Category | Compliance & Regulation

SoAs Still Too Long For Consumers

Statements of Advice (SoA) are still too long and many advisers are not making efforts to reduce their size causing clients to not understand the advice they are being presented, a fintech firm has claimed. (more…)

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0 · May 22, 2018 in Compliance & Regulation, Technology  

Removal of Commissions Would End Conflicts of Interest – ASIC

ASIC has thrown its weight behind the total removal of conflicted remuneration, including commissions, stating there can be no ambiguity in this area. (more…)

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0 · May 18, 2018 in Compliance & Regulation, Remuneration, Services  

ASIC Cancels Licence Following Insurance Advice Breaches

ASIC has cancelled the Australian financial services licence of a Melbourne based business which had been found to be offering advice linked to life insurance that breached obligations to act in the best interests of clients. (more…)

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0 · May 17, 2018 in Compliance & Regulation, Dealer Groups  
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AFA Challenges Royal Commission View of Advice

The AFA has challenged the negative perceptions of the value of financial advice it claims were present at the recent hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. (more…)

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1 · May 15, 2018 in Associations, Compliance & Regulation  

Mixed Support for ‘Two Strikes’ Compliance Breach Policy

A mixed result in our latest poll may suggest this question has more shades than a black-and-white answer. (more…)

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1 · May 15, 2018 in Compliance & Regulation, Polls  
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Industry Backs Life Insurance Commissions

The financial services industry has rallied around the ongoing use of life insurance commissions as they currently stand, stating the changes brought about under the Life Insurance Framework (LIF) should be given time to take effect. The AFA and FPA, as well as AMP and three major banks have each maintained that life insurance commissions […]

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8 · May 14, 2018 in Compliance & Regulation, Products, Remuneration  
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Views Split on Call to End Grandfathered Commissions

The AFA and FPA have fallen on opposite sides of the fence in their support for the suggestion that grandfathered payments and commissions come to an end, five years after the Future of Financial Advice (FoFA) reforms allowed them to continue. (more…)

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12 · May 14, 2018 in Compliance & Regulation, Products, Remuneration, Services  
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AMP Points Finger at Advisers

AMP has used two public statements within a single day to lay the blame for failures within its advice businesses at the feet of advisers, claiming its licensees were not to blame. (more…)

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5 · May 11, 2018 in Company News, Compliance & Regulation, Dealer Groups, Products, Remuneration, Services  

ASIC Moves to Stop Adviser Providing Services

ASIC has taken legal action to prevent an adviser, whom it alleges submitted illegitimate life insurance applications to receive commissions, from providing any further advice. The regulator stated it had commenced proceedings in the Federal Court of Australia against New South Wales financial adviser, Graeme Walter Miller and three related companies: CFS Private Wealth, Combined […]

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2 · May 8, 2018 in Compliance & Regulation  
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Latest Poll – Two Strikes and You’re Out

As the fallout from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry continues, our latest poll references ANZ’s announcement this week that it will terminate the contracts of advisers within its bank advice network if they fail two compliance audits. (more…)

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2 · May 8, 2018 in Compliance & Regulation, Polls