Royal Commission

Financial planning

Parliamentary criticism of advisers ‘borders abuse’: AFA

The Association of Financial Advisers has called for an end to the “persecution” of the financial advice sector....

Features

InFocus: Why the financial planning industry’s ills grew out of FSR in 2001

As Mike Taylor takes his leave from Money Management, he reflects upon the well-intentioned 2001 legislation which proved to have so many adverse, unintended consequences...

Expert Analysis

The value of advice

The proliferation of retail investors entering the market during the COVID-19 induced downturn has highlighted the value that can be demonstrated by seeking financial adv...

Policy & Regulation

Hayne failed and APRA failed on industry funds

A Parliamentary Committee has found that the Hayne Royal Commission failed to adequately scrutinise industry superannuation fund structures and the Australian Prudential ...

Financial planning

Call to use Single Disciplinary Body to reduce, not increase costs

The Government and Treasury should seek to avoid repeating the FASEA mistakes by using the establishment of a Single Disciplinary Body to reduce regulatory costs. ...

Expert Analysis

The low balance client growth opportunity

As more focus is given to intergenerational wealth transfer as clients get older, writes Shannon Bernasconi, advisers must ensure they can meet the needs of the younger g...

Superannuation

Including 'financial' in 'best interests duty' an overreach

The proposal as part of the Your Future, Your Super bill is unnecessary and clashes with existing legislative requirements, according to Market Forces....

Financial planning

ASIC admits it has levy discretion

The Australian Securities and Investments Commission has admitted it has discretion over the so-called ASIC levy, and has pointed to Federal budgeting for driving the cur...

Policy & Regulation

ASIC moves to penalise firm for AFCA failing

Proceedings have commenced against Lightspeed Finance and its director, Mark Fitzpatrick, over failure to comply with Australian Financial Complaints Authority determinat...

Financial planning

64% increase in ASIC’s civil proceedings

Civil penalties totalled $159.8 million during the second half of 2020 for the corporate regulator including seven Royal Commission investigations that totalled $77.65 mi...

Financial planning

CBA to pay $7m penalty for overcharging interest

In reaching his decision, Justice Lee rejected the submission from the bank that it had acted expeditiously to remedy the effort and found the bank’s delay was particular...

Financial planning

ASIC sets out advice fee consent requirements

The Australian Securities and Investments Commission’s three legislative instruments regarding fees and independent disclosure aims to minimise regulatory burden for the ...

Financial planning

Vertical integration end will lower advice cost

Independent financial advisers who are unencumbered by vertically integrated institutional models will be able to save costs with greater access to a broader platform and...

Financial planning

ASIC says advisers can appeal for hardship relief on levy

The Australian Securities and Investments Commission says it is ready to accept applications for hardship relief from advisers unable to pay its much-increased levy but t...

Life/Risk

TAL found guilty in ASIC Federal Court action

Big insurer, TAL has been found guilty in the Federal Court of breaching its duty of utmost good faith under the Insurance Contracts Act with respect to an income protect...