ME Bank has been ordered to pay $820,000 by the Federal Court for pleading guilty to criminal charges of making false and misleading representations, and failing to provide written notices regarding home loans.
A Queensland company falsely representing that it managed $6.9 billion for investors and was affiliated with the Financial Services Council has been penalised for false and misleading statements.
AMP superannuation members will transition to TAL’s insurance offering in Q2 2024, while the insurer has appointed a new chief claims officer from Westpac.
Australian investors missed out on an ‘extraordinary rebound’ in global equities in 2023 as a home bias meant they invested $5.3 billion in Australian equity ETFs, according to Vanguard.
SuperRatings has shared the top 10 balanced superannuation funds of the calendar year 2023, with the top two funds returning more than 13 per cent each.
Confidence in retirement has weakened in Australia rather than strengthened, according to the latest Global Retirement Reality Report from State Street, but over a third say they will seek an adviser for guidance.
ASIC commissioner, Alan Kirkland, has told Money Management that licensees and financial advisers could be in breach of the law and face civil penalties if they fail to meet the new extended deadline for adviser registration.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
The number of advisers who have joined since the start of the year has risen to 24, according to Wealth Data.
Following statistics that thousands of financial advisers are yet to complete their financial adviser registration, ASIC has agreed to extend the deadline.
