Amid strong questioning by Government parliamentarians about how regulators monitor the superannuation sole purpose test, APRA has admitted it has only pursued one such case in the past 30 years.
Frivolous and vexatious consumers should be made to pay for their persistent use of the Australian Financial Complaints Authority against advisers, according to the Financial Planning Association.
Life insurance claims specialist, Col Fullagar says life insurers appear to be falling back into their bad old ways, including using the Government’s COVID-19 stimulus measures such as JobKeeper against people on claim.
The Federal Government has been accused of extraordinary and undemocratic legislative over-reach by trying to gain control of how superannuation funds invest on behalf of their members.
The industry needs to simplify the way it presents advice to clients as statements of advice can increase anxiety for consumers and does not build trust, according to a panel.
Although research houses tend to take a case-by-case approach, it’s usually not the fund performance but movement of the key personnel and client business that leads to changes and mid-cycle review of the ratings.
State and territory governments are being urged to adopt consistent power of attorney laws to prevent elder financial abuse, as they meet today regarding a scope for a national register of power of attorney instruments.
The gross domestic product growth in Australia is likely to be lower than most other developed nations this year, according to Russell Investments’ global outlook.
A Parliamentary Committee has heard questioning around whether regulatory costs are now so high that financial advisers will not take on clients with less than $1 million in investible assets.
Industry funds who have sponsored a major television advertising campaign against the Government’s Your Future, Your Super legislation have been accused of seeking to bully and intimidate the Government and, through it, the Parliament.
The corporate regulator’s contracts for difference product intervention order now allows maximum leverage available to retail clients to range from 30:1 to a 2:1 depending on the underlying asset class.