Suncorp pays $1.4m in compensation
Suncorp Life and Superannuation has paid $1.4 million in compensation to 4,000 GuardianFP clients following a remediation program.
In January 2015, the corporate watchdog found deficiencies in the life insurance advice Guardian Advice provided to its retail clients and it was concerned Guardian Advice had failed to comply with its general obligations as an Australian Financial Services licensee.
These included monitoring and supervising its representatives and ensuring they were adequately trained or competent.
In November 2015 Suncorp announced it would exit the financial planning business carried on by Guardian Advice but the Australian Securities and Investments Commission (ASIC) obtained a commitment from Suncorp that it would complete the remediation program and fund the compensation of clients.
ASIC noted Suncorp also compensated clients who may have been at risk of having received poor advice from “high-risk” advisers “who were identified using a range of risk metrics applied to all advisers in the Guardian Advice network”.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.