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Adviser-client relationships not swayed by royal commission findings

By: Pedro Goncalves | 18 Oct 2018

About 56% of consumers feel the revelations of the royal commission have had no impact on the way they interact with their financial adviser. Honesty and trustworthiness…

CBA’s head blames greed for bank’s failures

By: Pedro Goncalves | 17 Oct 2018

Commonwealth chief executive Matt Comyn admitted greed played a part in the failures of the Australian bank, following an announcement that CBA has spent A$850m on customer…

CBA to refund ‘unauthorised fees’ charged to deceased customers

By: Pedro Goncalves | 09 Oct 2018

Commonwealth Bank, one of Australia’s major banks, will refund unauthorised advice fees charged to dead customers and rebate all grandfathered commissions charged to clients of Commonwealth Financial…

Australian expats to be hit with unfair ‘death tax’

By: Pedro Goncalves | 04 Oct 2018

The Australian government plans to hit expats with an overhauled capital gains tax that will impose an unfair death burden for Australians who die overseas and their…

Australian firms take five years to report breaches: ASIC

By: Pedro Goncalves | 01 Oct 2018

Major financial institutions in Australia take around five years to identify significant breaches and finding solutions for customers takes even longer, ASIC has found. The regulator’s report…

Banking royal commission condemns greed of Australian financial sector

By: Pedro Goncalves | 28 Sep 2018

Australia’s investigation into misconduct within its financial-services sector has identified “greed” as the key reason banks and other financial institutions repeatedly broke the law. The Royal Commission’s…

Australian fund admits wrongdoing to ASIC

By: Pedro Goncalves | 24 Sep 2018

A A$52bn industry superannuation fund admitted to inadvertently breaching the rules in a report filed with ASIC. The misconduct involved REST continuing to deduct insurance premiums when…

Australia broadens regulator ASIC’s capabilities

By: Pedro Goncalves | 20 Sep 2018

The Australian government has passed a law that will enhance the powers of the corporate regulator at a time when the country is caught in a series…

ASIC takes NAB to court over fees for no service

By: Pedro Goncalves | 07 Sep 2018

National Australia Bank (NAB) has been accused of misleading customers and breaching financial services laws, in a new lawsuit from the corporate watchdog that alleges it charged…

Australia’s NAB scraps grandfathered commissions

By: Pedro Goncalves | 03 Sep 2018

National Australia Bank (NAB) is following in the footsteps of other major Australian banks and has announced that NAB Financial Planning (FP) and NAB Direct Advice will…

Australian advisers are being set up to ‘fail’ FASEA tests: Industry

By: Pedro Goncalves | 31 Aug 2018

Some sectors of the advisory business in Australia suspect that the new FASEA exam that will see risk advisers test their knowledge on more than 500 pages…

ASIC slams life insurance companies for aggressive sales tactics

By: Pedro Goncalves | 30 Aug 2018

Pressure tactics and bonus schemes that prioritise new sales are causing some customers to take out life insurance policies they may not want or need, and which…

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