Sacked Praemium CEO Ohanessian tries to oust chairman
Former Praemium chief executive Michael Ohanessian has requested the company hold a general meeting in a bid to oust chairman Greg Camm and three directors.
Australia
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Former Morgan Stanley adviser banned for life in Australia
A former Morgan Stanley Wealth Management financial adviser has been banned for life in Australia for not acting in the best interests of his clients.
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Praemium names interim CEO after sacking Ohanessian
Platform provider Praemium has named Robert De Luca as interim chief executive following its decision to part ways with Michael Ohanessian last month.
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Aus bank boss nabs pay rise despite fleecing advice clients
At a grilling in parliament on Friday, the chief executive of the National Australia Bank revealed its head of financial planning had received a 36% pay rise even after it emerged customers had been charged A$34.7m ($26m, €25m, £21.5m) for advice they did not receive.
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Praemium sacks chief executive Michael Ohanessian
Australia-headquartered platform provider Praemium has terminated the employment of chief executive and managing director Michael Ohanessian.
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Aus eyes beneficial ownership list in tax avoidance crackdown
The Australian government is consulting on setting up and maintaining a register that would reveal the identities of the companies’ beneficial owners.
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Australia’s IOOF profits fall after trimming adviser business
One of Australia’s biggest and oldest independent financial advice and wealth management companies, IOOF, has posted a 45% drop in net profit for the six months to 31 December 2016.
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ETF Securities targets Australia following Hong Kong exit
UK-based ETF Securities has said it will focus on expanding its presence in Australia following the asset manager’s exit from Hong Kong earlier this year.
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Course on insurance adviser behaviour launched Down Under
A training course designed to improve consumer confidence and build professional competence in the broking profession has been launched in Australia and New Zealand.
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Former Westpac banker jailed for property Ponzi scam
A former Westpac banker in Australia has been sent to jail for three years for encouraging elderly and vulnerable customers to borrow over A$2.5m (£1.5m, $1.9m) to invest in a Tasmanian property development, which turned out to be a Ponzi scheme.
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Australia’s AMP posts big loss as industry changes hit
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.
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Australian banks to begin sharing information on ‘bad advisers’
Australia’s major banks have announced plans to name and share information about financial advisers with a poor record of conduct to help prevent them moving around the industry.