Category | Remuneration

iStock-691262808

ASIC Commences Legal Action Against AMP Over Life Insurance ‘Rewriting’

ASIC has begun court proceedings against AMP Financial Planning (AMPFP) alleging some of its advisers engaged in conduct to rewrite life-insurance business to receive higher commissions, and so breached their best interest duty obligations. (more…)

Continue Reading
6 · June 27, 2018 in Claims, Compliance & Regulation, Products, Remuneration  
iStock-898841732

BTFG to Remove Grandfathered Payments

BT Financial Group (BTFG) has removed almost all forms of grandfathered payments paid to salaried advisers operating under the Westpac/BT advice channels. (more…)

Continue Reading
4 · June 20, 2018 in Company News, Dealer Groups, Remuneration  
Advertisement
iStock-468994828

Poll Update – Risk Advice Fees and Commissions

Clarification has been received in the last week that the prospect of a blanket ban on risk commissions may not be as much on the regulatory agenda as first thought. (more…)

Continue Reading
1 · June 5, 2018 in Compliance & Regulation, Polls, Remuneration  
iStock-629796418

Life Insurance Commissions Will Remain – ASIC

The head of ASIC has claimed a recent speech in which he called for the removal of commissions to avoid conflicts of interest was not intended to include life insurance commissions and there was no plan to remove them. (more…)

Continue Reading
5 · June 5, 2018 in Compliance & Regulation, Products, Remuneration  
30052018-iStock-656441260

ASIC to Target Non-Bank Advisers

ASIC is likely to target smaller financial advice groups and individual advisers now that it had a better understanding of the key areas of concerns in the advice process, a financial services legal firm has claimed. (more…)

Continue Reading
4 · May 29, 2018 in Compliance & Regulation, Dealer Groups, Products, Remuneration, Services  
Advertisement
30052018-iStock-531057036

No Risk Commissions – No Advisers

The headline to this story succinctly summarises the response we’ve received to our latest poll. (more…)

Continue Reading
7 · May 28, 2018 in Compliance & Regulation, Polls, Remuneration  
230518---iStock-104772198

The Future of Risk Commissions

Our latest poll asks you to reflect on ASIC’s open support for the complete removal of all life insurance commissions, and what this would mean to your business. (more…)

Continue Reading
16 · May 23, 2018 in Compliance & Regulation, Polls, Remuneration  
230518---iStock-524029212

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…)

Continue Reading
29 · 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…)

Continue Reading
0 · May 18, 2018 in New Zealand, Products, Remuneration  
iStock-108708885

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 […]

Continue Reading
8 · May 14, 2018 in Compliance & Regulation, Products, Remuneration