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Thirteen superannuation funds have been confirmed as exiting the industry under pressure from the Australian Prudential Regulation Authority.
The Australian Securities and Investments Commission has revealed a 50 per cent increase in enforcement investigations of misconduct on the part of the major financial institutions or their employees.
IOOF appears to have contained the fall-out from an end to grandfathering and threats to life/risk commissions because of its ‘self-employed advice model’.
IOOF has moved to an 82 per cent economic interest in ANZ Pensions and Investment business despite issues raised at the Royal Commission, while acknowledging a remediation bill of $20 to $30 million.
Financial planners are braced for the reality of a flat fee for service world, with most indicating they expect that to be their major source of revenue in the aftermath of the Royal Commission.
