Aussie advisers face tougher exams
The newly appointed chair of the Australian Securities and Investments Commission (Asic) used his first public appearance to support calls for finance sector workers to face tougher exams to lift standards.
Australia
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Australia sets up financial complaints authority
A financial complaints authority has been established in Australia to deal with dispute resolutions, a move praised by the country’s securities and investment commission (Asic).
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Landmark inquiry begins into Australia’s financial services
Australia has launched a major public inquiry into alleged misconduct in the banking, superannuation and financial services sector.
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Aussie life insurer to repay A$1.5m for hard selling
An Australian life assurance firm has been ordered to repay A$1.5m after the regulator found it was using unfair and high-pressure sales tactics.
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How 75% of advice clients are let down by big Australian firms
An Australian report has found 10% of clients were left “significantly worse off” after advisers at vertically integrated firms inappropriately sold them their own products.
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Advisers shunned as clients seek life insurance online
Australians are increasingly turning to online research and rejecting advisers when buying life insurance, a survey has found.
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Paradise Papers start to reveal their secrets
Australian tax authorities have begun combing through Paradise Papers and identified 731 individuals, according to a report.
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Ex-financial planner given wrist slap for forgery
An Australian court has fined a former Commonwealth Bank of Australia (CBA) financial planner just A$3,000 for forging 33 documents but stopped short of recording a formal conviction against him.
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ANZ sells life insurer to Zurich
Zurich Insurance Group has entered into an agreement to acquire 100% of ANZ Bank’s Australian life insurance business.
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New Zealander extradited to face boiler room charges
Authorities in Australia have extradited a New Zealander to face charges that he allegedly defrauded 21 victims, including pensioners, to the tune of A$1.2m (£686,930, $914,550, €772,380).
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Probate disputes to rise over ‘digital messages’
An unsent text accepted as a man’s dying wish in Australia could signal more disputes in the UK, after a Law Commission will consultation concludes in November.
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Natixis makes Australia acquisition
Natixis Global Asset Management will acquire a majority stake in Australia’s Investors Mutual Limited (IML) to take advantage of the domestic retail market and A$2.3trn (£1.4trn, $1.8trn, €1.5trn) superannuation industry.