financial advice

Policy & Regulation

ASIC bans adviser for ‘templated’ financial advice

Taking a templated approach to financial advice has seen a financial adviser banned from providing financial services by the Australian Securities and Investments Commiss...

Financial planning

Cancer Council pro bono work helping the vulnerable

The Cancer Council runs a pro bono program supported by funding from the AMP Foundation, to help alleviate the burden caused by financial stress during a cancer diagnosis...

Life/Risk

Industry bodies unite to protect life insurance commissions

The financial planning industry’s two major member associations have confirmed that they will be taking a joint approach to the regulator’s life insurance review, with re...

People & Products

Praemium seeks to detect clients in need of advice

A leading platform provider has developed a first for the industry, combining data science and technology to identify client behavioural patterns that could indicate a ne...

Financial planning

Accountants seek voice in retirement advice provision

The Institute of Public Accountants has advocated an advisory role for accountants flowing from the Government’s promised review of the retirement income system....

Policy & Regulation

ASIC chair issues industry ‘fairness challenge’

Australian Securities and Investments Commission (ASIC) chair James Shipton has issued a ‘fairness challenge’ to the financial services industry....

Financial planning

FASEA announces exam registrations and dates

The Financial Adviser Standards and Ethics Authority has passed a key milestone, opening up adviser exam registration and sitting dates along with a curriculum guide and ...

Financial planning

Tax advisers held to higher standard with client data

Registered tax advisers have higher obligations regarding the protection of client information that other financial planners, with a legal expert putting the difference d...

Financial planning

Planning/accounting convergence predicted in post-RC world

A new whitepaper has predicted a further important convergence between accounting and planning as the exit of the banks and the impacts of the Financial Adviser Standards...

Accounting

New data points to homeless or exiting advisers

New data from Adviser Ratings suggests there more than 1,000 advisers who have found themselves without a licensee or have exited the industry....

Financial planning

Citigroup to refund $3 million for general v personal advice blurring

A major bank will refund over $3 million to more than 100 retail customers, after an investigation into whether customers believed they were receiving personal rather tha...

Policy & Regulation

Senate Committee recommends increasing consumers’ rights

Consumers can expect improved justice and recourse should they be victims of wrongdoing by the financial services industry as the result of a Senate Committee report hand...

Policy & Regulation

Industry funds urge no carve-outs for claims handling

Industry funds body, the Australian Institute of Superannuation Trustees has urged that insurance claims handling be subject to the financial advice rules – something whi...

Policy & Regulation

Exclude advice obligations from insurance claims – ASFA

Insurance claims handling should not be encumbered by the same obligations as financial advice because it would risk making it unaffordable to super fund members, accordi...

Features

How the banks keep the sweetest morsels

Two of the major banks may have exited their wealth businesses and two more may be on their way out, but Mike Taylor writes that they have astutely kept the sweetest mors...