Category | Remuneration

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  

NZ Regulator Targets Soft Commissions

The New Zealand corporate regulator has raised concerns about the influence of soft commissions on advisers’ behaviour in a review into the structure of incentives from life and health insurers. (more…)

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0 · May 18, 2018 in New Zealand, Products, Remuneration  
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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  
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ANZ Puts Advisers on Notice

ANZ has warned its financial advisers that they will be terminated if they fail two audits and has removed all sales incentives related to financial advice. (more…)

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1 · May 8, 2018 in Company News, Compliance & Regulation, Dealer Groups, Remuneration, Services  

AMP Royal Commission Latest

AMP has rejected claims that it may have breached the Corporations Act in its handling of an independent report into ‘fee for no service’ practices within its financial advice business, and that breaches related to the practice should be handled by ASIC and not the Banking Royal Commission. (more…)

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0 · May 7, 2018 in Company News, Compliance & Regulation, Dealer Groups, Remuneration  
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Royal Commission Will Consider Life Insurance Remuneration

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will consider whether life insurance commissions should be exempt from the ban on conflicted remuneration, despite the issue not being raised during hearings. (more…)

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6 · May 1, 2018 in Compliance & Regulation, Products, Remuneration  
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AFA Slams PJC Report

The AFA has released its response to the Report of the PJC Inquiry into Life Insurance stating it was “surprised, perplexed and disappointed” by parts of the report, which it considers as having missed the terms of reference for the inquiry and having drawn conclusions without evidence. (more…)

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10 · April 10, 2018 in Compliance & Regulation, Products, Remuneration, Services  
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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. (more…)

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0 · April 6, 2018 in Associations, Compliance & Regulation, Dealer Groups, Products, Remuneration, Services