LM directors escape legal sanctions in Australia
The former directors of the collapsed Queensland-based fund manager LM Investment Management (LMIM) did nothing wrong, an Australian court has ruled.
Australia
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Australia’s Westpac taken to court over advice failures
Australia’s financial services regulator is taking legal action against one of the country’s biggest banks for giving financial advice that failed to put the “best interests” of its clients first.
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Australia offers fintech licensing exemption
Fintech firms will be able to test certain services in Australia without holding a financial services or credit licence under a “unique” exemption offered by the Australian Securities and Investments Commission (Asic).
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Australia passes law to slash upfront life commissions
The Australian government has passed a law that will significantly reduce the upfront commissions paid on life insurance products and cap ongoing charges.
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Australia’s IOOF considers buying ANZ’s wealth business
Australian-listed financial services firm IOOF Holdings has indicated it is interested in buying the ANZ bank’s domestic wealth management business.
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Australia unveils standards bill on degree-qualified advisers
Australia has introduced a new professional standards legislation that will require financial advisers to be degree-qualified.
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HMRC removes Canadian Rops from overseas pension list
HM Revenue & Customs has scrapped nearly a hundred Canadian recognised overseas pension schemes (Rops) from its pre-approved list, in line with a similar move suspending Australian transfers last year.
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Canada’s CI Financial buys majority stake in Australian firm
CI Financial Corp is to acquire an 80% stake in Australian investment fund manager Grant Samuel Funds Management (GSFM), in a move that will see the Canadian wealth manager also gain access to New Zealand.
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Aus adviser stole client money to pay Wolf of Wall Street
An Australian financial adviser has been banned after he used client money to pay for a house, cosmetic surgery for his partner, and to repay debts to Jordan Belfort, better known as the Wolf of Wall Street.
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ANZ eyes Australian wealth management exit
ANZ Bank is considering selling its life insurance, advice, and superannuation and investments businesses in Australia which would see one of the country’s largest financial institutions effectively withdraw from the wealth management sector.
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Australian Rops get STM super boost
STM Group Australia’s managing director Stuart Denness is looking to re-energise and reinvigorate the country’s recognised overseas pension scheme (Rops) market following two years of uncertainty.
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Australian banks fined $136m over advice failures
Australia’s financial services regulator has told the country’s ‘Big Four’ and leading wealth manager AMP to repay at least A$178m (£111m, €125m, $136m) to more than 200,000 customers after charging them for financial advice they did not receive.