Category | Remuneration

Commission Concerns Overlook LIF and Best Interest Duty

The AFA has written to members informing them that large figures quoted at the Banking Royal Commission related to life insurance commissions overlooked legal obligations for advisers and equate to only $65,000 a year per adviser. (more…)

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0 · September 25, 2018 in Associations, Products, Remuneration, Services  

FSC Head Unclear on Breakdown of Adviser Commissions

The head of the Financial Services Council has struggled to clearly articulate the relationship between financial advisers and life insurers as well as the role of commissions in the purchase of life insurance products. (more…)

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0 · September 24, 2018 in Associations, Products, Remuneration, Services  
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Royal Commission Finds Insurers Open to Multiple Breaches

The Banking Royal Commission has concluded its hearings into the life insurance sector after being told the three life insurers who provided testimony were likely to have breached the Corporations Act multiple times. (more…)

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0 · September 24, 2018 in Company News, Compliance & Regulation, Products, Remuneration, Services  
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Commission Details Potential Life Insurer Misconduct

Major insurers offering products into the retail advised life insurance market have presented a lengthy list of possible misconduct to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. (more…)

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2 · September 11, 2018 in Claims, Company News, Compliance & Regulation, Products, Remuneration, Services  
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Royal Commission Will Not Examine Life Insurance Advice

Financial advice related to life insurance will not be examined during the current round of hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. (more…)

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1 · September 10, 2018 in Claims, Compliance & Regulation, Products, Remuneration, Services, Superannuation  
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Practice Sales Spike Over LIF and Education Concerns

The number of life insurance advice businesses for sale has spiked, according to a financial advice business broker, who claims the increase is a result of the impact of Life Insurance Framework (LIF) and proposed new education standards. (more…)

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3 · August 28, 2018 in Compliance & Regulation, Practice Management, Remuneration  
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Call for Individual Adviser Licensing

Financial institutions and regulators are standing in the way of client-centric reforms, and moves to license individual advisers, in a bid to retain control and promote their own self-interests, according to Connect Financial Service Brokers Chief Executive, Paul Tynan. (more…)

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8 · August 7, 2018 in Compliance & Regulation, Dealer Groups, Remuneration, Services  
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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…)

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6 · June 27, 2018 in Claims, Compliance & Regulation, Products, Remuneration  
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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…)

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5 · June 20, 2018 in Company News, Dealer Groups, Remuneration  
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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…)

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1 · June 5, 2018 in Compliance & Regulation, Polls, Remuneration