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
The shift in scale and consolidation has led to substantial growth in large privately owned licensees, which have tipped past 20 per cent of advisers for the first time to make up 28.3 per cent of the industry.
ETF providers Betashares and BlackRock are reporting increased flows for currency hedged vehicles, but an adviser has warned on the potential tax implications of changing currency.
Bravura chair Matthew Quinn is to step down later this year, following the exit of CEO Andrew Russell, while its future priority is digital advice in Australia.
Financial advice has an important role to play in navigating family discussions around inheritance, according to CFS, with younger generations expecting a windfall of more than $500,000 while older ones try to meet their retirement needs.
