Damning revelations from Australia’s Royal Commission
The second week of Australia’s Royal Commission into financial advice was not a let-down after a jaw-dropping first week. Click through the slides below to see what happened…
Australia
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Jaw dropping moments from Australia’s Royal Commission
It’s squeaky bum time for senior executives as Australia’s banking, superannuation and financial advice firms face the intense scrutiny of a Royal Commission. Click through the slides below to read some of the incredible moments from the first week of the review into financial advice.
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AMP misleading Aussie regulator could bring ‘jail time’
Australian treasurer Scott Morrison says revelations financial services giant AMP intentionally and repeatedly misled the regulator over advice fees charged to its own customers could result in “jail time”, a sentiment echoed by the regulator.
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Aussie bank CBA set for A$4bn global asset management arm IPO
Commonwealth Bank of Australia is to list its Colonial First State Global Asset Management business in a deal that analysts predict could net as much as A$4bn (£2.2bn, $3.1bn, €2.5bn).
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AMP admits misleading Aussie regulator over fees
The group executive of advice at financial services giant AMP has admitted the firm intentionally misled Australia’s regulator over fees, as the Royal Commission into banking, superannuation and financial services targets financial advice.
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Antipodes Partners unveils long global equity Ucits strategy
Boutique Australian investment management firm Antipodes Partners has launched its second Ucits vehicle investing in global equities.
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ANZ fined A$3m for advice client review failings
Australia’s ANZ Bank has been fined for charging fees but providing no service after the country’s financial watchdog found it had failed to produce documented annual reviews to more than 10,000 financial advice customers over a seven-year period.
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10 year jail sentence for record-breaking tax scam
A disgraced Australian businessman has been sentenced to 10 years in jail for his involvement in a A$135m (£74m, $103m, €84m) international tax avoidance scam, bringing an end to what has been described as the largest tax fraud case in the nation’s history.
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UK and Aussie regulators ink enhanced fintech agreement
The Financial Conduct Authority and the Australian Securities and Investments Commission have signed an enhanced fintech cooperation agreement.
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Australia’s Macquarie Group to buy Luxembourg asset manager
The investment management division of Macquarie Group is to acquire Luxembourg-based ValueInvest Asset Management for an undisclosed sum.
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Bad advice sees Aussie banks pay A$51m
Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.
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Director banned from financial services for five years
The director of a financial services firm has been suspended from the industry for five years, and has agreed to pay £225,786, after his business failed to give appropriate advice to its clients.