The Australian Securities and Investments Commission (Asic) has permanently banned a former adviser who was found guilty of 97 counts of fraud and 10 counts of stealing and sentenced to six and a half years’ imprisonment.
Australian insurer AMP has completely overhauled its advice business and announced a raft of senior changes, while Aviva Asia and Sun Life Financial both made a series of executive appointments this week.
Australian insurance giant AMP, which runs the country’s largest financial adviser network, has posted a full year net loss after a big deterioration last year in its core life insurance and income protection business.
A strong performance from its wealth management arm helped Australian insurance group AMP boost profits by 10% in the year to 31 December 2015.
Australia’s biggest specialist wealth management company, AMP, has posted a 33% rise in net profits for the six months to 30 June due to solid growth in its core domestic business and a big contribution from its Chinese joint venture.
Australia’s corporate, markets and financial services regulator said it is investigating multiple instances of financial services firms charging clients for advice where it was not provided.
Australian fund house AMP Capital has launched a Luxembourg-domiciled UCITS platform with two new funds catering to UK and European institutional investors.
Australia's AMP Capital has entered into a pact with China Life Insurance Group's subsidiary, China Life Asset Management to set up a fund management company in China.
