POWERED BY MOMENTUM MEDIA
FEES FOR NO SERVICE
Financial planning
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no servi...
Financial planning
Centrepoint Alliance has shared details on the progress of fees for no service remediation, having conducted an assessment of its employed and self-employed advisers. ...
Financial planning
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
The Commonwealth Director of Public Prosecutions has determined that no charges should be brought to AMP Financial Planning for its conduct into the alleged fees-for-no-s...
Financial planning
Six of Australia's largest banking and financial services institutions have offered a total of $1.05 billion in compensation, as at 30 June 2020, to customers who suffere...
Policy & Regulation
A coalition of consumer groups has pointed to key changes to advice and life insurance resulting from the Royal Commission and insisted on no loopholes and no carve-outs....
Financial planning
AMP Limited has yet to determine how it intends on handling its remediation obligations with respect to advisers who have left the company....
Financial planning
AMP Limited acting chief executive, Mike Wilkins has confirmed the firm is facing more fees for no service remediation challenges after discovering new breaches as recent...
Financial planning
NAB chief executive, Andrew Thorburn, has defended some fees for no service charged by the bank as a “process issue” rather than dishonesty, as he came under fire at the ...
Superannuation
After months of doubt, AMP Limited has received confirmation that it has lost one of its largest corporate superannuation mandates – Australia Post....
Financial planning
The Australian Banker’s Association has confirmed that the total cost of fee for no service remediation could exceed $1 billion....
Life/Risk
AMP Limited has sought to rebut claims made during the Royal Commission that it engaged in misconduct in its deduction of superannuation fund members’ insurance premiums ...
Policy & Regulation
The Royal Commission interim report has shone a light on the poor culture of licensees, particularly when it comes to charging fees for no service. ...
Policy & Regulation
The Federal Treasurer, Josh Frydenberg, has cited fees for no service and the failures of the regulators as being among his Royal Commission take-outs....
Never miss the latest news and developments in wealth management industry
MARKET INSIGHTS
Podcast
So we are now underwriting criminal scams?...
Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...
Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...