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
While the Financial Services and Credit Panel can take action on individual advisers’ misconduct, a compliance professional unpacks why the panel does not always subject licensees to further action.
Platform HUB24 has reported $100 billion funds under administration in its latest quarterly results, helped by a 90 per cent rise in platform net inflows.
Progressing digital advice and seeking breakeven in the advice division are part of AMP’s goals for the upcoming financial year as it approaches 1,000 financial advisers in its licensee.
The Rask Group, in partnership with InvestSMART’s new investment platform, has announced three ETF strategies, aimed at empowering financial advisers to create and manage their own ETF portfolios.
