Royal Commission

Financial planning

Planning industry united on MySuper advice fees

The Treasurer, Josh Frydenberg, faces a fight from the financial planning industry as he seeks to move forward on implementing a Royal Commission recommendation banning t...

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...

Expert Analysis

Life insurance: the dynamics of change

Life insurers need to improve their models and invest in automation if they want to ‘future-proof’ their business, writes Chris Powell....

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

Deducting advice fees from member accounts gets thumbs-up

The deduction of financial advice from member’s superannuation accounts is reasonable, according to actuarial research house, Rice Warner....

Financial planning

Financial services roles shift with RC

Morgan McKinley has released their 2020 Salary Guide, which showed the latest renumeration insights in the financial services industry. ...

Financial planning

Licensees face stronger obligations to notify clients of bad advice

Affected clients will be among the first to know when licenses detect advisers who have done the wrong thing under new legislation to go before Parliament....

Financial planning

Are advisers being asked to ‘dob’ each other?

Proposed new legislation would have the effect of compelling advisers or licensees to breach report competitors if they believed something adverse was happening....