AMP kicks off Commission financial advice testimony
AMP will be the first financial advice group to give testimony before the Royal Commission, with its head of advice Jack Regan appearing before Commissioner Hayne in Melbourne today.
The group’s appearance would mark the beginning of the round two hearings, which would focus on financial advice. They would continue for the next two weeks.
Topics flagged by the Commission for AMP to address included fees for no service, investment platform fees and inappropriate financial advice.
Along with the Big Four banks, the advice group looked to be one of the biggest focuses of this stage of the hearings. The five organisations made up the brunt of case studies through which the Commission said it intended to deal with financial advice for the purpose of public hearings.
Australian Securities and Investments Commission (ASIC) deputy chair Peter Kell would also appear before the Commission today.
AUTHOR
Hannah Wootton
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
