed Accounts Professionals has told the Royal Commission that managed accounts should be regarded as a form of advice rather than as a product....