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Adviser Associations To Appear Before Royal Commission

The AFA and FPA have been called to give evidence on the disciplinary regime for financial advisers at the second round of hearings of the Banking Royal Commission, but life insurance has been omitted from topics to be covered.

The Commission released a list of groups called to present evidence during the hearings, which will run from 16 to 27 April 2018, and listed the two associations addressing case studies on the disciplinary regime alongside ASIC and financial advice group, Dover.

The list also included the other areas that will be canvassed by the Commission, and the groups that will address those areas, which are as follows:

The topic of life insurance advice has not been listed and no life insurers have been called to present evidence…
  • Fees for no service: AMP, AMP Financial Planning, Charter Financial Planning, Hillross Financial Services, CBA, Commonwealth Financial Planning, Count Financial Planning
  • Investment platform fees: AMP, CBA
  • Inappropriate financial advice: ANZ, RI Advice Group, Millennium 3 Financial Services, Westpac and BT Financial Group, AMP, AMP Financial Planning, Charter Financial Planning and Genesys Wealth Advisers
  • Improper conduct by financial advisers: NAB, ANZ and Millennium 3 Financial Services Pty Ltd

The topic of life insurance advice has not been listed and no life insurers have been called to present evidence, however, the Commission stated “…further topics may be included and the list above will be updated accordingly before the hearings commence”.

The Commission added that “During the hearings, evidence will also be given by consumers of their particular experiences. The entities that are the subject of consumer evidence will be informed by the Commission.”