AMP chief could earn A$8.3m in first year on the job
His pay package is based on the mammoth task he has in cleaning up the company
Australia
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Australians the richest citizens of a major economy
Australia ranks fifth overall behind minnow jurisdictions on per capita wealth
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International sandbox to look at cross-border innovation
Dubai, Australia, Hong Kong, Singapore and the US and UK are to collaborate on an innovation network
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Australia’s fee-for-no-service compensation to hit A$850m
Financial institutions have already paid out A$259.6m
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Australian advisers told to get registered or face exams
The Australian Securities and Investments Commission (Asic) has told financial advisers they must get registered under the country’s new professional standards reforms, or else they will have to sit an exam.
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Australia looks to rate 1,800 adviser licensees
In a bid to restore faith in the country’s financial services industry, the Australian government is considering a proposal that will rate 1,800 financial advice licensees.
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Investment scams costing Aussies A$4.3m per month
Australians have lost A$26m (€16.4m, £14.6m, $19.2m) to investment scams in the first half of 2018, which equates to A$4.3m every month, according to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch website.
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Australian financial advisers face ‘provisional’ year
New financial advisers in Australia could soon be known as “provisional financial advisers” and be required to undergo 12 months of practical, on-the-job training.
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Under-fire Aussie insurer unveils adviser training programme
On the back of strong criticism over how AMP has treated clients, Australia’s largest advice firm has launched a training and development programme to “meet the growing demand for high-quality financial advisers”.
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Work expense claim errors blamed for A$8.7bn blackhole
Incorrectly claimed work expenses have been blamed for a multi-billion dollar black hole at the Australian Tax Office.
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Antiquated Australian tax residency rules face overhaul
Australia’s individual tax residency rules have not changed in 90 years and desperately need modernisation and simplification, the country’s Board of Taxation has found.
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Australia faces IFA exodus if industry forced to upskill
Potentially hundreds of senior Australian financial advisers could leave the industry if they are forced by the government to upskill, according to the country’s Stockbrokers and Financial Advisers Association (Safaa).