fee disclosure

Financial planning

ASIC launches six legal actions against Westpac

In an unprecedented move, the corporate regulator has launched multiple civil penalty proceedings again the bank for matters including fee-for-no-service for deceased cus...

Financial planning

NAB to pay $18.5m penalty for fee-for-no-service FDS

The first penalty of its kind, the penalty relates to allegations from the corporate regulator in 2019 that the big four bank issued defective fee disclosure statements t...

Financial planning

Warning that licensees face breach-reporting overload

The Government is being urged to provide regulatory clarity around the new breach reporting legislation which it is feared will radically increase what are deemed to be r...

Financial planning

ASIC tips highlight onerous new FDS regime

An Australian Securities and Investments Commission document providing tips for financial advisers on how to deal with the new fee disclosure regime has served to highlig...

Financial planning

Licensees face potential court action of FDS failures

The Australian Securities and Investments Commission has foreshadowed court action in the wake of a review of fee disclosure statements and renewal notices which uncovere...

Financial planning

ASIC cautions platform providers on fee disclosure

The Australian Securities and Investments Commission has warned it will take action if platform providers break the rules and understate cumulative fees....